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   "value": "<div class=\"t m0 h1d ff7 fse fc1 sc0 ls5b ws59 gse3\">A<span class=\"_ _1\"></span>. Significant acc<span class=\"_ _5\"></span>ounting policies<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 ls18 ws43 gse4\">A<span class=\"_ _4\"></span>1. Basis<span class=\"_ _5\"></span> of preparation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gse5\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 set ou<span class=\"_ _1\"></span>t on pa<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s 20<span class=\"_ _1\"></span>0 to 31<span class=\"_ _4\"></span>6 co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gse6\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife p<span class=\"_ _1\"></span>lc (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s plc<span class=\"_ _1\"></span>) (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gse7\">as<span class=\"_ gse8\"> </span>\u2018<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d wer<span class=\"_ _1\"></span>e au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d of Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s for is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e on 1<span class=\"_ _5\"></span>3<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch 2026. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gse9\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e his<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>st con<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsea\">own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y, thos<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s) t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gseb\">at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e and fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsec\">accounting policies below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsed\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ste<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g (\u00a3) roun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>pt w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsee\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsef\">a<span class=\"_ gse8\"> </span>leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsf0\">an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsf1\">pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd (\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S\u2019<span class=\"_ _1\"></span>) A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsf2\">in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsf3\">Statement of c<span class=\"_ _5\"></span>omplia<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsf4\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h U<span class=\"_ _1\"></span>K-a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsf5\">(\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>Ss<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Act 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsf6\">Basis of consolidation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsf7\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsf8\">coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>all c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsf9\">Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if an<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>nly i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s all o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsfa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsfb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, or r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>o var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns f<span class=\"_ _1\"></span>rom it<span class=\"_ _2\"></span>s invo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsfc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to us<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s pow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee to a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsfd\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it h<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r ove<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsfe\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e and<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn of a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r or </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsff\">no<span class=\"_ _1\"></span>t it co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s an in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ele<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs100\">Further detail<span class=\"_ _1\"></span>s about the consolidation of subsidiaries, including c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>llective investment schemes, are included in<span class=\"_ _5\"></span> no<span class=\"_ _1\"></span>te H<span class=\"_ _5\"></span>1.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls61 wsc gs101\">Goin<span class=\"_ _1\"></span>g concer<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs102\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a goi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>rn b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e, at th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>f ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs103\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, a rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>ve ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs104\">in op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs105\">ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>t lea<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to, 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rova<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs106\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le up t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>his A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs107\">th<span class=\"_ _1\"></span>e go<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>78.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 lsf ws12 gs108\">A2<span class=\"_ _1\"></span>. Adoption of<span class=\"_ _5\"></span> new accounting<span class=\"_ _5\"></span> pronouncements in 2025<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs109\">In pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m 1 Jan<span class=\"_ _1\"></span>uar<span class=\"_ _2\"></span>y 2025 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs10a\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs10b\">\u2022 <span class=\"_ _1c\"> </span>L<span class=\"_ _2\"></span>ack o<span class=\"_ _1\"></span>f E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y (A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 21 <span class=\"ffa9 ws5\">The Effects of Ch<span class=\"_ _1\"></span>anges in Foreign E<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>nge Rates</span><span class=\"ls90 ws6a\">).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs10c\">Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is n<span class=\"_ _1\"></span>ot co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>ot </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs10d\">ear<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut is n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 lse wsb gs10e\">A3<span class=\"_ _1\"></span>. Acc<span class=\"_ _5\"></span>ounting policies<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs10f\">Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e an acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs110\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to a sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c no<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>te, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs111\">wi<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>iew to e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng g<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p. Al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs112\">policies are disclosed below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs113\">A3<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Foreign<span class=\"_ _5\"></span> currenc<span class=\"_ _1\"></span>y transactions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs114\">Ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of ea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y econ<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs115\">env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es (t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>\u2019). T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed in s<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs116\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs118\">Th<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave a f<span class=\"_ _1\"></span>unc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs119\">are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs11a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rat<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs11b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me, e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs11c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs11d\">Foreign<span class=\"_ _5\"></span> currenc<span class=\"_ _1\"></span>y transactions are translated<span class=\"_ _5\"></span> into the functional currency of the<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransacting Group entity using<span class=\"_ _0\"></span> exchange<span class=\"_ _5\"></span> rates </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs11e\">pre<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. F<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs11f\">from the translation<span class=\"_ _5\"></span> of monetar<span class=\"_ _2\"></span>y assets and liabil<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ies denominat<span class=\"_ _0\"></span>ed in<span class=\"_ _5\"></span> foreign currencies<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in the<span class=\"_ _5\"></span> consolidated income<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs120\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces o<span class=\"_ _1\"></span>n non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ite<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs121\">gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs122\">A3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Other operatin<span class=\"_ _5\"></span>g income<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs123\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 lsf ws12 gs124\">A4<span class=\"_ _1\"></span>. Critical acc<span class=\"_ _5\"></span>ounting estimates and judgements<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs125\">Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to make ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t affe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs126\">application of policies<span class=\"_ _5\"></span> and reported amounts of assets and liabilities, inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses. Disclosures<span class=\"_ _5\"></span> of judgements made by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs127\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ost s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs128\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>f est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs129\">sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge to t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ext ye<span class=\"_ _1\"></span>ar. The es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs12a\">associated assumptions ar<span class=\"_ _5\"></span>e based on his<span class=\"_ _0\"></span>torical experience<span class=\"_ _5\"></span> and various other factors that<span class=\"_ _5\"></span> are believed<span class=\"_ _5\"></span> to be reasonable<span class=\"_ _5\"></span> under the </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs12b\">ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h fo<span class=\"_ _1\"></span>rm t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he ju<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs12c\">rea<span class=\"_ _1\"></span>dil<span class=\"_ _1\"></span>y ap<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ay di<span class=\"_ _1\"></span>ffer f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs12d\">Cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lex o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs12e\">Group\u2019<span class=\"_ _5\"></span>s business that t<span class=\"_ _1\"></span>ypically require such<span class=\"_ _0\"></span> estimates are the measur<span class=\"_ _5\"></span>em<span class=\"_ _1\"></span>ent of ins<span class=\"_ _5\"></span>ur<span class=\"_ _1\"></span>ance and in<span class=\"_ _0\"></span>vestment contract liabilities with </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs12f\">dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs130\">of<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs131\">Th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d have t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs132\">cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs133\">det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h reg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d to und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs134\">Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of al<span class=\"_ _1\"></span>l cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow an<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven to h<span class=\"_ _1\"></span>ow c<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs135\">ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gs136\">A4.<span class=\"_ _5\"></span>1 Insurance<span class=\"_ _5\"></span> contract and<span class=\"_ _5\"></span> investment<span class=\"_ _5\"></span> contract with<span class=\"_ _5\"></span> DPF liabilities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs137\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs138\">det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iqu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s it us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>EL<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs139\">pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od to m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e mai<span class=\"_ _1\"></span>n are<span class=\"_ _1\"></span>as w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs13a\">estimation wer<span class=\"_ _5\"></span>e required ar<span class=\"_ _5\"></span>e:<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs13b\">Contract<span class=\"_ _5\"></span> cla<span class=\"_ _1\"></span>ssification </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs13c\">Cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (or rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs13d\">to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p. In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk i<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d onl<span class=\"_ _1\"></span>y if<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d eve<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs13e\">cou<span class=\"_ _1\"></span>ld c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e an i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer t<span class=\"_ _1\"></span>o make si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in any sc<span class=\"_ _1\"></span>ena<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io, exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sce<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>os t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t la<span class=\"_ _1\"></span>ck co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs13f\">at t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs140\">Cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs141\">is<span class=\"_ gse8\"> </span>ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs142\">participation features<span class=\"_ _5\"></span> are accounted<span class=\"_ _5\"></span> for under IFRS 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, while in<span class=\"_ _5\"></span>vestment contracts without discretionary particip<span class=\"_ _1\"></span>ation featur<span class=\"_ _5\"></span>es </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs143\">are<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted fo<span class=\"_ _1\"></span>r as fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9. Jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in or<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r to est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r any </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs144\">ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s in an i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs145\">participation features.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs146\">Measurement of<span class=\"_ _5\"></span> insurance contrac<span class=\"_ _5\"></span>t liabilities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs147\">In a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs148\">th<span class=\"_ _1\"></span>at in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs149\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s is es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c sce<span class=\"_ _1\"></span>nar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re sto<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>s </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs14a\">pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>der a l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sce<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>os fo<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch as i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs14b\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t or ex<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs14c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s use<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9.2.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>);<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs14d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te F9.2.<span class=\"_ _1\"></span>2); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs14e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, mo<span class=\"_ _1\"></span>rb<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur, and exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on (s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs14f\">no<span class=\"_ _1\"></span>te<span class=\"_ gse8\"> </span>F9.2<span class=\"_ _1\"></span>.3). </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs150\">Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of ho<span class=\"_ _1\"></span>w ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ote F1.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs152\">Amortisation of the CSM<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs153\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M for a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to be re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs154\">los<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce re<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nue i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs155\">by con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs156\">cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge un<span class=\"_ _1\"></span>it re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, ta<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nto co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of ar<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g: </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs157\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tha<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o be a sui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pr<span class=\"_ _1\"></span>ox<span class=\"_ _1\"></span>y for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is is p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs158\">for<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>es of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cover<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge, inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs159\">ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e; and<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs15a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>nit (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>.e. w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsd wsc gs15b\">be<span class=\"_ gse8\"> </span>discounted).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs15c\">For d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs15d\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs15e\">wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lev<span class=\"_ _1\"></span>el of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs15f\">payment phase.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs160\">Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uan<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er ea<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t to be a su<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le p<span class=\"_ _1\"></span>rox<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs161\">for t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs162\"><table class=\"s wff h1ac\" id=\"_075ebbcc-0ced-4db5-b05d-f610392bf91a\"><tr><td class=\"c n x1e3 y5f68 w100 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ype of busine<span class=\"_ _0\"></span>ss/products<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d6 y5f68 w101 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Cov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it (q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f be<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5f69 ff3 fs2 fc3 sc0 ls18 ws16\">T<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span>m life<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>surance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3d7 h7 y5f6a ff3 fs2 fc3 sc0 ls18 ws16\">Sum assured in<span class=\"_ _5\"></span> force<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y5f6b ff3 fs2 fc3 sc0 ls1a ws18\">Endowm<span class=\"_ _1\"></span>ent<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5f6c ff3 fs2 fc3 sc0 ls18 ws16\">Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating whole<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>life<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5f6d ff3 fs2 fc3 sc0 ls1c ws6\">Other protection pr<span class=\"_ _5\"></span>oduct<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w102 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Immediate annu<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d6 y5f49 wb8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuit<span class=\"_ _1\"></span>y payment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w103 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred annuit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d8 y5f4a w104 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d size d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x3d7 h7 y5f6e ff6 fs2 fc3 sc0 ls9 ws0\">for<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f4c w105 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unit link<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d9 y5f4c w106 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Annual management<span class=\"_ _5\"></span> charge and ins<span class=\"_ _0\"></span>urance ch<span class=\"_ _0\"></span>arges<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w107 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Conv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s (\u2018C<span class=\"_ _2\"></span>WP<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) &amp; U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>WP<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3da y5edc w108 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">M<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t sha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs163\">In re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as el<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs164\">gi<span class=\"_ _1\"></span>ves a m<span class=\"_ _1\"></span>ore e<span class=\"_ _1\"></span>ven al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t as se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d over t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te is t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs165\">rat<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el (<span class=\"_ _1\"></span>\u2018GM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs166\">variable f<span class=\"_ _5\"></span>ee approach (\u2018<span class=\"_ _1\"></span>VFA<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). </div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs167\">A4<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Fair v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue of fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs168\">A sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>or as s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs169\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E1<span class=\"_ _5\"></span>. Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>ta a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs16a\">pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2 fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s valu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs16b\">no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2 and L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs16c\">the use of<span class=\"_ _5\"></span> estimates<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs16d\">Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es ma<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E2. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he Le<span class=\"_ _1\"></span>vel 3 fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs16e\">pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he key a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs16f\">ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E2.4.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs170\">A4.<span class=\"_ _2\"></span>3 Pension<span class=\"_ _5\"></span> scheme obligations<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs171\">The valuation<span class=\"_ _5\"></span> of pension scheme oblig<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>ions is<span class=\"_ _5\"></span> determined using actuarial<span class=\"_ _5\"></span> valuations that depend<span class=\"_ _5\"></span> upon a number of<span class=\"_ _5\"></span> assumptions<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs172\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te, in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. E<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ice i<span class=\"_ _1\"></span>s ta<span class=\"_ _1\"></span>ken wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs173\">to<span class=\"_ gse8\"> </span>be u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. A<span class=\"_ _2\"></span>s de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m in na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re, su<span class=\"_ _1\"></span>ch as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsd wsc gs174\">significant uncertaint<span class=\"_ _1\"></span>y. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs175\">Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o key ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te G1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs176\">A4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>4 Ad<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs177\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>keho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs178\">of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>ke jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s as to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs179\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial ye<span class=\"_ _1\"></span>ar, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs17a\">no<span class=\"_ _1\"></span>te B2, an<span class=\"_ _1\"></span>d as to wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs17b\">pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te B1. <span class=\"_ _5\"></span>I<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs17c\">\u2018non-<span class=\"_ _2\"></span>operati<span class=\"_ _1\"></span>ng items\u2019<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gs17e\">A4.<span class=\"_ _1\"></span>5 Control<span class=\"_ _5\"></span> and consolidation<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs17f\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er of c<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ere j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs180\">in<span class=\"_ gse8\"> </span>d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s the a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n suc<span class=\"_ _1\"></span>h a way t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs181\">own<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s is no<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs182\">of<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>0 <span class=\"ffa9 ls21 ws21\">Consolidated Financial St<span class=\"_ _5\"></span>atements<span class=\"_ _1\"></span><span class=\"ff3 ls7 ws0\">. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>s a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs183\">wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l pow<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f vet<span class=\"_ _1\"></span>o in g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs184\">Gro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m bei<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o infl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e act<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re gi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n in no<span class=\"_ _1\"></span>te H1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs185\">A4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6 H<span class=\"_ _1\"></span>ow cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs186\">In pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of a<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs187\">pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs188\">other intangible asset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs189\">Ma<span class=\"_ _1\"></span>ny of t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm i<span class=\"_ _1\"></span>n nat<span class=\"_ _1\"></span>ure, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an in<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t lev<span class=\"_ _1\"></span>el of u<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, and h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs18a\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ gse8\"> </span>li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t on a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs18b\">Th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are h<span class=\"_ _1\"></span>eld at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs18c\">val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs18d\">se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cli<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ar<span class=\"_ _1\"></span>e no ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l un<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs18e\">inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. No<span class=\"_ _1\"></span>te E6 pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s in rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs18f\">se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs190\">pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>sk F<span class=\"_ _1\"></span>orce f<span class=\"_ _1\"></span>or C<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>TCF<span class=\"_ _1\"></span>D\u2019<span class=\"_ _2\"></span>) on pa<span class=\"_ _1\"></span>ge 53 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs191\">Insurance and inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment contract liabilities with DPF use economic<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>sumptions taking into account mark<span class=\"_ _5\"></span>et conditions at the </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs192\">val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>s wel<span class=\"_ _1\"></span>l as n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>st </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs193\">experience<span class=\"_ _5\"></span>, market practice<span class=\"_ _5\"></span>, regulations and<span class=\"_ _5\"></span> expect<span class=\"_ _1\"></span>ations about future<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>rends. Due to<span class=\"_ _5\"></span> the level of<span class=\"_ _5\"></span> annuities written by<span class=\"_ _5\"></span> the Group, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs194\">it<span class=\"_ gse8\"> </span>is p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed to l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>gev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>lim<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e on lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d, as a<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs195\">31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ber 2025 th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>are n<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>llow fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs196\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e on a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Furt<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>to ho<span class=\"_ _1\"></span>w as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs197\">ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her ke<span class=\"_ _1\"></span>y ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F9. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs198\">Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Valu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs199\">val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s and u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s thre<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pl<span class=\"_ _1\"></span>an an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c gro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs19a\">be<span class=\"_ _1\"></span>yon<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>his p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ce is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs19b\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ee<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pl<span class=\"_ _1\"></span>an re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>\u2019s cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs19c\">an<span class=\"_ _1\"></span>d refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s of m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g towa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s a low ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>my. No<span class=\"_ _1\"></span>te G2 pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs19d\">go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs19e\">A<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>w acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot ye<span class=\"_ _1\"></span>t eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs19f\">Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB ha<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1a0\">fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t to ea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t any o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs1a1\">is permitted.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs1a2\">Am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 Am<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 an<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 </div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs1a3\">(1<span class=\"_ gs1a4\"> </span>Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ gs1a4\"> </span>202<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1a5\">Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 to re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1a6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a ne<span class=\"_ _1\"></span>w excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1a7\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>nic c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1a8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y and a<span class=\"_ _1\"></span>dd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r gu<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e sol<span class=\"_ _1\"></span>ely p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1a9\">(\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>on;<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1aa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dd n<span class=\"_ _1\"></span>ew di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ter<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>me fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ab\">ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ gse8\"> </span>wit<span class=\"_ _1\"></span>h fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s); an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1ac\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ad\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gs1ae\">An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2013 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>1 (1 Ja<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1af\">A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>\u2019s An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>t has i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d mi<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ad<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l are<span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b0\">th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>: I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1 Fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>ti<span class=\"_ _1\"></span>me A<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds \u2013 h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g by a fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b1\">ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>; I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es \u2013 ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on g<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce; </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b2\">IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s \u2013 les<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice; I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>0 Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b3\">St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a \u2018<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019; and I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 7 St<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flow<span class=\"_ _1\"></span>s \u2013 co<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b4\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 202<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>) IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd make co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces n<span class=\"_ _1\"></span>ew re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>re rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y to use<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f all i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nto o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f fiv<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>w sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s and su<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt-<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>MP<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of it<span class=\"_ _1\"></span>ems i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d ou<span class=\"_ _1\"></span>t an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing 2025 an<span class=\"_ _1\"></span>d is pro<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wor<span class=\"_ _1\"></span>k to pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are te<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on an I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>. Fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s to da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed:<span class=\"_ _1\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 will ha<span class=\"_ _1\"></span>ve no im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s net pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms of i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </span>an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t how I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t is ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as a m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e and expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom in<span class=\"_ _5\"></span>vesting activities being presented<span class=\"_ _5\"></span> within the operating category of the consolidat<span class=\"_ _5\"></span>ed income statement and<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t sub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a re<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e, fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y to the fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>re, t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s migh<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f a \u2018us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </span>sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>\u2019 as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ch<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e more understandable inf<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>mation.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Alt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re (\u2018APM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 </span>of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an A<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>M th<span class=\"_ _1\"></span>at m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 de<span class=\"_ _1\"></span>fini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t mig<span class=\"_ _1\"></span>ht c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ue to re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he </span>am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e to be a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed; ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e way in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t change as<span class=\"_ _5\"></span> a result of<span class=\"_ _5\"></span> the enhanced aggr<span class=\"_ _5\"></span>egat<span class=\"_ _1\"></span>ion/<span class=\"_ _0\"></span>disaggregation principles, particularly for<span class=\"_ _5\"></span> items currently<span class=\"_ _5\"></span> l<span class=\"_ _1\"></span>abelled as<span class=\"_ _5\"></span> \u2018other\u2019<span class=\"_ _5\"></span>. For<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8, a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d for ea<span class=\"_ _1\"></span>ch l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>m in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e statement between the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ated amounts presented<span class=\"_ _0\"></span> by applying<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>8 and the amounts previously<span class=\"_ _5\"></span> presented applying<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>. \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fro<span class=\"_ _1\"></span>m a ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to us<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al as a st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e </span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ind<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p wil<span class=\"_ _1\"></span>l ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f 1 Janu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2027<span class=\"_ _3\"></span>. Re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d, an<span class=\"_ _1\"></span>d so t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>6 w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 and the amounts previousl<span class=\"_ _0\"></span>y presented<span class=\"_ _5\"></span> applying IA<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>During 20<span class=\"_ _5\"></span>26<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group will c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>inue its preparations and implementat<span class=\"_ _1\"></span>ion activities<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>IFRS 19<span class=\"_ _5\"></span> Subsidiaries without Public Ac<span class=\"_ _5\"></span>countabilit<span class=\"_ _1\"></span>y (<span class=\"_ _5\"></span>1 Januar<span class=\"_ _1\"></span>y 2027)<span class=\"_ _37b\"> </span>IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 19 allow<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n el<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d to hav<span class=\"_ _1\"></span>e an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d financial<span class=\"_ gse8\"> </span>statement<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>r Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n an I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or J<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt Ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 2<span class=\"_ _1\"></span>8) (Effective date<span class=\"_ _5\"></span> deferred)<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ad<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 28 in de<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol o<span class=\"_ _1\"></span>f a subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is so<span class=\"_ _1\"></span>ld or<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>r jo<span class=\"_ _1\"></span>int v<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o hav<span class=\"_ _1\"></span>e any i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n end<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k of E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IA<span class=\"_ _2\"></span>S 21 The E<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n For<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es); </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2014 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 \u2013 Ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>A6<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re vol<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ge in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y<span class=\"_ gs1ea\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p int<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>ke a volu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s 202<span class=\"_ _5\"></span>6 co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to it<span class=\"_ _2\"></span>s is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ gse8\"> </span>wit<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he Var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e Fee A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, on<span class=\"_ _1\"></span>ce it ha<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e wor<span class=\"_ _1\"></span>k to d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s on it<span class=\"_ _2\"></span>s repo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e is<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Ri<span class=\"_ _1\"></span>sk M<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O'<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>res c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>hfl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s shar<span class=\"_ _1\"></span>e of un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng ite<span class=\"_ _1\"></span>ms b<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. H<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, as the G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ho<span class=\"_ _1\"></span>lds<span class=\"_ gse8\"> </span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld to mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s a mism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is mi<span class=\"_ _1\"></span>sma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h gi<span class=\"_ _1\"></span>ves r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to<span class=\"_ gse8\"> </span>vo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h<span class=\"_ gse8\"> </span>do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>atu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7 in<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O to al<span class=\"_ _1\"></span>low e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>mov<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>his m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>MO w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, as re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds f<span class=\"_ _1\"></span>rom 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2022 wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>MO co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>ere m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>nd do<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o make t<span class=\"_ _1\"></span>his vo<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y el<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>his c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a \u00a30.<span class=\"_ _4\"></span>1 b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B. Earnings performance<span class=\"_ _37b\"> </span>B1<span class=\"_ _5\"></span>. Segmental ana<span class=\"_ _5\"></span>lysis<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 8 <span class=\"ffa9\">Ope<span class=\"_ _1\"></span>rating Segment<span class=\"_ _1\"></span>s<span class=\"ff3 lsd ws16\"> which requires such segments </span></span>to be b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>his n<span class=\"_ _1\"></span>ote i<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d on a<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. An o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t eng<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it ma<span class=\"_ _1\"></span>y ea<span class=\"_ _1\"></span>rn r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur expenses, including<span class=\"_ _5\"></span> revenues and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses re<span class=\"_ _0\"></span>lating to transactions with<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her components of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup.<span class=\"_ _5\"></span> For management pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>ue ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>s fiv<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe. O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y sha<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c characteristics including the<span class=\"_ _5\"></span> nature of products and services, t<span class=\"_ _1\"></span>ypes of cust<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>ers and the n<span class=\"_ _5\"></span>ature of the reg<span class=\"_ _0\"></span>ulator<span class=\"_ _1\"></span>y environ<span class=\"_ _0\"></span>ment. Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m a si<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Other reportable segment. The Retirement Solutions segment includes new and<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force individual annuity and Pension Risk T<span class=\"_ _4\"></span>ransfer (\u2018PRT\u2019<span class=\"_ _1\"></span>) contract<span class=\"_ _1\"></span>s written in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f Gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K ind<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>l ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Her<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd as t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e shareholder<span class=\"_ _5\"></span> through the Recou<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>se Cash Flow<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>echanism es<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ablished on demutu<span class=\"_ _5\"></span>alis<span class=\"_ _1\"></span>ation. The Pensions &amp; Savings segment includes new<span class=\"_ _5\"></span> and in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force lif<span class=\"_ _5\"></span>e insurance and investment unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked policies written in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he UK in res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sav<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nue<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket to ne<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d exis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s includes products such as<span class=\"_ _5\"></span> workpla<span class=\"_ _1\"></span>ce pensi<span class=\"_ _5\"></span>ons and Self<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>Invested Personal Pen<span class=\"_ _5\"></span>sion (\u2018<span class=\"_ _1\"></span>SIPPs\u2019<span class=\"_ _1\"></span>) distributed through<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p plc<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, it in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>inke<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely s<span class=\"_ _1\"></span>ell p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>off g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ove<span class=\"_ _1\"></span>r tim<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s are primarily<span class=\"_ _5\"></span> attr<span class=\"_ _1\"></span>ibutable to the<span class=\"_ _5\"></span> shareholder through<span class=\"_ _5\"></span> the Recourse Cash Flow<span class=\"_ _5\"></span> mechanism.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ll po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd Li<span class=\"_ _1\"></span>fe He<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s Fund co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s as no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r Ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flo<span class=\"_ _1\"></span>w mec<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny. Thi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ed to n<span class=\"_ _1\"></span>ew po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>force p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r bei<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d to new c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span> includes prot<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ion products and products sold unde<span class=\"_ _5\"></span>r the SunLife brand.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Cen<span class=\"_ _1\"></span>tre s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is no<span class=\"_ _1\"></span>t a rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s cent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al he<span class=\"_ _1\"></span>ad o<span class=\"_ _1\"></span>ffice co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e allo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span> reportable segments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>ter-s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m\u2019s leng<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in a m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r to t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hen e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Segmental measure of<span class=\"_ _5\"></span> performance: Adjusted <span class=\"_ _5\"></span>operating profit<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p use<span class=\"_ _1\"></span>s a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>, to ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, one<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s operating expenses including overheads. For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> adjustment, amortisation of CS<span class=\"_ _1\"></span>M, and demographic<span class=\"_ _5\"></span> experience variances<span class=\"_ _5\"></span> in the period. For s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, oth<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s bac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g thi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs225\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten i<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s do </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs226\">no<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs227\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs228\">as mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io re<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs229\">discount<span class=\"_ _5\"></span> rate used in calculating e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs22a\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs22b\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs22c\">Economic v<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>riances </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs22d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e for ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic it<span class=\"_ _1\"></span>ems re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs22e\">imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e in v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs22f\">los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s on Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mar<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs230\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs231\">ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs232\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in a </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs233\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d (not<span class=\"_ _1\"></span>ed ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e) and th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs234\">pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs235\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Li<span class=\"_ _1\"></span>fe L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs236\">Gro<span class=\"_ _1\"></span>up\u2019s mai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y. The m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s the d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs237\">ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to a A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs238\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s on Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs239\">dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. </div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws4 gs23a\">Other<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs23b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of AVI<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s (n<span class=\"_ _1\"></span>et of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs23c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs23d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>r dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (net of re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs23e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs23f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs240\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>egr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs241\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h, i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s vi<span class=\"_ _1\"></span>ew, sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld be d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely by v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re or i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs242\">und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>em is no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs243\">the underlying performanc<span class=\"_ _5\"></span>e of the operating c<span class=\"_ _5\"></span>ompanies<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs244\">Th<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as \u2018no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms\u2019<span class=\"_ _5\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>ms ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs245\">imp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs246\">of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a goo<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs247\">Group uses<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>his, as part of<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> measures, for decisi<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>making and monitoring<span class=\"_ _5\"></span> per<span class=\"_ _1\"></span>formance.<span class=\"_ _5\"></span> The Group\u2019<span class=\"_ _5\"></span>s adjusted operating<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs248\">pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e rea<span class=\"_ _1\"></span>d in co<span class=\"_ _1\"></span>nju<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S pro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>fore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs276\">Th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m nat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e of mu<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns m<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs277\">sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y are t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p foc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d on an a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs278\">measure<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hat inc<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>porates an e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n on in<span class=\"_ _5\"></span>vestment<span class=\"_ _1\"></span>s supporting its long-<span class=\"_ _1\"></span>term business. The accounting<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicy adopted in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs279\">th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>gy fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs27a\">investment<span class=\"_ _5\"></span> return is explained<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>elow<span class=\"_ _5\"></span> together with an analysis<span class=\"_ _5\"></span> of investment r<span class=\"_ _5\"></span>eturn variances and<span class=\"_ _5\"></span> economic assumption changes </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs27b\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs29a\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ic ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs29b\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs29c\">Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs29d\">dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es in i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sue i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs29e\">share<span class=\"_ _0\"></span> awards<span class=\"_ _5\"></span> granted to empl<span class=\"_ _5\"></span>oyees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs29f\">Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2a0\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t is a non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2a1\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as it e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, one<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs2a2\">and certain ot<span class=\"_ _1\"></span>her items.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2b2\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nds o<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2b3\">own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2b4\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>alt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2b5\">di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls52 wsf2 gs2bd\">Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t an amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls52 wsf2 gs2be\">refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to be ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d in exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls52 ws0 gs2bf\">of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>.e. t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls52 wsf2 gs2c0\">of pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g effe<span class=\"_ _1\"></span>ct (t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey) an<span class=\"_ _1\"></span>d exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s). </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws6 gs2c1\">The total cons<span class=\"_ _5\"></span>ideration for a g<span class=\"_ _5\"></span>roup of contracts cove<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s amounts related to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> is comprised of: </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2c2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e relea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2c3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2c4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2c5\">be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2c6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2c7\">th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e over t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cover<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge of a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2c8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2c9\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h yea<span class=\"_ _1\"></span>r is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ca\">id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly to e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2cb\">pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2cc\">to cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2cd\">Th<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ce\">con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g for e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2cf\">uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ewe<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs2d0\">The Group consider the following when determining coverage unit<span class=\"_ _1\"></span>s: </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2d1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2d2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls121 ws185 gs2d3\">\u2022 <span class=\"_ _2d\"> </span><span class=\"ff6\">th<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>iho<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of insur<span class=\"_ _1\"></span>ed even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, on<span class=\"_ _1\"></span>ly to the exte<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at th<span class=\"_ _1\"></span>ey affe<span class=\"_ _1\"></span>ct th<span class=\"_ _1\"></span>e expe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e group;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2d4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">for insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s without direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features, the<span class=\"_ _5\"></span> generation of an in<span class=\"_ _5\"></span>vestment return for<span class=\"_ _5\"></span> the polic<span class=\"_ _1\"></span>yholder<span class=\"_ _4\"></span>, if </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2d5\">ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce); and<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs2d6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ms on b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs2d7\">(investm<span class=\"_ _1\"></span>ent<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>rela<span class=\"_ _1\"></span>ted ser<span class=\"_ _1\"></span>vice).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2d8\">Th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2d9\">rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2da\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce he<span class=\"_ _1\"></span>ld is a 100<span class=\"_ _1\"></span>% qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, it is e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2db\">uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2dc\">gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs2e0\">Fees re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ated to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> investment management<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> administration ser<span class=\"_ _1\"></span>vices are<span class=\"_ _5\"></span> recognised as<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices ar<span class=\"_ _5\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2e1\">pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. Fr<span class=\"_ _1\"></span>ont e<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed as a l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2e2\">lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of fe<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2e3\">inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2e4\">Fee i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2e5\">coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to un<span class=\"_ _1\"></span>it pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs2e6\">disaggregates f<span class=\"_ _5\"></span>ees and commissions<span class=\"_ _5\"></span> by segment.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2e8\">Ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, net in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e/(exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se) on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2e9\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y), fair va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t fo<span class=\"_ _1\"></span>r rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sha<span class=\"_ _1\"></span>re of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ea\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF<span class=\"_ _5\"></span>, se<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te E1<span class=\"_ _4\"></span>), fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs2eb\">loans and<span class=\"_ _5\"></span> receivables.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ec\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ed\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ee\">in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ef\">Ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>aig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2f0\">of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e. Le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2f1\">Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2f2\">in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2f4\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs2f5\">the effects of<span class=\"_ _5\"></span> the time value<span class=\"_ _5\"></span> of money<span class=\"_ _5\"></span>, financial <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> changes therein,<span class=\"_ _5\"></span> unless any<span class=\"_ _5\"></span> such changes<span class=\"_ _5\"></span> for groups<span class=\"_ _5\"></span> of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2f6\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2f7\">of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2f8\">exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs313\">Insurance service expenses<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs314\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs315\">Th<span class=\"_ _1\"></span>ey<span class=\"_ gse8\"> </span>exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs316\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d by los<span class=\"_ _1\"></span>s </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs317\">component<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>allocations; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs318\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of any ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs319\">(oth<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs31a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs31b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs31c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>l of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs31d\">Net income<span class=\"_ _5\"></span> or expense from reinsurance<span class=\"_ _5\"></span> contracts held<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs31e\">Income and<span class=\"_ _5\"></span> expenses from rei<span class=\"_ _5\"></span>nsurance contracts are present<span class=\"_ _5\"></span>ed separately from<span class=\"_ _5\"></span> income and expenses<span class=\"_ _5\"></span> from insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs31f\">In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a net b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs320\">as<span class=\"_ gse8\"> </span>\u2018ne<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs321\">Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts comprise an<span class=\"_ _5\"></span> allocation of reinsur<span class=\"_ _5\"></span>ance premiums<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>aid less<span class=\"_ _5\"></span> amount<span class=\"_ _1\"></span>s recover<span class=\"_ _5\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs322\">fro<span class=\"_ _1\"></span>m<span class=\"_ gse8\"> </span>rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs323\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es an a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s as it re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs324\">rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs325\">tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces f<span class=\"_ _1\"></span>or w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ay co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs326\">Administrative<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs327\">Administrative e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses are<span class=\"_ _5\"></span> recognised in<span class=\"_ _5\"></span> the consolidated inc<span class=\"_ _5\"></span>ome statement as incurred.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls62 ws10d gs33e\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it accr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d is calc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g the eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs340\">In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt exce<span class=\"_ _1\"></span>pt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs341\">exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs342\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs343\">Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y ena<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs344\">at th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er wi<span class=\"_ _1\"></span>th ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ta<span class=\"_ _1\"></span>x paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in resp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs345\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e is an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ax t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs35a\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. In<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs35b\">is<span class=\"_ _1\"></span>sue o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs35f\">Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny or o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs360\">th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, net o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x) is s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s a de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Gain<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs361\">an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es on s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e EBT a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs363\">Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs364\">revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs365\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs366\">Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs367\">an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs368\">he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs369\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs36a\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs36b\">pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs36c\">He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs36d\">so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs36e\">com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs36f\">pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs370\">Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs371\">Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs372\">A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs373\">an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs374\">con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs375\">It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs376\">dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs377\">Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs378\">sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs379\">Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs37a\">th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs37b\">Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs37c\">This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs37d\">a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs37e\">recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs390\">An e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y af<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g all i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs391\">Acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>ly, a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y if<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs392\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is n<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s or t<span class=\"_ _1\"></span>o exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs393\">th<span class=\"_ _1\"></span>at may b<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>fav<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rab<span class=\"_ _1\"></span>le; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs394\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>hat c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s no co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r is a d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs395\">th<span class=\"_ _1\"></span>at wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a fixed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r a fixed n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s own </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs396\">equit<span class=\"_ _1\"></span>y instrument<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs397\">Th<span class=\"_ _1\"></span>e Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Res<span class=\"_ _1\"></span>et P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ict<span class=\"_ _1\"></span>ed T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _2\"></span>Ti<span class=\"_ _1\"></span>er 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>) m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs398\">acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gly a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n as a s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs399\">recognised<span class=\"_ _5\"></span> as distributions on the<span class=\"_ _5\"></span> date of payment<span class=\"_ _5\"></span> and are charged<span class=\"_ _5\"></span> directly to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he statement of<span class=\"_ _5\"></span> consolidated changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs39b\">No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs39c\">acquisition, adjus<span class=\"_ _5\"></span>ted for the r<span class=\"_ _5\"></span>elevant share<span class=\"_ _5\"></span> of subsequent changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs39e\">Financial assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs39f\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are to b<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s: Fair va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>), </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a0\">fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a1\">ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s bus<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3a2\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3a3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at gi<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d dat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>lel<span class=\"_ _1\"></span>y pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a4\">pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3a5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>del w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve is a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng to co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a6\">Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pai<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a7\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Al<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3a8\">Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3a9\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, deb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3aa\">are m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd ev<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ab\">Pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de da<span class=\"_ _1\"></span>te, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e or </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3ac\">sel<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ae\">Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3af\">flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3b0\">com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd is re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3b1\">ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any g<span class=\"_ _1\"></span>ain o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3b2\">the hedge re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ationship.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3b3\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3b4\">to th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3b5\">an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fore a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs3b6\">disclosed under Reinsur<span class=\"_ _0\"></span>ers\u2019 share of in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment contact liabilities.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lse ws1b gs3b7\">Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3b8\">The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3b9\">ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ba\">mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3bb\">For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3bc\">all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3bd\">af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3be\">since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3bf\">th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c0\">imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c1\">a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c2\">Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3c3\">rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs3c4\">Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c5\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c6\">qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rket p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bid p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3c7\">end d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c8\">bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s are us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3c9\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ca\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs3cb\">similar instrument<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3cc\">For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d bi<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3cd\">val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd fl<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ght d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ce\">val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fixed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st-b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws4 gs3cf\">Associates<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3d0\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 <span class=\"ffa9 ls21 ws21\">Financial Instruments</span><span class=\"lsd ws16\"> as permitted </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3d1\">by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 <span class=\"ffa9 ws5\">Investment<span class=\"_ _1\"></span>s in Asso<span class=\"_ _1\"></span>ciates and Joint Ventures<span class=\"ff6\">. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs3d2\">Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3d3\">A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t (or par<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f a grou<span class=\"_ _1\"></span>p of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s) is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3d4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t have e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3d5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>hem i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3d6\">mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l del<span class=\"_ _1\"></span>ay to a t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y und<span class=\"_ _1\"></span>er a \u2018p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _2\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh\u2019 ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3d7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d has ei<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3d8\">rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r ha<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>or re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3d9\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsa ws6 gs3da\">Financial liabilities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3db\">On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d les<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3dc\">directly<span class=\"_ _5\"></span> att<span class=\"_ _1\"></span>ributable transaction costs (with the e<span class=\"_ _5\"></span>xception of li<span class=\"_ _5\"></span>abilities at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>TP<span class=\"_ _1\"></span>L for<span class=\"_ _5\"></span> which all transaction costs are<span class=\"_ _5\"></span> expensed<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3dd\">Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t for l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3de\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>) are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cost u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3df\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies are<span class=\"_ _5\"></span> designated upon in<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _5\"></span>ecognition at FV<span class=\"_ _2\"></span>TPL where doing<span class=\"_ _5\"></span> so results in more<span class=\"_ _5\"></span> meaningful information </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls1a ws2d gs3e0\">because either:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3e1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at wo<span class=\"_ _1\"></span>uld o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3e2\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>em on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs3e3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s or b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce is ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d on a fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3e4\">basis, in ac<span class=\"_ _5\"></span>cordance with a<span class=\"_ _5\"></span> documented risk management<span class=\"_ _5\"></span> or investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategy<span class=\"_ _5\"></span>, and information about<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ments is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3e5\">pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s key mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsa ws6 gs3e7\">Investment c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntracts without DPF<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3e8\">Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k to th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is no<span class=\"_ _1\"></span>t si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3e9\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3ea\">Rec<span class=\"_ _1\"></span>eip<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, und<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3eb\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ec\">to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3ed\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs3ee\">estimate of<span class=\"_ _5\"></span> the amount for wh<span class=\"_ _5\"></span>ich the liability could<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>e transferred<span class=\"_ _5\"></span> in an orderly<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction between market<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipant<span class=\"_ _1\"></span>s at the </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3ef\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e, su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3f0\">at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3f1\">cove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3f2\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs3f3\">included in Change in<span class=\"_ _5\"></span> investment contract liabilities in the consolidated income<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>atement<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws16 gs3f4\">Investment contract policy<span class=\"_ _1\"></span>holders are charged for<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y administrat<span class=\"_ _1\"></span>ion ser<span class=\"_ _1\"></span>vices, investment management ser<span class=\"_ _1\"></span>vices, surrenders and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs3f5\">ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fee<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs3f6\">are fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. \u2018<span class=\"_ _1\"></span>Fro<span class=\"_ _1\"></span>nt en<span class=\"_ _1\"></span>d\u2019 f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d on<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws6 gs3f7\">some non-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment contracts. Where the non-p<span class=\"_ _1\"></span>articipating investment c<span class=\"_ _5\"></span>ontract is measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue, such fees<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs3f8\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs3f9\">Net asset<span class=\"_ _5\"></span> value attributable to<span class=\"_ _5\"></span> unitholders<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3fa\">Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3fb\">are<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st is cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L and m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e bid v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3fc\">num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs3fd\">Obligations for repa<span class=\"_ _5\"></span>ym<span class=\"_ _1\"></span>ent of<span class=\"_ _5\"></span> coll<span class=\"_ _1\"></span>ateral receiv<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs3fe\">It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>n sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k len<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, us<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h or ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs3ff\">se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved i<span class=\"_ _1\"></span>s avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, it is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a \u2018fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs400\">and the c<span class=\"_ _5\"></span>ollateral repayable<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>sed as \u2018<span class=\"_ _5\"></span>obligations for re<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ayment of<span class=\"_ _5\"></span> collateral rec<span class=\"_ _5\"></span>eived\u2019<span class=\"_ _5\"></span>. The \u2018<span class=\"_ _5\"></span>obligations for<span class=\"_ _5\"></span> repayment of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs401\">coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>\u2019 are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs402\">rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs403\">Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs404\">A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is dis<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>led o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs405\">Off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs406\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on on<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs407\">leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs408\">an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs409\">req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in an a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. </div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs40a\">Hedge accounting<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs40b\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs40c\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>, alo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs40d\">management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s strategy for<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>taking various hedge transactions. Furthermore,<span class=\"_ _5\"></span> at the inception of<span class=\"_ _5\"></span> the hedge </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs40e\">an<span class=\"_ _1\"></span>d on an o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ly eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs40f\">val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs410\">Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs411\">an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs412\">he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>et </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs413\">investment income.<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs414\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs415\">pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs416\">He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d if<span class=\"_ _1\"></span>: th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hedg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e has c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d (ca<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce); th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs417\">ite<span class=\"_ _1\"></span>m or he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r is so<span class=\"_ _1\"></span>ld; t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs418\">th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; or t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o dom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>c </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs419\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e is rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs41a\">or lo<span class=\"_ _1\"></span>ss ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s or im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs41b\">expected to<span class=\"_ _5\"></span> occur<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs43e\">Lev<span class=\"_ _1\"></span>el 1 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs43f\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _2\"></span>s (suc<span class=\"_ _1\"></span>h as exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs440\">qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d end p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs441\">cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d nar<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer b<span class=\"_ _1\"></span>id<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs442\">in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs443\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>id p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs444\">Lev<span class=\"_ _1\"></span>el 2 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs445\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, or wi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r bid<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch do n<span class=\"_ _1\"></span>ot m<span class=\"_ _1\"></span>eet t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs446\">Lev<span class=\"_ _1\"></span>el 1 inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s, a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>evel 2. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws6 gs447\">brok<span class=\"_ _5\"></span>er quotes or v<span class=\"_ _5\"></span>aluation techniques with observable mark<span class=\"_ _5\"></span>et input<span class=\"_ _1\"></span>s. Financial instruments valued us<span class=\"_ _5\"></span>ing broker<span class=\"_ _5\"></span> quotes are </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs448\">cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2, on<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ere is a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of ov<span class=\"_ _1\"></span>er-t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs449\">est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s or dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs44a\">no<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to be L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs44b\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h have a m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin r<span class=\"_ _1\"></span>eal e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te/p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Wher<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs44c\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs44d\">be<span class=\"_ _1\"></span>st es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s a mar<span class=\"_ _1\"></span>ket rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gs44e\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>o cover t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gs44f\">val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e Le<span class=\"_ _1\"></span>vel 2 i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs450\">Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs451\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs452\">com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ed mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs453\">pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs454\">for t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s may be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs455\">und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h cou<span class=\"_ _1\"></span>ld n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs456\">cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>s Lev<span class=\"_ _1\"></span>el 3. Fo<span class=\"_ _1\"></span>r a sma<span class=\"_ _1\"></span>ll nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d deb<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs457\">se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, as d<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have n<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nto </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs458\">suc<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ngs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs459\">exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs45a\">wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs45b\">For fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e on a rec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>het<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs45c\">occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy by rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t leve<span class=\"_ _1\"></span>l inp<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs45d\">val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s a wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e) dur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs498\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in co<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs499\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and e<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs49a\">t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly h<span class=\"_ _1\"></span>old d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f sel<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd rep<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e nea<span class=\"_ _1\"></span>r ter<span class=\"_ _1\"></span>m or w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs49b\">fro<span class=\"_ _1\"></span>m sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e or ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs49c\">ord<span class=\"_ _1\"></span>er to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip<span class=\"_ _1\"></span>s qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs49d\">an<span class=\"_ _1\"></span>d are d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d as c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs49e\">Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs49f\">on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4a0\">Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4a1\">gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4a2\">pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s E<span class=\"_ _0\"></span>1 and D3 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs4a3\">accounting policy.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4a8\">The Group r<span class=\"_ _5\"></span>eceives and pledges<span class=\"_ _5\"></span> collateral in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he form<span class=\"_ _0\"></span> of cash or<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ash assets in respect<span class=\"_ _5\"></span> of stock lending<span class=\"_ _5\"></span> trans<span class=\"_ _1\"></span>actions, derivative </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4a9\">contracts and reinsu<span class=\"_ _5\"></span>rance arrangement<span class=\"_ _1\"></span>s in<span class=\"_ _5\"></span> order to reduc<span class=\"_ _5\"></span>e the credit risk<span class=\"_ _5\"></span> of these transactions<span class=\"_ _1\"></span>. The amount<span class=\"_ _5\"></span> and t<span class=\"_ _1\"></span>ype of collate<span class=\"_ _5\"></span>ral </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4aa\">req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s on an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, bu<span class=\"_ _1\"></span>t is us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4ab\">form of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>ash and m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ketable securities.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4ac\">Col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d is ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4ad\">to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4ae\">cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s repa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4af\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b0\">No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d is no<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b1\">der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b2\">rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y has con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b3\">is<span class=\"_ gse8\"> </span>de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4b4\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b5\">ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are no<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4b6\">po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n it<span class=\"_ _2\"></span>s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>elev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b7\">ca<span class=\"_ _1\"></span>sh p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d as pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>us in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4de\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>bea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4df\">are<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4e0\">red<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs4e1\">interest method<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls19 ws17 gs4e2\">Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s are desi<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d upo<span class=\"_ _1\"></span>n init<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e thro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s and mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e whe<span class=\"_ _1\"></span>re doin<span class=\"_ _1\"></span>g so<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls19 ws17 gs4e3\">pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s more me<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l info<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on due to th<span class=\"_ _1\"></span>e reas<span class=\"_ _1\"></span>ons st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in the fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee not<span class=\"_ _1\"></span>e E<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>). T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls19 ws17 gs4e4\">cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to borr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at fair val<span class=\"_ _1\"></span>ue th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s are exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as incu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4e5\">Bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4e6\">th<span class=\"_ _1\"></span>ere is e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no or l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs69a\">Classification </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs69b\">Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>ept<span class=\"_ _2\"></span>s sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs69c\">Gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed as r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs69d\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ente<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l for<span class=\"_ _1\"></span>m of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs69e\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up to fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs69f\">investment contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs6a0\">All refer<span class=\"_ _5\"></span>ences in these accounting policies to in<span class=\"_ _5\"></span>sura<span class=\"_ _1\"></span>nce contracts and reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s include contract<span class=\"_ _1\"></span>s issued, initiated or </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6a1\">acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6a2\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6a3\">participating contract<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s for which,<span class=\"_ _5\"></span> at inception:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6a4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s in a sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f a clea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6a5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pay t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>l to a s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls8 ws1e gs6a6\">items; and<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6a7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to v<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6a8\">in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6a9\">All o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>l rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6aa\">So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), whe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6ab\">ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t and i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e, as a sup<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s dis<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6ac\">ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs6ad\">1<span class=\"_ _4\"></span>7 consistent with ins<span class=\"_ _0\"></span>urance contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6af\">Th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e at th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or fo<span class=\"_ _1\"></span>r bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6b0\">acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F or rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6b1\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6b2\">Wh<span class=\"_ _1\"></span>en con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s a cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as th<span class=\"_ _1\"></span>e sm<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6b3\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so m<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a se<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>n be t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6b4\">on<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her a s<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ne<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6b5\">tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y were s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs6b6\">Accounting<span class=\"_ _5\"></span> treatment<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lse wsb gs6b7\">Separating c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s from<span class=\"_ _5\"></span> insurance and<span class=\"_ _5\"></span> reinsurance c<span class=\"_ _5\"></span>ontracts<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6b8\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t be a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6b9\">accounting<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>andards other<span class=\"_ _0\"></span> than IFRS 1<span class=\"_ _4\"></span>7 (distinct<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>insurance c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6ba\">Where an<span class=\"_ _5\"></span> insurance con<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ract has<span class=\"_ _5\"></span> a distinct investment<span class=\"_ _5\"></span> component and meets the separation crite<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ia established unde<span class=\"_ _5\"></span>r IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6bb\">th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ost co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9. The a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6bc\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s a dis<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ied o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs6bd\">a<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>busines<span class=\"_ _1\"></span>s c<span class=\"_ _5\"></span>ombination<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6be\">Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs6bf\">insurance and in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment component are<span class=\"_ _5\"></span> highly interrelated:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6c0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t var<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6c1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f an op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o sw<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6c2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e.g<span class=\"_ _1\"></span>. a red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al si<span class=\"_ _1\"></span>ze of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6c3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s e.g. i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um wa<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6c4\">Af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g any d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>l rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6c5\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs6c6\">Level<span class=\"_ _5\"></span> of aggregation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6c7\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6c8\">fir<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ly s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>it in<span class=\"_ _1\"></span>to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s. P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>ups o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>os a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6c9\">fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6ca\">at in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and h<span class=\"_ _1\"></span>ave n<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk of b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6cb\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th \u2018on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>\u2019 bei<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h \u2018net g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n\u2019 and \u2018p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le\u2019 b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng rep<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6cc\">wi<span class=\"_ _1\"></span>th \u2018n<span class=\"_ _1\"></span>et co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>\u2019<span class=\"_ _5\"></span>. C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an o<span class=\"_ _1\"></span>ne y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r ap<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6cd\">Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er as p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Fair Valu<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h (<span class=\"_ _1\"></span>\u2018F<span class=\"_ _2\"></span>VA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6ce\">include c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s issued<span class=\"_ _0\"></span> more than<span class=\"_ _5\"></span> one year apart.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6cf\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e and r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s inh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6d0\">the products/contracts<span class=\"_ _1\"></span>, for<span class=\"_ _5\"></span> example, l<span class=\"_ _5\"></span>ongevit<span class=\"_ _1\"></span>y, persiste<span class=\"_ _5\"></span>nc<span class=\"_ _1\"></span>y, mortalit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> and by c<span class=\"_ _5\"></span>onsidering whether groups<span class=\"_ _5\"></span> of product<span class=\"_ _1\"></span>s are </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6d1\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her. The<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s are f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r sp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t by leg<span class=\"_ _1\"></span>al en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6d2\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely. T<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o coh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6d3\">inc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d lev<span class=\"_ _1\"></span>el of p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le at in<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6d4\">For r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>, po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ios a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s to th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6d5\">contracts held are<span class=\"_ _5\"></span> asses<span class=\"_ _1\"></span>sed for<span class=\"_ _5\"></span> aggregation requirements on an<span class=\"_ _5\"></span> individual contract basis.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6d6\">Th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d at i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6d7\">a<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il it is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r by exp<span class=\"_ _1\"></span>ir<span class=\"_ _2\"></span>y or m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws4 gs6d8\">Recognition<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6d9\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>est o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6da\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e beg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6db\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up is d<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>r act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is no d<span class=\"_ _1\"></span>ue da<span class=\"_ _1\"></span>te; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6dc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6dd\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h D<span class=\"_ _1\"></span>PF a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y to th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6de\">Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s acquired i<span class=\"_ _0\"></span>n a<span class=\"_ _5\"></span> busines<span class=\"_ _1\"></span>s combi<span class=\"_ _0\"></span>nation within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he scope of<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 3 Business Combin<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>ions or<span class=\"_ _5\"></span> a port<span class=\"_ _1\"></span>folio transf<span class=\"_ _5\"></span>er are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6df\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y we<span class=\"_ _1\"></span>re en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6e1\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6e2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6e3\">a<span class=\"_ gse8\"> </span>gro<span class=\"_ _1\"></span>up of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s held t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e (for ex<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>e, thr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh a qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>) </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6e4\">unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen a<span class=\"_ _1\"></span>ny u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, if t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6e5\">cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6e6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6e7\">rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t or b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6e8\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ds n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsa ws6 gs6e9\">Contract boundaries<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6ea\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s all th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6eb\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p. Ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6ec\">exi<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ay p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6ed\">th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6ee\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to rep<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e leve<span class=\"_ _1\"></span>l of b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6ef\">pr<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; or </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6f0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sfi<span class=\"_ _1\"></span>ed:<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6f1\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to rep<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t or a po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6f2\">reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>at p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs6f3\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s up to t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds b<span class=\"_ _1\"></span>eyo<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs6f4\">reasses<span class=\"_ _1\"></span>sment date.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs6f5\">Wh<span class=\"_ _1\"></span>ere an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im is no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y, it is not reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w of th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs6f6\">an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs6f7\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y is reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e to in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6f8\">substantive rights and obligations<span class=\"_ _5\"></span> and, therefore<span class=\"_ _5\"></span>, may change<span class=\"_ _5\"></span> over time.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6f9\">Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y for a r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6fa\">th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e may n<span class=\"_ _1\"></span>ot n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y be t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6fb\">on a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms fo<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y may i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs6fc\">not yet been issued or reported.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws4 gs6fd\">Measurement<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs6fe\">The Group\u2019<span class=\"_ _5\"></span>s insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s issued without<span class=\"_ _5\"></span> direct participation features<span class=\"_ _5\"></span> are grouped t<span class=\"_ _5\"></span>og<span class=\"_ _1\"></span>ether under<span class=\"_ _5\"></span> annuit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> protection and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs6ff\">ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el (<span class=\"_ _1\"></span>\u2018GM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs700\">Direct participating contracts issued b<span class=\"_ _5\"></span>y the Group are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s with direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features<span class=\"_ _5\"></span> where the Group hol<span class=\"_ _5\"></span>ds the pool </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs701\">of underlying asset<span class=\"_ _1\"></span>s. Direct particip<span class=\"_ _1\"></span>ating insurance contracts are grouped together and r<span class=\"_ _5\"></span>epo<span class=\"_ _1\"></span>rted primarily as either unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked or </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs702\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h so<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to have d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs703\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fe<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch (<span class=\"_ _1\"></span>\u2018<span class=\"_ _2\"></span>VFA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>), u<span class=\"_ _1\"></span>nle<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>il t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tes<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>his<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs704\">ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, in su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e GM<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs705\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M ir<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs706\">Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ill a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so b<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs707\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs708\">Initial measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs709\">On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s a gro<span class=\"_ _1\"></span>up of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a ri<span class=\"_ _1\"></span>sk </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs70a\">ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>; a<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>b) th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce mar<span class=\"_ _1\"></span>gin (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs70b\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t refle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs70c\">Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs70d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ias<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ar<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent to<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs70e\">refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs70f\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs710\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs711\">Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs712\">to<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e) over th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct in a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l way b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs713\">of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs715\">Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k for a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ely f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs716\">th<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d for b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ab<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs717\">ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>niq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs718\">th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bet<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs719\">Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s it wh<span class=\"_ _1\"></span>en de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to bea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs71a\">Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up I<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d Fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs71b\">no di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>her e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t us<span class=\"_ _1\"></span>ing a o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs71c\">ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>or S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>, a key m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng h<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs71d\">Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s repre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e une<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe of t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs71e\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. F<span class=\"_ _1\"></span>or pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs71f\">est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t no pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y it off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e net p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs720\">exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>d ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs721\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is s<span class=\"_ _1\"></span>et to ni<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a los<span class=\"_ _1\"></span>s is im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs722\">of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C\u2019<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs723\">Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d V<span class=\"_ _1\"></span>FA meas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs724\">how<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re key di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces fo<span class=\"_ _1\"></span>r sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs725\">For gr<span class=\"_ _5\"></span>oups of contracts acquired in<span class=\"_ _5\"></span> a transfer of<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s or a<span class=\"_ _5\"></span> business combination, the c<span class=\"_ _5\"></span>onsideration received<span class=\"_ _5\"></span> for the contracts </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs726\">is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s a prox<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ums re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. In a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs727\">th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d is t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs728\">With-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s estate<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs729\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whe<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ll su<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs72a\">are c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y hav<span class=\"_ _1\"></span>e an e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs72b\">of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o be d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs72c\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d it a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e to al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs72d\">th<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c grou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs72e\">Subsequent measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs72f\">Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs730\">cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>RC co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>IC i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs731\">ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et be<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs732\">be<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s no C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>ny c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs733\">dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs734\">Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e usi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs735\">ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs736\">flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls1c ws6 gs737\">Changes relating<span class=\"_ _5\"></span> to future insuranc<span class=\"_ _5\"></span>e ser<span class=\"_ _1\"></span>vices<span class=\"_ _5a\"> </span><span class=\"ls9 ws0\"> <span class=\"_ _14\"></span>A<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM (or re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e  </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls9 ws0 gs738\">res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls9 ws0 gs739\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _3b\"> </span><span class=\"ff6\">Re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls9 ws0 gs73a\">Effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey, fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _61\"> </span>Re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es <span class=\"ff3\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls9 ws0 gs73b\">th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs73c\">Wh<span class=\"_ _1\"></span>ere, du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cover<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d, a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs73d\">for t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow, res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4ac\">component i<span class=\"_ _5\"></span>s established by the Gr<span class=\"_ _5\"></span>oup for the liab<span class=\"_ _5\"></span>ilit<span class=\"_ _1\"></span>y for re<span class=\"_ _5\"></span>maining cover<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ge for<span class=\"_ _5\"></span> such groups of<span class=\"_ _5\"></span> onerous contracts representing </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs73e\">the losses rec<span class=\"_ _5\"></span>ognised. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs73f\">Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e on t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e end o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od is a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e for re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of C<span class=\"_ _2\"></span>SM re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs740\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce rev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs741\">th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs742\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e onl<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs743\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs744\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hd<span class=\"_ _1\"></span>raw, th<span class=\"_ _1\"></span>at i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs745\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs746\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4b6\">refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs747\">hel<span class=\"_ _1\"></span>d are t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gro<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs749\">Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te as f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs74a\">Insurance contracts measured under<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs74b\">For i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g loc<span class=\"_ _1\"></span>ked<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e BE<span class=\"_ _1\"></span>L </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs74c\">an<span class=\"_ _1\"></span>d ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs74d\">Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs74e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs74f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M dur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs750\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs751\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>, in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs752\">a<span class=\"_ gse8\"> </span>los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d crea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs753\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs754\">or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs755\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs756\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs757\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs758\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs759\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs75a\">be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce, al<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs75b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs75c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs75d\">component <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat becomes<span class=\"_ _5\"></span> payable;<span class=\"_ _5\"></span> and<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs75e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs75f\">Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er GM i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ggr<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n Ne<span class=\"_ _1\"></span>t fina<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs760\">income or<span class=\"_ _5\"></span> expenses from insu<span class=\"_ _5\"></span>rance contracts within the consolidat<span class=\"_ _5\"></span>ed income statement. </div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs761\">In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs762\">Li<span class=\"_ _1\"></span>fe bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have d<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>el w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs763\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>n a poo<span class=\"_ _1\"></span>l of c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs764\">or wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs765\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e a sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s (defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs766\">50% a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an 50<span class=\"_ _1\"></span>%); and<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs767\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs768\">sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l is de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>int a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs769\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s unit-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s the V<span class=\"_ _1\"></span>FA elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs76a\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs76b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pay t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs76c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>ee i<span class=\"_ _1\"></span>n exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs76d\">of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs76e\">investment ser<span class=\"_ _1\"></span>vices under these contracts by giving a return based on<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>lying items, in addition to<span class=\"_ _5\"></span> insurance coverage.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs76f\">For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e VFA<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t is no<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a loc<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs770\">dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, ins<span class=\"_ _1\"></span>tea<span class=\"_ _1\"></span>d it is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs771\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p fee<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs772\">wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der<span class=\"_ _2\"></span>\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. For exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs773\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s fu<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s sha<span class=\"_ _1\"></span>re of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y in a 90:10 fund is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs774\">th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs775\">Th<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e fee ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms le<span class=\"_ _1\"></span>ss f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs776\">flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs777\">For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nit p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs778\">For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s are t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs779\">an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>n var<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re wi<span class=\"_ _1\"></span>ll </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs77a\">be d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt on f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs77b\">Wh<span class=\"_ _1\"></span>en me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs77c\">th<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o pay p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs77d\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ny C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M fo<span class=\"_ _1\"></span>r cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs77e\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, as e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs780\">Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs781\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs782\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs783\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, excep<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs784\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n opt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs785\">of it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs786\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">a dec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>, or a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs787\">flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>se to a lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs788\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s) and c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; or<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs789\">\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs78a\">flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs78b\">(i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs78c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs78d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs78e\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs78f\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs790\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res (m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es) an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs791\">mo<span class=\"_ _1\"></span>ney a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs792\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to an<span class=\"_ _1\"></span>y mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, inten<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>ke a volu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs793\">in ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s 2026 <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote A6<span class=\"_ _1\"></span>. </div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs794\">Loss components<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs795\">A loss<span class=\"_ _5\"></span> component represents a notional<span class=\"_ _5\"></span> record of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he losses attributable t<span class=\"_ _5\"></span>o each group of<span class=\"_ _5\"></span> onerous insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s. The loss </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs796\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs797\">flow<span class=\"_ _1\"></span>s to (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>) th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; and (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>i) t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs798\">al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fo<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs799\">Th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs79a\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to zer<span class=\"_ _1\"></span>o by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs79b\">as t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>f sy<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs79c\">Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s held \u2013<span class=\"_ _5\"></span> measurement<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs79d\">Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te is t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs79e\">cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs79f\">flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>b) any rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7a0\">Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7a1\">is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7a2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce on a pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce by </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7a3\">th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7a4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o tha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls73 ws60 gs7a5\">reinsurer,<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7a6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>th g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7a7\">rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>his t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt fo<span class=\"_ _1\"></span>r any p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s to ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s bef<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs7a8\">recognition. Whe<span class=\"_ _5\"></span>re the Group r<span class=\"_ _5\"></span>ecognises a loss<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition of an oner<span class=\"_ _5\"></span>ous group of<span class=\"_ _5\"></span> underlying contract<span class=\"_ _1\"></span>s, it establishes </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7a9\">a los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7aa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7ab\">T<span class=\"_ _5\"></span>o de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7ac\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h gro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k be<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r as th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7ad\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he t<span class=\"_ _2\"></span>wo res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7ae\">Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7af\">of lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>t is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b0\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ous g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>t exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs7b1\">component of<span class=\"_ _5\"></span> the onerous gr<span class=\"_ _5\"></span>oup of underlying c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s that the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup expects to<span class=\"_ _5\"></span> recover from<span class=\"_ _5\"></span> the reinsurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b2\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h a rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en it<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b3\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>s ent<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to b<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re or a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b4\">sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7b5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7b6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rcen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span><span class=\"ws0\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b8\">Th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7b9\">wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7ba\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng ce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7bb\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s. A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y, chan<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7bc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er of a re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7bd\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld do n<span class=\"_ _1\"></span>ot ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM as t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y do n<span class=\"_ _1\"></span>ot rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7be\">rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer is a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs7bf\">Modification and derec<span class=\"_ _5\"></span>ognition<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs7c0\">The Group der<span class=\"_ _5\"></span>ecognises insurance<span class=\"_ _5\"></span> and reinsuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s when:<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7c1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are ex<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>i.e. d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cell<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>); or<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7c2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d for </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7c3\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n suc<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7c4\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as a n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs7c5\">Disclosure groups<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7c6\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed by I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsd wsc gs7c7\">disclosure<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>groups:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7c8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">Ret<span class=\"_ _1\"></span>irement Solutio<span class=\"_ _1\"></span>ns;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7c9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7ca\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsf ws4\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s; and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs7cb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7cc\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ups a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gne<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs91a\">Defined contribution <span class=\"_ _5\"></span>pe<span class=\"_ _1\"></span>nsion schemes<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs91b\">Ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs91c\">statement as incurred.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs91d\">De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs91e\">Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t (t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs91f\">est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s have e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs920\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s ded<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs921\">pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gra<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ual s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs922\">du<span class=\"_ _1\"></span>e to it<span class=\"_ _2\"></span>s abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er a w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g up o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs923\">Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs924\">is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d by G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t). A cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs925\">made to<span class=\"_ _5\"></span> the car<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ying values<span class=\"_ _5\"></span> of insurance c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>ct liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies and in<span class=\"_ _5\"></span>vestment contract liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs926\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs927\">dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e use<span class=\"_ _1\"></span>d to m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs928\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. The d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n A<span class=\"_ _2\"></span>A cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at h<span class=\"_ _1\"></span>ave ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roxi<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs929\">th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ed by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>it c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs92a\">Th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs92b\">se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (all r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs92c\">pension scheme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including any reimbursement asset<span class=\"_ _1\"></span>s (rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed within net in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment income in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidated </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs92d\">income statemen<span class=\"_ _1\"></span>t), remeasurements of the pension sch<span class=\"_ _1\"></span>eme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y (recognised in<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>ther comprehensive income) and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs92e\">employer<span class=\"_ _5\"></span> contributions<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs92f\">Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs930\">rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws4 gsa26\">Goodwill<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa27\">Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa28\">of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa29\">Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa2a\">imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa2b\">imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa2c\">recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa2d\">In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa2e\">con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa2f\">acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsa30\">Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gsa31\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls3c ws3d gsa32\">of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws16 gsa33\">obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gsa34\">acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gsa35\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls3c ws0 gsa36\">sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa37\">An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa38\">th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa39\">by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa3a\">contract boundary. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa3b\">Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws16 gsa3c\">Brands </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa3d\">Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa3e\">val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa3f\">at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa40\">asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa41\">Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa42\">tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa43\">rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsa44\">Internally<span class=\"_ _5\"></span> generated assets </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa45\">In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa46\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa47\">measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa48\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa49\">cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa4a\">Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa4b\">est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsa4c\">of possible impairment.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa6e\">Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t it<span class=\"_ _2\"></span>s reva<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa6f\">acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er it<span class=\"_ _2\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>ife, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken as<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa70\">20 \u2013 50 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa71\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ied p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa72\">occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>hen a r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on a p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa73\">is<span class=\"_ gse8\"> </span>fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst a<span class=\"_ _1\"></span>ny pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exces<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is th<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa74\">consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa75\">Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa76\">an<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa77\">ter<span class=\"_ _1\"></span>m w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 1 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1 a<span class=\"_ _1\"></span>nd 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa78\">Equ<span class=\"_ _1\"></span>ipm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>er eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d fitt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>. Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa79\">acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>bin<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate. D<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa7a\">cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe of b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 2 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsa7c\">Investment propert<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including right of use asset<span class=\"_ _1\"></span>s, is initially r<span class=\"_ _5\"></span>ecognised at cost, including any<span class=\"_ _5\"></span> directly attribu<span class=\"_ _1\"></span>table transa<span class=\"_ _1\"></span>ction </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa7d\">cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e. Fair va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>hat w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>ll a pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa7e\">in<span class=\"_ gse8\"> </span>an o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. F<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut any d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa7f\">for t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e or d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa80\">as in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r an ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa81\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e. Lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa82\">an<span class=\"_ _1\"></span>d rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>or, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g leas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Whe<span class=\"_ _1\"></span>re inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t by </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa83\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, ren<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n a st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa84\">lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa8c\">Other receiv<span class=\"_ _5\"></span>ables are rec<span class=\"_ _5\"></span>ognised when due and<span class=\"_ _5\"></span> measured on<span class=\"_ _5\"></span> initial recognition<span class=\"_ _5\"></span> at the fair val<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>e of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he amount r<span class=\"_ _5\"></span>eceivable. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa8d\">Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa8f\">Ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y te<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs o<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa90\">at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k ove<span class=\"_ _1\"></span>rdr<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e on d<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d for<span class=\"_ _1\"></span>m an i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>sh </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa91\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa92\">hel<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa93\">fro<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa95\">A pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>gal o<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of a p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is l<span class=\"_ _1\"></span>ikel<span class=\"_ _1\"></span>y to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa96\">res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow o<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere a rel<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>n be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e. If t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa97\">mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s at a pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x rat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa98\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, whe<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa99\">A prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa9a\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he ne<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t of ex<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa9b\">fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it an<span class=\"_ _1\"></span>d any co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or pe<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom f<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l it<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa9c\">a<span class=\"_ gse8\"> </span>pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsa9d\">within the insurance c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntract asset<span class=\"_ _1\"></span>s and liabilities. Additions and reductions to provisions<span class=\"_ _5\"></span> are recognised within administrative </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa9e\">expenses within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa9f\">Wh<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>t is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t a pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le a p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by a t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaa0\">rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s vi<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eim<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaa1\">rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>ot e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsac1\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsac2\">pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsac3\">an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsac4\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsac5\">of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsac6\">ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsac7\">A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsac8\">th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsac9\">wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaeb\">Th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y is in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>id a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsaec\">discounted using<span class=\"_ _0\"></span> the Group\u2019<span class=\"_ _5\"></span>s incremental borrowing rate as the inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st rate implicit<span class=\"_ _5\"></span> in the lease cannot be readily determined. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaed\">For<span class=\"_ gse8\"> </span>g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>und r<span class=\"_ _1\"></span>ent le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaee\">as t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaef\">pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s mad<span class=\"_ _1\"></span>e. I<span class=\"_ _1\"></span>t is rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, re<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs360\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>o be e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaf0\">jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>k cl<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaf2\">Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsaf4\">Other payables<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed when<span class=\"_ _0\"></span> due and ar<span class=\"_ _5\"></span>e measured on<span class=\"_ _5\"></span> initial recogn<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ion at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fair<span class=\"_ _5\"></span> value of the c<span class=\"_ _5\"></span>onsideration payable.<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaf5\">Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaf7\">Su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol is o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up (s<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>) </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaf8\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h for o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>sua<span class=\"_ _1\"></span>lly w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r 50% o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaf9\">fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey cea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o be s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>ny </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsafa\">di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsafb\">of the carr<span class=\"_ _1\"></span>ying amount of the subsidiar<span class=\"_ _1\"></span>y including non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _1\"></span>, is rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed in the c<span class=\"_ _5\"></span>ons<span class=\"_ _1\"></span>olidated income statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsafc\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsafd\">fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. A<span class=\"_ _1\"></span>ny e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsafe\">go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rer<span class=\"_ _2\"></span>\u2019s inter<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ee\u2019s id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaff\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ov<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb00\">net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls69 ws16 gsb01\">Directly attributa<span class=\"_ _1\"></span>ble acquisition c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s are included within administrative expenses, except<span class=\"_ _0\"></span> for acquisitions undertaken prior t<span class=\"_ _5\"></span>o 20<span class=\"_ _5\"></span>10 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls52 ws0 gsb02\">wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. C<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>sui<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>bt o<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls52 ws0 gsb03\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t or e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls52 wsf2 gsb04\">an<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m int<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>gro<span class=\"_ _1\"></span>up tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s are el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb05\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>end<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), uni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb06\">So<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u00e9t<span class=\"_ _1\"></span>\u00e9 d\u2019<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt \u00e0 C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AVs\u2019<span class=\"_ _1\"></span>), inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb07\">bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s perc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb08\">fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb09\">Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0a\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1. In par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0b\">sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r of v<span class=\"_ _1\"></span>eto, l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to rem<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er) t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t gi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0c\">dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0d\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to exer<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m, r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e of j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0e\">qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngs i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb0f\">ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s held b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb10\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s mad<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>o po<span class=\"_ _1\"></span>wer, for exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb11\">th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y dis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb12\">Wh<span class=\"_ _1\"></span>ere G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l suc<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb13\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f exte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y for Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb14\">att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E1 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb15\">Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s have n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb16\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gsb17\">Portfolio tr<span class=\"_ _5\"></span>ansfers<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb18\">Wh<span class=\"_ _1\"></span>en com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fir<span class=\"_ _1\"></span>st co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb19\">und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3 <span class=\"ffa9 ls3c ws3d\">B<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>ss Combina<span class=\"_ _1\"></span>tions<span class=\"_ _1\"></span></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly in c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb1a\">acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad a p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n su<span class=\"_ _1\"></span>ch </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb1b\">ca<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y is to re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb1c\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb1d\">acquired<span class=\"_ _5\"></span> is recognised<span class=\"_ _5\"></span> in the consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb1f\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh a s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb20\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ing u<span class=\"_ _1\"></span>se. D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb21\">ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sel<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs39b\">dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se. A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs39c\">se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb23\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce, b<span class=\"_ _1\"></span>ut w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>t is pre<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb24\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>ce if i<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>lds b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n 20% an<span class=\"_ _1\"></span>d 50% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Inves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb25\">th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>or u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb26\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd J<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>t Ventu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb27\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, on i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>tia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n an </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb28\">as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>. The c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is th<span class=\"_ _1\"></span>en u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s shar<span class=\"_ _1\"></span>e of pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb29\">that share<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidat<span class=\"_ _5\"></span>ed income statement.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsbfe\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsbff\">fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc00\">of equity<span class=\"_ _1\"></span>-settled share-<span class=\"_ _1\"></span>based transactions are set<span class=\"_ _5\"></span> out below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc01\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc02\">th<span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll ev<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. At ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc03\">rev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es it<span class=\"_ _2\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y inst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted to v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc04\">con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, if a<span class=\"_ _1\"></span>ny, is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t su<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc05\">th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h a cor<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7d ws7e gsc38\">Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s as the pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e fun<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7d ws7e gsc39\">ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ori<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of rela<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>aim<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc3a\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ves f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e \u2018cas<span class=\"_ _1\"></span>h (uti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>)/gene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns\u2019 fi<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>re in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs361\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc3c\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s capi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es of S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II<span class=\"_ _1\"></span>, as mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019s 202<span class=\"_ _4\"></span>4 re<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc3d\">Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s a val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Own Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc3e\">(\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc3f\">Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d SC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc9c\">Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc9d\">no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e reli<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc9e\">is<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as a con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsca0\">Th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt eve<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t hav<span class=\"_ _1\"></span>e a mate<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsca1\">occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e, pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ey gi<span class=\"_ _1\"></span>ve ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsca2\">of co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t exi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. Eve<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsca3\">res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-486": {
   "value": "A<span class=\"_ _4\"></span>1. Basis<span class=\"_ _5\"></span> of preparation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 set ou<span class=\"_ _1\"></span>t on pa<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s 20<span class=\"_ _1\"></span>0 to 31<span class=\"_ _4\"></span>6 co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife p<span class=\"_ _1\"></span>lc (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s plc<span class=\"_ _1\"></span>) (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as<span class=\"_ gse8\"> </span>\u2018<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d wer<span class=\"_ _1\"></span>e au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d of Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s for is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e on 1<span class=\"_ _5\"></span>3<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch 2026. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e his<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>st con<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y, thos<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s) t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e and fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e accounting policies below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ste<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g (\u00a3) roun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>pt w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a<span class=\"_ gse8\"> </span>leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd (\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S\u2019<span class=\"_ _1\"></span>) A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Statement of c<span class=\"_ _5\"></span>omplia<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h U<span class=\"_ _1\"></span>K-a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds (\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>Ss<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Act 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6.<span class=\"_ _37b\"> </span>Basis of consolidation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>all c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if an<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>nly i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s all o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, or r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>o var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns f<span class=\"_ _1\"></span>rom it<span class=\"_ _2\"></span>s invo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to us<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s pow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee to a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it h<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r ove<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e and<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn of a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r or no<span class=\"_ _1\"></span>t it co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s an in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ele<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Further detail<span class=\"_ _1\"></span>s about the consolidation of subsidiaries, including c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>llective investment schemes, are included in<span class=\"_ _5\"></span> no<span class=\"_ _1\"></span>te H<span class=\"_ _5\"></span>1.<span class=\"_ _37b\"> </span>Goin<span class=\"_ _1\"></span>g concer<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a goi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>rn b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e, at th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>f ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, a rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>ve ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> in op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>t lea<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to, 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rova<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le up t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>his A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e go<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>78.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "Standard Life plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-483": {
   "value": "Standard Life plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "Phoenix Group Holdings plc",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ste<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g (\u00a3) roun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>pt w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "Statement of c<span class=\"_ _5\"></span>omplia<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h U<span class=\"_ _1\"></span>K-a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds (\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>Ss<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Act 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "Basis of consolidation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>all c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if an<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>nly i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s all o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, or r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>o var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns f<span class=\"_ _1\"></span>rom it<span class=\"_ _2\"></span>s invo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to us<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s pow<span class=\"_ _1\"></span>er ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ee to a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it h<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r ove<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e and<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn of a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tee. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r or no<span class=\"_ _1\"></span>t it co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s an in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e if fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ele<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Further detail<span class=\"_ _1\"></span>s about the consolidation of subsidiaries, including c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>llective investment schemes, are included in<span class=\"_ _5\"></span> no<span class=\"_ _1\"></span>te H<span class=\"_ _5\"></span>1.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "Goin<span class=\"_ _1\"></span>g concer<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a goi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>rn b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e, at th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>f ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, a rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>ve ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> in op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>t lea<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to, 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rova<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le up t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>his A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e go<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>78.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "A2<span class=\"_ _1\"></span>. Adoption of<span class=\"_ _5\"></span> new accounting<span class=\"_ _5\"></span> pronouncements in 2025<span class=\"_ _37b\"> </span>In pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m 1 Jan<span class=\"_ _1\"></span>uar<span class=\"_ _2\"></span>y 2025 whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span>L<span class=\"_ _2\"></span>ack o<span class=\"_ _1\"></span>f E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y (A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 21 <span class=\"ffa9 ws5\">The Effects of Ch<span class=\"_ _1\"></span>anges in Foreign E<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>nge Rates</span><span class=\"ls90 ws6a\">).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is n<span class=\"_ _1\"></span>ot co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>ot ear<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut is n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-487": {
   "value": "A2<span class=\"_ _1\"></span>. Adoption of<span class=\"_ _5\"></span> new accounting<span class=\"_ _5\"></span> pronouncements in 2025<span class=\"_ _37b\"> </span>In pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m 1 Jan<span class=\"_ _1\"></span>uar<span class=\"_ _2\"></span>y 2025 whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span>L<span class=\"_ _2\"></span>ack o<span class=\"_ _1\"></span>f E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y (A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 21 <span class=\"ffa9 ws5\">The Effects of Ch<span class=\"_ _1\"></span>anges in Foreign E<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>nge Rates</span><span class=\"ls90 ws6a\">).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is n<span class=\"_ _1\"></span>ot co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>ot ear<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut is n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>w acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot ye<span class=\"_ _1\"></span>t eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB ha<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t to ea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t any o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is is permitted.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 Am<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 an<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 (1<span class=\"_ gs1a4\"> </span>Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ gs1a4\"> </span>202<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 to re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a ne<span class=\"_ _1\"></span>w excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>nic c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y and a<span class=\"_ _1\"></span>dd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r gu<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e sol<span class=\"_ _1\"></span>ely p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st </span>(\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>on;<span class=\"_ _1\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dd n<span class=\"_ _1\"></span>ew di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ter<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>me fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial </span>ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ gse8\"> </span>wit<span class=\"_ _1\"></span>h fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s); an<span class=\"_ _1\"></span>d \u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2013 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>1 (1 Ja<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>\u2019s An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>t has i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d mi<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ad<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l are<span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>: I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1 Fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>ti<span class=\"_ _1\"></span>me A<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds \u2013 h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g by a fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>; I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es \u2013 ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on g<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce; IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s \u2013 les<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice; I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>0 Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a \u2018<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019; and I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 7 St<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flow<span class=\"_ _1\"></span>s \u2013 co<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 202<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>) IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd make co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces n<span class=\"_ _1\"></span>ew re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>re rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y to use<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f all i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nto o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f fiv<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>w sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s and su<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt-<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>MP<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of it<span class=\"_ _1\"></span>ems i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d ou<span class=\"_ _1\"></span>t an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing 2025 an<span class=\"_ _1\"></span>d is pro<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wor<span class=\"_ _1\"></span>k to pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are te<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on an I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>. Fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s to da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed:<span class=\"_ _1\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 will ha<span class=\"_ _1\"></span>ve no im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s net pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms of i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </span>an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t how I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t is ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as a m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e and expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom in<span class=\"_ _5\"></span>vesting activities being presented<span class=\"_ _5\"></span> within the operating category of the consolidat<span class=\"_ _5\"></span>ed income statement and<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t sub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a re<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e, fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y to the fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>re, t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s migh<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f a \u2018us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </span>sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>\u2019 as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ch<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e more understandable inf<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>mation.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Alt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re (\u2018APM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 </span>of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an A<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>M th<span class=\"_ _1\"></span>at m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 de<span class=\"_ _1\"></span>fini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t mig<span class=\"_ _1\"></span>ht c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ue to re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he </span>am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e to be a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed; ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e way in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t change as<span class=\"_ _5\"></span> a result of<span class=\"_ _5\"></span> the enhanced aggr<span class=\"_ _5\"></span>egat<span class=\"_ _1\"></span>ion/<span class=\"_ _0\"></span>disaggregation principles, particularly for<span class=\"_ _5\"></span> items currently<span class=\"_ _5\"></span> l<span class=\"_ _1\"></span>abelled as<span class=\"_ _5\"></span> \u2018other\u2019<span class=\"_ _5\"></span>. For<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8, a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d for ea<span class=\"_ _1\"></span>ch l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>m in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e statement between the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ated amounts presented<span class=\"_ _0\"></span> by applying<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>8 and the amounts previously<span class=\"_ _5\"></span> presented applying<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>. \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fro<span class=\"_ _1\"></span>m a ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to us<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al as a st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e </span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ind<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p wil<span class=\"_ _1\"></span>l ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f 1 Janu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2027<span class=\"_ _3\"></span>. Re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d, an<span class=\"_ _1\"></span>d so t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>6 w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 and the amounts previousl<span class=\"_ _0\"></span>y presented<span class=\"_ _5\"></span> applying IA<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>During 20<span class=\"_ _5\"></span>26<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group will c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>inue its preparations and implementat<span class=\"_ _1\"></span>ion activities<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>IFRS 19<span class=\"_ _5\"></span> Subsidiaries without Public Ac<span class=\"_ _5\"></span>countabilit<span class=\"_ _1\"></span>y (<span class=\"_ _5\"></span>1 Januar<span class=\"_ _1\"></span>y 2027)<span class=\"_ _37b\"> </span>IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 19 allow<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n el<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d to hav<span class=\"_ _1\"></span>e an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d financial<span class=\"_ gse8\"> </span>statement<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>r Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n an I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or J<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt Ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 2<span class=\"_ _1\"></span>8) (Effective date<span class=\"_ _5\"></span> deferred)<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ad<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 28 in de<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol o<span class=\"_ _1\"></span>f a subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is so<span class=\"_ _1\"></span>ld or<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>r jo<span class=\"_ _1\"></span>int v<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o hav<span class=\"_ _1\"></span>e any i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n end<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k of E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IA<span class=\"_ _2\"></span>S 21 The E<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n For<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es); </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2014 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 \u2013 Ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>A6<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re vol<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ge in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y<span class=\"_ gs1ea\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p int<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>ke a volu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s 202<span class=\"_ _5\"></span>6 co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to it<span class=\"_ _2\"></span>s is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ gse8\"> </span>wit<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he Var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e Fee A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, on<span class=\"_ _1\"></span>ce it ha<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e wor<span class=\"_ _1\"></span>k to d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s on it<span class=\"_ _2\"></span>s repo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e is<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Ri<span class=\"_ _1\"></span>sk M<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O'<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>res c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>hfl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s shar<span class=\"_ _1\"></span>e of un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng ite<span class=\"_ _1\"></span>ms b<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. H<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, as the G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ho<span class=\"_ _1\"></span>lds<span class=\"_ gse8\"> </span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld to mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s a mism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ec\">Th<span class=\"_ _1\"></span>is mi<span class=\"_ _1\"></span>sma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h gi<span class=\"_ _1\"></span>ves r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to<span class=\"_ gse8\"> </span>vo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h<span class=\"_ gse8\"> </span>do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>atu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1ed\">und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7 in<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O to al<span class=\"_ _1\"></span>low e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>mov<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>his m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1ee\">Th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>MO w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, as re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds f<span class=\"_ _1\"></span>rom 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2022 wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1ef\">res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>MO co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>ere m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>O con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1f0\">eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>nd do<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o make t<span class=\"_ _1\"></span>his vo<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y el<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>his c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1f1\">a \u00a30.<span class=\"_ _4\"></span>1 b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-488": {
   "value": "A3<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Foreign<span class=\"_ _5\"></span> currenc<span class=\"_ _1\"></span>y transactions<span class=\"_ _37b\"> </span>Ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of ea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y econ<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es (t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>\u2019). T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed in s<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave a f<span class=\"_ _1\"></span>unc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rat<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me, e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span></span>Foreign<span class=\"_ _5\"></span> currenc<span class=\"_ _1\"></span>y transactions are translated<span class=\"_ _5\"></span> into the functional currency of the<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransacting Group entity using<span class=\"_ _0\"></span> exchange<span class=\"_ _5\"></span> rates pre<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. F<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d from the translation<span class=\"_ _5\"></span> of monetar<span class=\"_ _2\"></span>y assets and liabil<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ies denominat<span class=\"_ _0\"></span>ed in<span class=\"_ _5\"></span> foreign currencies<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in the<span class=\"_ _5\"></span> consolidated income<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces o<span class=\"_ _1\"></span>n non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ite<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-489": {
   "value": "A3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Other operatin<span class=\"_ _5\"></span>g income<span class=\"_ _37b\"> </span>Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DescriptionOfAccountingPolicyForOtherOperatingIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-490": {
   "value": "A4<span class=\"_ _1\"></span>. Critical acc<span class=\"_ _5\"></span>ounting estimates and judgements<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to make ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t affe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e application of policies<span class=\"_ _5\"></span> and reported amounts of assets and liabilities, inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses. Disclosures<span class=\"_ _5\"></span> of judgements made by man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ost s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>f est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge to t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ext ye<span class=\"_ _1\"></span>ar. The es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd associated assumptions ar<span class=\"_ _5\"></span>e based on his<span class=\"_ _0\"></span>torical experience<span class=\"_ _5\"></span> and various other factors that<span class=\"_ _5\"></span> are believed<span class=\"_ _5\"></span> to be reasonable<span class=\"_ _5\"></span> under the ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h fo<span class=\"_ _1\"></span>rm t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he ju<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> rea<span class=\"_ _1\"></span>dil<span class=\"_ _1\"></span>y ap<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ay di<span class=\"_ _1\"></span>ffer f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lex o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _5\"></span>s business that t<span class=\"_ _1\"></span>ypically require such<span class=\"_ _0\"></span> estimates are the measur<span class=\"_ _5\"></span>em<span class=\"_ _1\"></span>ent of ins<span class=\"_ _5\"></span>ur<span class=\"_ _1\"></span>ance and in<span class=\"_ _0\"></span>vestment contract liabilities with dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d have t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h reg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d to und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of al<span class=\"_ _1\"></span>l cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow an<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven to h<span class=\"_ _1\"></span>ow c<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>A4.<span class=\"_ _5\"></span>1 Insurance<span class=\"_ _5\"></span> contract and<span class=\"_ _5\"></span> investment<span class=\"_ _5\"></span> contract with<span class=\"_ _5\"></span> DPF liabilities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iqu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s it us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>EL<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od to m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e mai<span class=\"_ _1\"></span>n are<span class=\"_ _1\"></span>as w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> estimation wer<span class=\"_ _5\"></span>e required ar<span class=\"_ _5\"></span>e:<span class=\"_ _37b\"> </span>Contract<span class=\"_ _5\"></span> cla<span class=\"_ _1\"></span>ssification Cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (or rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p. In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk i<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d onl<span class=\"_ _1\"></span>y if<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d eve<span class=\"_ _1\"></span>nt cou<span class=\"_ _1\"></span>ld c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e an i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer t<span class=\"_ _1\"></span>o make si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in any sc<span class=\"_ _1\"></span>ena<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io, exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sce<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>os t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t la<span class=\"_ _1\"></span>ck co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, at t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s is<span class=\"_ gse8\"> </span>ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y participation features<span class=\"_ _5\"></span> are accounted<span class=\"_ _5\"></span> for under IFRS 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, while in<span class=\"_ _5\"></span>vestment contracts without discretionary particip<span class=\"_ _1\"></span>ation featur<span class=\"_ _5\"></span>es are<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted fo<span class=\"_ _1\"></span>r as fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9. Jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in or<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r to est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r any ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s in an i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y participation features.<span class=\"_ _37b\"> </span>Measurement of<span class=\"_ _5\"></span> insurance contrac<span class=\"_ _5\"></span>t liabilities<span class=\"_ _37b\"> </span>In a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>at in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s is es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c sce<span class=\"_ _1\"></span>nar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re sto<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>s </span>pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>der a l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sce<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>os fo<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch as i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t or ex<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s use<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9.2.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te F9.2.<span class=\"_ _1\"></span>2); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, mo<span class=\"_ _1\"></span>rb<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur, and exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on (s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span> </span>no<span class=\"_ _1\"></span>te<span class=\"_ gse8\"> </span>F9.2<span class=\"_ _1\"></span>.3). Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of ho<span class=\"_ _1\"></span>w ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ote F1.<span class=\"_ _37b\"> </span>Amortisation of the CSM<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M for a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to be re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce re<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nue i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge un<span class=\"_ _1\"></span>it re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, ta<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nto co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of ar<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tha<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o be a sui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pr<span class=\"_ _1\"></span>ox<span class=\"_ _1\"></span>y for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is is p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t </span>for<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>es of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cover<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge, inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e; and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>nit (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>.e. w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d </span>be<span class=\"_ gse8\"> </span>discounted).<span class=\"_ _37b\"> </span>For d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lev<span class=\"_ _1\"></span>el of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he payment phase.<span class=\"_ _37b\"> </span>Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uan<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er ea<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t to be a su<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le p<span class=\"_ _1\"></span>rox<span class=\"_ _1\"></span>y for t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s wff h1ac\" id=\"_075ebbcc-0ced-4db5-b05d-f610392bf91a\"><tr><td class=\"c n x1e3 y5f68 w100 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ype of busine<span class=\"_ _0\"></span>ss/products<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d6 y5f68 w101 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Cov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it (q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f be<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5f69 ff3 fs2 fc3 sc0 ls18 ws16\">T<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span>m life<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>surance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3d7 h7 y5f6a ff3 fs2 fc3 sc0 ls18 ws16\">Sum assured in<span class=\"_ _5\"></span> force<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y5f6b ff3 fs2 fc3 sc0 ls1a ws18\">Endowm<span class=\"_ _1\"></span>ent<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5f6c ff3 fs2 fc3 sc0 ls18 ws16\">Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating whole<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>life<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5f6d ff3 fs2 fc3 sc0 ls1c ws6\">Other protection pr<span class=\"_ _5\"></span>oduct<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w102 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Immediate annu<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d6 y5f49 wb8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuit<span class=\"_ _1\"></span>y payment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w103 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred annuit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d8 y5f4a w104 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d size d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x3d7 h7 y5f6e ff6 fs2 fc3 sc0 ls9 ws0\">for<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f4c w105 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unit link<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d9 y5f4c w106 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Annual management<span class=\"_ _5\"></span> charge and ins<span class=\"_ _0\"></span>urance ch<span class=\"_ _0\"></span>arges<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w107 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Conv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s (\u2018C<span class=\"_ _2\"></span>WP<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) &amp; U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s (\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>WP<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3da y5edc w108 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">M<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t sha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td></tr></table>In re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as el<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is gi<span class=\"_ _1\"></span>ves a m<span class=\"_ _1\"></span>ore e<span class=\"_ _1\"></span>ven al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t as se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d over t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te is t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el (<span class=\"_ _1\"></span>\u2018GM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> variable f<span class=\"_ _5\"></span>ee approach (\u2018<span class=\"_ _1\"></span>VFA<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). A4<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Fair v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue of fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>A sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>or as s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E1<span class=\"_ _5\"></span>. Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>ta a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2 fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s valu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2 and L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve the use of<span class=\"_ _5\"></span> estimates<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es ma<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E2. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he Le<span class=\"_ _1\"></span>vel 3 fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s is pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he key a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E2.4.<span class=\"_ _37b\"> </span>A4.<span class=\"_ _2\"></span>3 Pension<span class=\"_ _5\"></span> scheme obligations<span class=\"_ _37b\"> </span>The valuation<span class=\"_ _5\"></span> of pension scheme oblig<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>ions is<span class=\"_ _5\"></span> determined using actuarial<span class=\"_ _5\"></span> valuations that depend<span class=\"_ _5\"></span> upon a number of<span class=\"_ _5\"></span> assumptions<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te, in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. E<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ice i<span class=\"_ _1\"></span>s ta<span class=\"_ _1\"></span>ken wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to<span class=\"_ gse8\"> </span>be u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. A<span class=\"_ _2\"></span>s de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m in na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re, su<span class=\"_ _1\"></span>ch as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to significant uncertaint<span class=\"_ _1\"></span>y. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o key ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te G1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>A4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>4 Ad<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>keho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>ke jud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s as to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial ye<span class=\"_ _1\"></span>ar, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B2, an<span class=\"_ _1\"></span>d as to wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te B1. <span class=\"_ _5\"></span>I<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as \u2018non-<span class=\"_ _2\"></span>operati<span class=\"_ _1\"></span>ng items\u2019<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span>A4.<span class=\"_ _1\"></span>5 Control<span class=\"_ _5\"></span> and consolidation<span class=\"_ _5\"></span> Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er of c<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ere j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> in<span class=\"_ gse8\"> </span>d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s the a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n suc<span class=\"_ _1\"></span>h a way t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> own<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s is no<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>0 <span class=\"ffa9 ls21 ws21\">Consolidated Financial St<span class=\"_ _5\"></span>atements<span class=\"_ _1\"></span><span class=\"ff3 ls7 ws0\">. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>nvo<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>s a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s </span></span>wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l pow<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f vet<span class=\"_ _1\"></span>o in g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m bei<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o infl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e act<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re gi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n in no<span class=\"_ _1\"></span>te H1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>A4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6 H<span class=\"_ _1\"></span>ow cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span> In pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of a<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d other intangible asset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ma<span class=\"_ _1\"></span>ny of t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm i<span class=\"_ _1\"></span>n nat<span class=\"_ _1\"></span>ure, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an in<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t lev<span class=\"_ _1\"></span>el of u<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, and h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ gse8\"> </span>li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t on a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. Th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are h<span class=\"_ _1\"></span>eld at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cli<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ar<span class=\"_ _1\"></span>e no ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l un<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. No<span class=\"_ _1\"></span>te E6 pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s in rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s are pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>sk F<span class=\"_ _1\"></span>orce f<span class=\"_ _1\"></span>or C<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>TCF<span class=\"_ _1\"></span>D\u2019<span class=\"_ _2\"></span>) on pa<span class=\"_ _1\"></span>ge 53 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Insurance and inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment contract liabilities with DPF use economic<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>sumptions taking into account mark<span class=\"_ _5\"></span>et conditions at the val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>s wel<span class=\"_ _1\"></span>l as n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>st experience<span class=\"_ _5\"></span>, market practice<span class=\"_ _5\"></span>, regulations and<span class=\"_ _5\"></span> expect<span class=\"_ _1\"></span>ations about future<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>rends. Due to<span class=\"_ _5\"></span> the level of<span class=\"_ _5\"></span> annuities written by<span class=\"_ _5\"></span> the Group, it<span class=\"_ gse8\"> </span>is p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed to l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>gev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>lim<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e on lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d, as a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ber 2025 th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>are n<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>llow fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e on a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Furt<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>to ho<span class=\"_ _1\"></span>w as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s to ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her ke<span class=\"_ _1\"></span>y ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F9. Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Valu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s and u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s thre<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pl<span class=\"_ _1\"></span>an an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c gro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h be<span class=\"_ _1\"></span>yon<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>his p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ce is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ee<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pl<span class=\"_ _1\"></span>an re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>\u2019s cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s of m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g towa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s a low ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>my. No<span class=\"_ _1\"></span>te G2 pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "A<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>w acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot ye<span class=\"_ _1\"></span>t eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB ha<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t to ea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t any o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is is permitted.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 Am<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 an<span class=\"_ _1\"></span>d IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 (1<span class=\"_ gs1a4\"> </span>Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ gs1a4\"> </span>202<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>SB is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 to re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a ne<span class=\"_ _1\"></span>w excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>nic c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y and a<span class=\"_ _1\"></span>dd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r gu<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e sol<span class=\"_ _1\"></span>ely p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st </span>(\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>on;<span class=\"_ _1\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dd n<span class=\"_ _1\"></span>ew di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ter<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>me fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial </span>ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ gse8\"> </span>wit<span class=\"_ _1\"></span>h fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s); an<span class=\"_ _1\"></span>d \u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2013 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>1 (1 Ja<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>6)<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>\u2019s An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>t has i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d mi<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ad<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l are<span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span>: I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1 Fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>ti<span class=\"_ _1\"></span>me A<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds \u2013 h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g by a fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>; I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 7 Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es \u2013 ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on g<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce; IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s \u2013 les<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice; I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>0 Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s \u2013 de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a \u2018<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019; and I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 7 St<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flow<span class=\"_ _1\"></span>s \u2013 co<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o have a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gs1b6\">IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 202<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>) </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1b7\">IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in F<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1 Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1b8\">make co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces n<span class=\"_ _1\"></span>ew re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1b9\">of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>re rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y to use<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ba\">cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f all i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nto o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f fiv<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>w </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1bb\">sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s and su<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1bc\">of<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt-<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>MP<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1bd\">mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of it<span class=\"_ _1\"></span>ems i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d ou<span class=\"_ _1\"></span>t an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing 2025 an<span class=\"_ _1\"></span>d is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1be\">pro<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wor<span class=\"_ _1\"></span>k to pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are te<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on an I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>. Fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s to da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1bf\">po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed:<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1c0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 will ha<span class=\"_ _1\"></span>ve no im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s net pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms of i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1c1\">an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e new c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t how I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1c2\">ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as a m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1c3\">and expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom in<span class=\"_ _5\"></span>vesting activities being presented<span class=\"_ _5\"></span> within the operating category of the consolidat<span class=\"_ _5\"></span>ed income statement and<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1c4\">th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t sub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a re<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1c5\">int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e, fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y to the fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1c6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>re, t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s migh<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f a \u2018us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1c7\">sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>\u2019 as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ch<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1c8\">more understandable inf<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>mation.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1c9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Alt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re (\u2018APM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ca\">of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1cb\">th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1cc\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8 a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1cd\">reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an A<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>M th<span class=\"_ _1\"></span>at m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1ce\">de<span class=\"_ _1\"></span>fini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of an M<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1cf\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t mig<span class=\"_ _1\"></span>ht c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ue to re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1d0\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1d1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e to be a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1d2\">req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed; ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e way in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1d3\">change as<span class=\"_ _5\"></span> a result of<span class=\"_ _5\"></span> the enhanced aggr<span class=\"_ _5\"></span>egat<span class=\"_ _1\"></span>ion/<span class=\"_ _0\"></span>disaggregation principles, particularly for<span class=\"_ _5\"></span> items currently<span class=\"_ _5\"></span> l<span class=\"_ _1\"></span>abelled as<span class=\"_ _5\"></span> \u2018other\u2019<span class=\"_ _5\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1d4\">For<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8, a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d for ea<span class=\"_ _1\"></span>ch l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>m in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1d5\">statement between the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ated amounts presented<span class=\"_ _0\"></span> by applying<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>8 and the amounts previously<span class=\"_ _5\"></span> presented applying<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1d6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">Fro<span class=\"_ _1\"></span>m a ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to us<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ub<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al as a st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1d7\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ind<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1d8\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p wil<span class=\"_ _1\"></span>l ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f 1 Janu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2027<span class=\"_ _3\"></span>. Re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1d9\">an<span class=\"_ _1\"></span>d so t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>6 w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1da\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h li<span class=\"_ _1\"></span>ne i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1db\">and the amounts previousl<span class=\"_ _0\"></span>y presented<span class=\"_ _5\"></span> applying IA<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs1dc\">During 20<span class=\"_ _5\"></span>26<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group will c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>inue its preparations and implementat<span class=\"_ _1\"></span>ion activities<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs1dd\">IFRS 19<span class=\"_ _5\"></span> Subsidiaries without Public Ac<span class=\"_ _5\"></span>countabilit<span class=\"_ _1\"></span>y (<span class=\"_ _5\"></span>1 Januar<span class=\"_ _1\"></span>y 2027)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1de\">IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 19 allow<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n el<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1df\">red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d to hav<span class=\"_ _1\"></span>e an im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls8 ws1e gs1e0\">financial<span class=\"_ gse8\"> </span>statement<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gs1e1\">Sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>r Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n an I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or J<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt Ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 2<span class=\"_ _1\"></span>8) </div><div class=\"t m0 hc ffa fs2 fc2 sc0 lse ws1b gs1e2\">(Effective date<span class=\"_ _5\"></span> deferred)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1e3\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ad<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 10 and I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 28 in de<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol o<span class=\"_ _1\"></span>f a subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is so<span class=\"_ _1\"></span>ld or<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1e4\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>r jo<span class=\"_ _1\"></span>int v<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o hav<span class=\"_ _1\"></span>e any i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1e5\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rds l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n end<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K En<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1e6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k of E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IA<span class=\"_ _2\"></span>S 21 The E<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n For<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es); </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1e7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l Im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S Acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s \u2014 Volum<span class=\"_ _1\"></span>e 1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1e8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 7 \u2013 Ame<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs1e9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 18 Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-491": {
   "value": "<div class=\"t m0 h1d ff1 fse fc1 sc0 ls63 ws65 gs1f3\">B. Earnings performance<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 ls18 ws43 gs1f4\">B1<span class=\"_ _5\"></span>. Segmental ana<span class=\"_ _5\"></span>lysis<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1f5\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 8 <span class=\"ffa9\">Ope<span class=\"_ _1\"></span>rating Segment<span class=\"_ _1\"></span>s<span class=\"ff3 lsd ws16\"> which requires such segments </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1f6\">to be b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>his n<span class=\"_ _1\"></span>ote i<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1f7\">a<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1f8\">An o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t eng<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it ma<span class=\"_ _1\"></span>y ea<span class=\"_ _1\"></span>rn r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1f9\">expenses, including<span class=\"_ _5\"></span> revenues and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses re<span class=\"_ _0\"></span>lating to transactions with<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her components of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup.<span class=\"_ _5\"></span> For management </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1fa\">pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>ue ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>s fiv<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs1fb\">S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe. O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y sha<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1fc\">characteristics including the<span class=\"_ _5\"></span> nature of products and services, t<span class=\"_ _1\"></span>ypes of cust<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>ers and the n<span class=\"_ _5\"></span>ature of the reg<span class=\"_ _0\"></span>ulator<span class=\"_ _1\"></span>y environ<span class=\"_ _0\"></span>ment. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs1fd\">Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m a si<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs1fe\">Other reportable segment. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs1ff\">The Retirement Solutions segment includes new and<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force individual annuity and Pension Risk T<span class=\"_ _4\"></span>ransfer (\u2018PRT\u2019<span class=\"_ _1\"></span>) contract<span class=\"_ _1\"></span>s written </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs200\">in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f Gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs201\">Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs202\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K ind<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs203\">ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Her<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd as t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs204\">shareholder<span class=\"_ _5\"></span> through the Recou<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>se Cash Flow<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>echanism es<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ablished on demutu<span class=\"_ _5\"></span>alis<span class=\"_ _1\"></span>ation. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs205\">The Pensions &amp; Savings segment includes new<span class=\"_ _5\"></span> and in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force lif<span class=\"_ _5\"></span>e insurance and investment unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked policies written in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he UK in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs206\">res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sav<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nue<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket to ne<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d exis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs207\">includes products such as<span class=\"_ _5\"></span> workpla<span class=\"_ _1\"></span>ce pensi<span class=\"_ _5\"></span>ons and Self<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>Invested Personal Pen<span class=\"_ _5\"></span>sion (\u2018<span class=\"_ _1\"></span>SIPPs\u2019<span class=\"_ _1\"></span>) distributed through<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs208\">st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p plc<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, it in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>inke<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs209\">leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely s<span class=\"_ _1\"></span>ell p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>off g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ove<span class=\"_ _1\"></span>r tim<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs20a\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs20b\">are primarily<span class=\"_ _5\"></span> attr<span class=\"_ _1\"></span>ibutable to the<span class=\"_ _5\"></span> shareholder through<span class=\"_ _5\"></span> the Recourse Cash Flow<span class=\"_ _5\"></span> mechanism.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs20c\">Th<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ll po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs20d\">Li<span class=\"_ _1\"></span>fe He<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s Fund co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s as no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r Ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs20e\">S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flo<span class=\"_ _1\"></span>w mec<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs20f\">Th<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny. Thi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs210\">mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ed to n<span class=\"_ _1\"></span>ew po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>force p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r bei<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d to new c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs211\">includes prot<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ion products and products sold unde<span class=\"_ _5\"></span>r the SunLife brand.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs212\">Th<span class=\"_ _1\"></span>e Cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Cen<span class=\"_ _1\"></span>tre s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is no<span class=\"_ _1\"></span>t a rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s cent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al he<span class=\"_ _1\"></span>ad o<span class=\"_ _1\"></span>ffice co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs213\">dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e allo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs214\">reportable segments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs215\">In<span class=\"_ _1\"></span>ter-s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m\u2019s leng<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in a m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r to t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs216\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hen e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 lsf ws4 gs217\">Segmental measure of<span class=\"_ _5\"></span> performance: Adjusted <span class=\"_ _5\"></span>operating profit<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs218\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p use<span class=\"_ _1\"></span>s a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>, to ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs219\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs21a\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, one<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs21b\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs21c\">For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs21d\">operating expenses including overheads. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs21e\">For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs21f\">adjustment, amortisation of CS<span class=\"_ _1\"></span>M, and demographic<span class=\"_ _5\"></span> experience variances<span class=\"_ _5\"></span> in the period. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs220\">For s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, oth<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs221\">1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs222\">var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s bac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g thi<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs223\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span> </div>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten i<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s do no<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch as mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io re<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> discount<span class=\"_ _5\"></span> rate used in calculating e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>Economic v<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>riances \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e for ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic it<span class=\"_ _1\"></span>ems re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, </span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e in v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s on Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mar<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </span>ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in a </span>wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d (not<span class=\"_ _1\"></span>ed ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e) and th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Li<span class=\"_ _1\"></span>fe L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </span>Gro<span class=\"_ _1\"></span>up\u2019s mai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y. The m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s the d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to a A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s on Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t </span>dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Other<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of AVI<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s (n<span class=\"_ _1\"></span>et of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>r dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (net of re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>egr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h, i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s vi<span class=\"_ _1\"></span>ew, sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld be d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely by v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re or i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l </span>und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>em is no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f the underlying performanc<span class=\"_ _5\"></span>e of the operating c<span class=\"_ _5\"></span>ompanies<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as \u2018no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms\u2019<span class=\"_ _5\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>ms ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a goo<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Group uses<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>his, as part of<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> measures, for decisi<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>making and monitoring<span class=\"_ _5\"></span> per<span class=\"_ _1\"></span>formance.<span class=\"_ _5\"></span> The Group\u2019<span class=\"_ _5\"></span>s adjusted operating<span class=\"_ _5\"></span> pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e rea<span class=\"_ _1\"></span>d in co<span class=\"_ _1\"></span>nju<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S pro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>fore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Segmental result<span class=\"_ _37b\"> </span><table class=\"s w109 h1ae\" id=\"_15658e3c-de3d-4015-841c-6af7669b7b57\"><tr><td></td><td></td><td class=\"c n x1de y5f6f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f6f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1e0 y5f70 w45 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">Notes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e1 y5f70 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e2 y5f70 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5f71 ffa fs2 fc3 sc0 ls33 wsb\">Adjusted<span class=\"_ _5\"></span> operating profit<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f10 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3db y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">563<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f10 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">474<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3dd y5f11 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">389<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3de y5f11 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">316<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3df y5f12 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e0 y5f12 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f13 w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x23e y5f13 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e1 y5f13 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w10e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate Centr<span class=\"_ _5\"></span>e<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5ed5 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(114)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ff y5ed5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(102)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w10f h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal segmental adjusted<span class=\"_ _5\"></span> operating profit<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3e2 y5f72 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">945<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e3 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">825<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w110 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Economic<span class=\"_ _5\"></span> variances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e4 y5f16 w111 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">B2.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e5 y5f16 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(604)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e6 y5f16 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,297)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w68 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Amor<span class=\"_ _1\"></span>tisat<span class=\"_ _1\"></span>ion and impairment of intangible assets<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x20b y5ed7 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(233)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20c y5ed7 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(270)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w112 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>operatin<span class=\"_ _1\"></span>g items<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x268 y5ed8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(396)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e7 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(520)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w113 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Finance c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s on borrowing<span class=\"_ _0\"></span> attributable to owners<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5ed9 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(193)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ff y5ed9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(204)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w114 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3e8 y5f17 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(481)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e9 y5f17 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,466)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w115 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3ea y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3eb y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w72 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Loss before<span class=\"_ _5\"></span> the tax attributable to<span class=\"_ _5\"></span> owners<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs24a\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs24b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">\u00a3<span class=\"_ _1\"></span>80 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up T<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>t Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r IT a<span class=\"_ _1\"></span>nd O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs24c\">pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c de<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on to m<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs24d\">Un<span class=\"_ _1\"></span>der<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cost<span class=\"_ _2\"></span>s in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs24e\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs24f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>94 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he mi<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to clo<span class=\"_ _1\"></span>ud<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs250\">enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g and re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs251\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">\u00a365 mil<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ion of c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>sts ass<span class=\"_ _1\"></span>ociated with strategic growth initiatives, including investment in<span class=\"_ _5\"></span> digit<span class=\"_ _1\"></span>al and direct<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>set sourcing </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs252\">capabilities, establishment of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s integrated<span class=\"_ _5\"></span> capit<span class=\"_ _1\"></span>al require<span class=\"_ _5\"></span>ment<span class=\"_ _1\"></span>s model and transf<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>mation of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s operating </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs253\">mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l to sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t effi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t grow<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs254\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>2<span class=\"_ _5\"></span>4 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h d<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s 3-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar co<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs255\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>20 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs256\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a31<span class=\"_ _4\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to m<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n offi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs257\">decommissioning<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>activities;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs258\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idu<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g \u00a3<span class=\"_ _5\"></span>101 milli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs259\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4 in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs25a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>208 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e net lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs25b\">and the r<span class=\"_ _5\"></span>ecognition of an<span class=\"_ _5\"></span> insurance contract and<span class=\"_ _5\"></span> asso<span class=\"_ _1\"></span>ciated r<span class=\"_ _5\"></span>einsurance contracts follo<span class=\"_ _5\"></span>wing the completion<span class=\"_ _5\"></span> of the PGL Pension </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs25c\">Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>out t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. A ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>108 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n aro<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e BE<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs25d\">rate implicit<span class=\"_ _5\"></span> in the buy-<span class=\"_ _1\"></span>out transfer amount<span class=\"_ _5\"></span> at initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>\u2019s disc<span class=\"_ _5\"></span>ount rate applied<span class=\"_ _5\"></span> for the subsequent </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs25e\">measurement of<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nnuit<span class=\"_ _1\"></span>y insurance<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nd reinsurance<span class=\"_ _5\"></span> contrac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s immediately after<span class=\"_ _5\"></span> init<span class=\"_ _1\"></span>ial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition. The resulting net loss of<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs25f\">\u00a3<span class=\"_ _5\"></span>106<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e win<span class=\"_ _1\"></span>d up co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a36 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d to da<span class=\"_ _1\"></span>te. N<span class=\"_ _1\"></span>ote G1 prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ore d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs260\">on t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e IA<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs261\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">\u00a31<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r I<span class=\"_ _1\"></span>T an<span class=\"_ _1\"></span>d O<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs262\">mig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>a Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>TC<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs263\">res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs264\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a393 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he mi<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to clo<span class=\"_ _1\"></span>ud<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs265\">enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g and re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs266\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">\u00a380 million of costs associated with strategic growth initiatives, including development of the<span class=\"_ _0\"></span> Group\u2019<span class=\"_ _5\"></span>s Internal Model, investment </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs267\">in di<span class=\"_ _1\"></span>git<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l to sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t effi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t grow<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h; </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs268\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a343 milli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s 3-<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r cost s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me;<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs269\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>22 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs26a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s and n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er on<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a cost o<span class=\"_ _1\"></span>f \u00a342 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs26b\">Further details of the in<span class=\"_ _5\"></span>vestment return varianc<span class=\"_ _5\"></span>es and economic<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>sumption changes<span class=\"_ _5\"></span> on long-<span class=\"_ _1\"></span>term business, and the variance<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs26c\">on<span class=\"_ gse8\"> </span>ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote B2<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs26d\">B1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>2 Segmental rev<span class=\"_ _5\"></span>enue<span class=\"_ _37b\"> </span></div><div class=\"gs26e\"><table class=\"s w116 h1af\" id=\"_ecbf9cef-53ea-4f3a-8cf0-1237a2823a56\"><tr><td></td><td></td><td class=\"c n x3ec y5f73 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x3ed y5f73 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x3ee hd y5f74 ff2 fs6 fc3 sc0 lsbd wsc4\">Insurance </td><td class=\"t m0 x3ef hd y5f74 ff2 fs6 fc3 sc0 ls9 ws0\">Fe<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td class=\"t m0 x295 hd y5f74 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal segmental </td><td class=\"t m0 x3f0 hd y5f74 ff12 fs6 fc3 sc0 lsc8 wscb\">Insurance </td><td class=\"t m0 x3f1 hd y5f74 ff12 fs6 fc3 sc0 ls9 ws0\">Fe<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td class=\"t m0 x3f2 hd y5f74 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>otal segmental </td></tr><tr><td></td><td class=\"t m0 x3f3 hd y5f75 ff2 fs6 fc3 sc0 lsc7 wsf5\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f4 hd y5f75 ff2 fs6 fc3 sc0 lsbd wsc4\">Commissions<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f5 hd y5f75 ff2 fs6 fc3 sc0 lsc7 wsf5\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y5f75 ff12 fs6 fc3 sc0 ls6a ws6b\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y5f75 ff12 fs6 fc3 sc0 lsbd wsc4\">Commissions<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f7 hd y5f75 ff12 fs6 fc3 sc0 ls6a ws6b\">revenue<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w119 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Revenue from<span class=\"_ _5\"></span> external customers:<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3f8 y5f76 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3f9 y5f76 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fa y5f76 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fb y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fc y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fd y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fe y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,373<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ff y5ed8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x400 y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,373<span class=\"_ _37b\"> </span></div></td><td class=\"c n x401 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,918<span class=\"_ _37b\"> </span></div></td><td class=\"c n x402 y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x403 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,918<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x404 y5ed9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x405 y5ed9 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">915<span class=\"_ _37b\"> </span></div></td><td class=\"c n x406 y5ed9 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x407 y5ed9 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">274<span class=\"_ _37b\"> </span></div></td><td class=\"c n x408 y5ed9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">886<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e6 y5ed9 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,160<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x409 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40a y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40b y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">379<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40c y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40d y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40e y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">429<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40f y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n x410 y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x411 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">648<span class=\"_ _37b\"> </span></div></td><td class=\"c n x412 y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">569<span class=\"_ _37b\"> </span></div></td><td class=\"c n x263 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x413 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">659<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w11b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal segmental rev<span class=\"_ _5\"></span>enue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x414 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,512<span class=\"_ _37b\"> </span></div></td><td class=\"c n x415 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,072<span class=\"_ _37b\"> </span></div></td><td class=\"c n x416 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,584<span class=\"_ _37b\"> </span></div></td><td class=\"c n x417 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,139<span class=\"_ _37b\"> </span></div></td><td class=\"c n x418 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,027<span class=\"_ _37b\"> </span></div></td><td class=\"c n x419 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,166<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs26f\">Of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove, \u00a36<span class=\"_ _1\"></span>,30<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>895 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs270\">cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ted K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m (\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d \u00a3<span class=\"_ _1\"></span>27<span class=\"_ _5\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3271 milli<span class=\"_ _1\"></span>on) to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs271\">a<span class=\"_ gse8\"> </span>sin<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>e cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>mer e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s to grea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 10% of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs272\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tha<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s ari<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs273\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s) of<span class=\"_ gse8\"> </span>\u00a34,<span class=\"_ _1\"></span>390 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a34,325 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) loc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K an<span class=\"_ _1\"></span>d \u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a327<span class=\"_ _4\"></span>4 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) loc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs274\">of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>B2. Investment<span class=\"_ _5\"></span> return variances and<span class=\"_ _5\"></span> economic assumptio<span class=\"_ _5\"></span>n changes<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m nat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e of mu<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns m<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y are t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p foc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d on an a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t measure<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hat inc<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>porates an e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n on in<span class=\"_ _5\"></span>vestment<span class=\"_ _1\"></span>s supporting its long-<span class=\"_ _1\"></span>term business. The accounting<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicy adopted in th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>gy fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed investment<span class=\"_ _5\"></span> return is explained<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>elow<span class=\"_ _5\"></span> together with an analysis<span class=\"_ _5\"></span> of investment r<span class=\"_ _5\"></span>eturn variances and<span class=\"_ _5\"></span> economic assumption changes reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B2.<span class=\"_ _5\"></span>1 Calculation of the long-term investment return<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit fo<span class=\"_ _1\"></span>r lif<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for the corresponding movements in liabilities.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns on fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e 1-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ree r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g the expected i<span class=\"_ _5\"></span>nvestment return assumption<span class=\"_ _5\"></span> on asset<span class=\"_ _1\"></span>s backing the insuranc<span class=\"_ _5\"></span>e contract liabilities<span class=\"_ _5\"></span> to reduce<span class=\"_ _5\"></span> unintended economic vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e B1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has re<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn o<span class=\"_ _1\"></span>n sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly, exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn w<span class=\"_ _1\"></span>as al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on a to<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>dow<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s whe<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> current period the<span class=\"_ _5\"></span> segment<span class=\"_ _1\"></span>ation of expected<span class=\"_ _5\"></span> investment return<span class=\"_ _5\"></span> has been built<span class=\"_ _5\"></span> up from a<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>ore granu<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ar fund-<span class=\"_ _1\"></span>based segmentation of the underlying investment asset<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s refi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>s suc<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>his re<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s is a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t in th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sa<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f \u00a340 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n off<span class=\"_ _2\"></span>set b<span class=\"_ _1\"></span>y a cor<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of \u00a328 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd of \u00a31<span class=\"_ _4\"></span>2 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n Euro<span class=\"_ _1\"></span>pe a<span class=\"_ _1\"></span>nd O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er. This refi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n is c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9.2.<span class=\"_ _5\"></span>1 at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e 1-y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r du<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on for s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>A ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium o<span class=\"_ _1\"></span>f 38<span class=\"_ _1\"></span>0 bp<span class=\"_ _1\"></span>s is a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 40<span class=\"_ _1\"></span>0 b<span class=\"_ _1\"></span>ps) a<span class=\"_ _1\"></span>nd 160 bps fo<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>ebt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>70 bps).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n for s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re:<span class=\"_ gse8\"> </span><table class=\"s w11c h1b0\" id=\"_04932412-b19d-49eb-b0cd-066d970ab745\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x41a y5f79 w11d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41b y5f79 w11e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41c y5f4c w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">8.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41d y5f4c w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41e y5edc w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5.8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41f y5edc w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5.1<span class=\"_ _37b\"> </span></div></td></tr></table>B2.<span class=\"_ _1\"></span>2 Life assurance business<span class=\"_ _5\"></span> Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w124 h1b1\" id=\"_6f04c2fb-c1bb-450b-a726-24917beb0e9d\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w110 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Economic<span class=\"_ _5\"></span> variances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x213 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(604)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,297)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s of \u00a36<span class=\"_ _1\"></span>04 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>297 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e) have p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>en as a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng g<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se in i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed to pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct ou<span class=\"_ _1\"></span>r So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y II sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus f<span class=\"_ _1\"></span>rom vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, but o<span class=\"_ _1\"></span>ur IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t is, i<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>, \u2018over-h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>\u2019 as it doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> II ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce she<span class=\"_ _1\"></span>et it<span class=\"_ _1\"></span>ems su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as fu<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s on inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 and th<span class=\"_ _1\"></span>e So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ gse8\"> </span>Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B3. Earnings per shar<span class=\"_ _0\"></span>e<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ic ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es in i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sue i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve share<span class=\"_ _0\"></span> awards<span class=\"_ _5\"></span> granted to empl<span class=\"_ _5\"></span>oyees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t is a non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as it e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, one<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms and certain ot<span class=\"_ _1\"></span>her items.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t bel<span class=\"_ _1\"></span>ow.<span class=\"_ _37b\"> </span><table class=\"s wc5 h1b2\" id=\"_436fed24-f22f-42e8-9008-dc5d40afbe51\"><tr><td></td><td></td><td></td><td class=\"t m0 x422 hd y5f7c ff2 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x423 hd y5f7d ff2 fs6 fc3 sc0 lsbd wsc4\">operating </td><td class=\"t m0 x424 hd y5f7d ff2 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x3ef hd y5f7e ff2 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </td><td class=\"t m0 x425 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">Financing<span class=\"_ _37b\"> </span></td><td class=\"t m0 x426 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">earnings net<span class=\"_ _5\"></span> of </td><td class=\"t m0 x427 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">non-<span class=\"_ _1\"></span>operating </td><td></td></tr><tr><td></td><td class=\"t m0 x428 hd y5f7f ffa fs6 fc3 sc0 lsbd wsc4\">operating profit<span class=\"_ _5\"></span> <span class=\"_ _1\"></span></td><td class=\"t m0 x429 hd y5f7f ff2 fs6 fc3 sc0 ls7c ws7d\"> costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x426 hd y5f7f ffa fs6 fc3 sc0 lsbd wsc4\">financing costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x424 hd y5f7f ff2 fs6 fc3 sc0 ls76 ws76\">items<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5f7f ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y5f80 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f81 w125 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f81 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">945<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42e y5f81 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(193)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42f y5f81 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">752<span class=\"_ _37b\"> </span></div></td><td class=\"c n x430 y5f81 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x431 y5f81 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f82 w126 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax (char<span class=\"_ _5\"></span>ge)/<span class=\"_ _5\"></span>credit attributable t<span class=\"_ _0\"></span>o owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x432 y5f82 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(227)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5f82 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x434 y5f82 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(179)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x435 y5f82 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">217<span class=\"_ _37b\"> </span></div></td><td class=\"c n x436 y5f82 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f83 w128 h19d\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o own<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x437 y5f83 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td><td class=\"c n x438 y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(145)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x439 y5f83 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">573<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43a y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(967)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x431 y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(394)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f84 w129 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43b y5f84 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43c y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43d y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43e y5f84 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43f y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f85 w12a h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls1c ws6\">Deduct: Share of<span class=\"_ _5\"></span> result attributable<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">to non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x440 y5f85 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y5f85 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x442 y5f85 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x443 y5f85 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x444 y5f85 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5f86 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w12b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">equity holders of<span class=\"_ _5\"></span> the parent<span class=\"_ _37b\"> </span></div></td><td class=\"c n x445 y5edc w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td><td class=\"c n x446 y5edc w73 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(174)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x447 y5edc w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">544<span class=\"_ _37b\"> </span></div></td><td class=\"c n x448 y5edc w60 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,016)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x449 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(472)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w12c h1b3\" id=\"_a70dbb22-405f-4415-a1e4-5ad45c9952b0\"><tr><td></td><td></td><td></td><td class=\"t m0 x44a hd y5f87 ff12 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x3f0 hd y5f88 ff12 fs6 fc3 sc0 lsbe wsc5\">operating </td><td class=\"t m0 x424 hd y5f88 ff12 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x3ef hd y5f89 ff12 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td class=\"t m0 x44b hd y5f89 ff12 fs6 fc3 sc0 ls9 ws0\">ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x44c hd y5f89 ff13 fs6 fc3 sc0 lsbe wsc5\">non-<span class=\"_ _1\"></span>operating </td><td></td></tr><tr><td></td><td class=\"t m0 x44d hd y5f8a ff13 fs6 fc3 sc0 lsbe wsc5\">operating profit<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44e hd y5f8a ff12 fs6 fc3 sc0 lsbe wsc5\">Financing costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44b hd y5f8a ff13 fs6 fc3 sc0 ls9 ws0\">fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f hd y5f8a ff12 fs6 fc3 sc0 lsbe wsc5\">items<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f8a ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y5f8b ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f8c w125 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f8c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">825<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42e y5f8c w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(204)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x450 y5f8c w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">621<span class=\"_ _37b\"> </span></div></td><td class=\"c n x451 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,075)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x452 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f48 w126 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax (char<span class=\"_ _5\"></span>ge)/<span class=\"_ _5\"></span>credit attributable t<span class=\"_ _0\"></span>o owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x453 y5f48 w12d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(188)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x454 y5f48 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x455 y5f48 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(137)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x456 y5f48 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">513<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y5f48 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">376<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f83 w128 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o own<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x437 y5f83 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">637<span class=\"_ _37b\"> </span></div></td><td class=\"c n x438 y5f83 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(153)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x458 y5f83 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">484<span class=\"_ _37b\"> </span></div></td><td class=\"c n x459 y5f83 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,562)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45a y5f83 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,078)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8d w129 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45b y5f8d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45c y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45d y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45e y5f8d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45f y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f8f w12a h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Deduct: Share of<span class=\"_ _5\"></span> result attributable<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">to non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x440 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x460 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x461 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x462 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x463 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w12e h1b5\"><div class=\"t m0 x1dd hc y5f31 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">ordinary equity holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _37b\"> </span></div></td><td class=\"c n x464 y5edc wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">637<span class=\"_ _37b\"> </span></div></td><td class=\"c n x465 y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x466 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">455<span class=\"_ _37b\"> </span></div></td><td class=\"c n x467 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,574)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x468 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,119)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f or<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w12f h1b6\" id=\"_7af51df1-4c8a-4b9c-87f7-10eebd7e2ce1\"><tr><td></td><td class=\"t m0 x469 hd y5f90 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f90 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x46a hd y5f91 ff2 fs6 fc3 sc0 lsbd wsc4\">Number<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f7 hd y5f91 ff12 fs6 fc3 sc0 lsbe wsc5\">Number<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x46b hd y5f92 ff2 fs6 fc3 sc0 lsbd wsc4\">million<span class=\"_ _37b\"> </span></td><td class=\"t m0 x299 hd y5f92 ff12 fs6 fc3 sc0 ls54 ws50\">million<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed8 w130 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Issued ordinary shares<span class=\"_ _5\"></span> at beginning of the<span class=\"_ _5\"></span> year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46c y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,003<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46d y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,002<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w131 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46e y5f93 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46f y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w132 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y is<span class=\"_ _1\"></span>sua<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f Gro<span class=\"_ _1\"></span>up's lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x470 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x471 y5f77 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w133 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ow<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td class=\"c n x472 y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x473 y5f4c wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w134 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Weight<span class=\"_ _5\"></span>ed average number<span class=\"_ _5\"></span> of ordinary shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x474 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,001<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,001<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d is 1,00<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: 1,005 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on). Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Lo<span class=\"_ _1\"></span>ng T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n, D<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nus S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reS<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ve sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> of<span class=\"_ gse8\"> </span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es on a d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bas<span class=\"_ _1\"></span>is by 6<span class=\"_ _1\"></span>,681,087 sha<span class=\"_ _1\"></span>res fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 (20<span class=\"_ _5\"></span>24: 4,31<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span>65 sha<span class=\"_ _1\"></span>res). A<span class=\"_ _1\"></span>s lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s have a<span class=\"_ _1\"></span>n ant<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, non<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>bas<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds ha<span class=\"_ _1\"></span>d a dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>c ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er sha<span class=\"_ _1\"></span>re fo<span class=\"_ _1\"></span>r eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4 or 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025.<span class=\"_ _37b\"> </span>Ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w135 h1b7\" id=\"_e06c53f1-1d68-4f36-b388-8e50e3f9fe3e\"><tr><td></td><td class=\"t m0 x469 hd y5f94 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f94 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x475 hd y5f95 ff2 fs6 fc3 sc0 lsbd wsc4\">pence<span class=\"_ _37b\"> </span></td><td class=\"t m0 x476 hd y5f95 ff12 fs6 fc3 sc0 ls6b ws6c\">pence<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed9 w136 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>r sh<span class=\"_ _1\"></span>are<span class=\"_ _37b\"> </span></div></td><td class=\"c n x477 y5ed9 w137 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(47.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x478 y5ed9 w138 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(111.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w139 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Diluted e<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>nings per<span class=\"_ _5\"></span> share<span class=\"_ _37b\"> </span></div></td><td class=\"c n x479 y5f17 w13a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(47.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5f17 w13b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(111.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w13c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47a y5f4c w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">54.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47b y5f4c w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w13f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>t of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47c y5edc w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">54.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47d y5edc w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45.3<span class=\"_ _37b\"> </span></div></td></tr></table>B4<span class=\"_ _1\"></span>. Dividends on<span class=\"_ _5\"></span> ordinar<span class=\"_ _1\"></span>y shares<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nds o<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>. Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>alt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w140 h1b1\" id=\"_74ccb04f-b9f5-490d-8121-d5700068af78\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w141 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47e y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">548<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">533<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2b7\">On 1<span class=\"_ _5\"></span>6 M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch 2025, th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d a fina<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f 27<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span>35p pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2b8\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd wa<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Gen<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was h<span class=\"_ _1\"></span>eld o<span class=\"_ _1\"></span>n 1<span class=\"_ _4\"></span>3 M<span class=\"_ _1\"></span>ay 2025. Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2b9\">\u00a327<span class=\"_ _4\"></span>4<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and w<span class=\"_ _1\"></span>as pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n 21 <span class=\"_ _5\"></span>M<span class=\"_ _1\"></span>ay 2025.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ba\">On 5 S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>im di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d of 27<span class=\"_ _4\"></span>.35p p<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2025. Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2bb\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to \u00a3<span class=\"_ _1\"></span>27<span class=\"_ _4\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>n 30 O<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>er 2025.</div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfEarningsPerformance",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "B1<span class=\"_ _5\"></span>. Segmental ana<span class=\"_ _5\"></span>lysis<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 8 <span class=\"ffa9\">Ope<span class=\"_ _1\"></span>rating Segment<span class=\"_ _1\"></span>s<span class=\"ff3 lsd ws16\"> which requires such segments </span></span>to be b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>his n<span class=\"_ _1\"></span>ote i<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d on a<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. An o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t eng<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it ma<span class=\"_ _1\"></span>y ea<span class=\"_ _1\"></span>rn r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur expenses, including<span class=\"_ _5\"></span> revenues and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses re<span class=\"_ _0\"></span>lating to transactions with<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her components of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup.<span class=\"_ _5\"></span> For management pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>ue ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>s fiv<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe. O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y sha<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c characteristics including the<span class=\"_ _5\"></span> nature of products and services, t<span class=\"_ _1\"></span>ypes of cust<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>ers and the n<span class=\"_ _5\"></span>ature of the reg<span class=\"_ _0\"></span>ulator<span class=\"_ _1\"></span>y environ<span class=\"_ _0\"></span>ment. Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m a si<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Other reportable segment. The Retirement Solutions segment includes new and<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force individual annuity and Pension Risk T<span class=\"_ _4\"></span>ransfer (\u2018PRT\u2019<span class=\"_ _1\"></span>) contract<span class=\"_ _1\"></span>s written in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f Gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K ind<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>l ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Her<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd as t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e shareholder<span class=\"_ _5\"></span> through the Recou<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>se Cash Flow<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>echanism es<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ablished on demutu<span class=\"_ _5\"></span>alis<span class=\"_ _1\"></span>ation. The Pensions &amp; Savings segment includes new<span class=\"_ _5\"></span> and in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force lif<span class=\"_ _5\"></span>e insurance and investment unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked policies written in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he UK in res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sav<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nue<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket to ne<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d exis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s includes products such as<span class=\"_ _5\"></span> workpla<span class=\"_ _1\"></span>ce pensi<span class=\"_ _5\"></span>ons and Self<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>Invested Personal Pen<span class=\"_ _5\"></span>sion (\u2018<span class=\"_ _1\"></span>SIPPs\u2019<span class=\"_ _1\"></span>) distributed through<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p plc<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, it in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>inke<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely s<span class=\"_ _1\"></span>ell p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>off g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ove<span class=\"_ _1\"></span>r tim<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s are primarily<span class=\"_ _5\"></span> attr<span class=\"_ _1\"></span>ibutable to the<span class=\"_ _5\"></span> shareholder through<span class=\"_ _5\"></span> the Recourse Cash Flow<span class=\"_ _5\"></span> mechanism.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ll po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd Li<span class=\"_ _1\"></span>fe He<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s Fund co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s as no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r Ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flo<span class=\"_ _1\"></span>w mec<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny. Thi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ed to n<span class=\"_ _1\"></span>ew po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>force p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r bei<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d to new c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span> includes prot<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ion products and products sold unde<span class=\"_ _5\"></span>r the SunLife brand.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Cen<span class=\"_ _1\"></span>tre s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is no<span class=\"_ _1\"></span>t a rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s cent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al he<span class=\"_ _1\"></span>ad o<span class=\"_ _1\"></span>ffice co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e allo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span> reportable segments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>ter-s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m\u2019s leng<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in a m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r to t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hen e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Segmental measure of<span class=\"_ _5\"></span> performance: Adjusted <span class=\"_ _5\"></span>operating profit<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p use<span class=\"_ _1\"></span>s a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>, to ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, one<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s operating expenses including overheads. For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> adjustment, amortisation of CS<span class=\"_ _1\"></span>M, and demographic<span class=\"_ _5\"></span> experience variances<span class=\"_ _5\"></span> in the period. For s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, oth<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s bac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g thi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten i<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s do no<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch as mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io re<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> discount<span class=\"_ _5\"></span> rate used in calculating e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>Economic v<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>riances \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e for ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic it<span class=\"_ _1\"></span>ems re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, </span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e in v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s on Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mar<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </span>ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in a </span>wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d (not<span class=\"_ _1\"></span>ed ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e) and th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Li<span class=\"_ _1\"></span>fe L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </span>Gro<span class=\"_ _1\"></span>up\u2019s mai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y. The m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s the d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to a A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s on Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t </span>dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Other<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of AVI<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s (n<span class=\"_ _1\"></span>et of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>r dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (net of re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>egr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h, i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s vi<span class=\"_ _1\"></span>ew, sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld be d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely by v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re or i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l </span>und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>em is no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f the underlying performanc<span class=\"_ _5\"></span>e of the operating c<span class=\"_ _5\"></span>ompanies<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as \u2018no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms\u2019<span class=\"_ _5\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>ms ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a goo<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Group uses<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>his, as part of<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> measures, for decisi<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>making and monitoring<span class=\"_ _5\"></span> per<span class=\"_ _1\"></span>formance.<span class=\"_ _5\"></span> The Group\u2019<span class=\"_ _5\"></span>s adjusted operating<span class=\"_ _5\"></span> pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e rea<span class=\"_ _1\"></span>d in co<span class=\"_ _1\"></span>nju<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S pro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>fore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Segmental result<span class=\"_ _37b\"> </span><table class=\"s w109 h1ae\" id=\"_15658e3c-de3d-4015-841c-6af7669b7b57\"><tr><td></td><td></td><td class=\"c n x1de y5f6f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f6f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1e0 y5f70 w45 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">Notes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e1 y5f70 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e2 y5f70 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5f71 ffa fs2 fc3 sc0 ls33 wsb\">Adjusted<span class=\"_ _5\"></span> operating profit<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f10 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3db y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">563<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f10 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">474<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3dd y5f11 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">389<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3de y5f11 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">316<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3df y5f12 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e0 y5f12 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f13 w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x23e y5f13 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e1 y5f13 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w10e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate Centr<span class=\"_ _5\"></span>e<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5ed5 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(114)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ff y5ed5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(102)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w10f h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal segmental adjusted<span class=\"_ _5\"></span> operating profit<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3e2 y5f72 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">945<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e3 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">825<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w110 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Economic<span class=\"_ _5\"></span> variances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e4 y5f16 w111 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">B2.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e5 y5f16 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(604)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e6 y5f16 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,297)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w68 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Amor<span class=\"_ _1\"></span>tisat<span class=\"_ _1\"></span>ion and impairment of intangible assets<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x20b y5ed7 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(233)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20c y5ed7 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(270)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w112 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>operatin<span class=\"_ _1\"></span>g items<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x268 y5ed8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(396)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e7 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(520)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w113 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Finance c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s on borrowing<span class=\"_ _0\"></span> attributable to owners<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5ed9 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(193)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ff y5ed9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(204)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w114 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3e8 y5f17 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(481)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e9 y5f17 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,466)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w115 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x3ea y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3eb y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w72 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Loss before<span class=\"_ _5\"></span> the tax attributable to<span class=\"_ _5\"></span> owners<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x213 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr></table>Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">\u00a3<span class=\"_ _1\"></span>80 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up T<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>t Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r IT a<span class=\"_ _1\"></span>nd O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e </span>pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c de<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on to m<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro. Un<span class=\"_ _1\"></span>der<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cost<span class=\"_ _2\"></span>s in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>94 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he mi<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to clo<span class=\"_ _1\"></span>ud<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d </span>enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g and re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">\u00a365 mil<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ion of c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>sts ass<span class=\"_ _1\"></span>ociated with strategic growth initiatives, including investment in<span class=\"_ _5\"></span> digit<span class=\"_ _1\"></span>al and direct<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>set sourcing </span>capabilities, establishment of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s integrated<span class=\"_ _5\"></span> capit<span class=\"_ _1\"></span>al require<span class=\"_ _5\"></span>ment<span class=\"_ _1\"></span>s model and transf<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>mation of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s operating mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l to sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t effi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t grow<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>2<span class=\"_ _5\"></span>4 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h d<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s 3-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar co<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>20 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a31<span class=\"_ _4\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to m<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n offi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd </span>decommissioning<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>activities;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idu<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g \u00a3<span class=\"_ _5\"></span>101 milli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. </span>Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4 in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>208 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e net lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s </span>and the r<span class=\"_ _5\"></span>ecognition of an<span class=\"_ _5\"></span> insurance contract and<span class=\"_ _5\"></span> asso<span class=\"_ _1\"></span>ciated r<span class=\"_ _5\"></span>einsurance contracts follo<span class=\"_ _5\"></span>wing the completion<span class=\"_ _5\"></span> of the PGL Pension Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>out t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. A ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>108 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n aro<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e BE<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rate implicit<span class=\"_ _5\"></span> in the buy-<span class=\"_ _1\"></span>out transfer amount<span class=\"_ _5\"></span> at initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>\u2019s disc<span class=\"_ _5\"></span>ount rate applied<span class=\"_ _5\"></span> for the subsequent measurement of<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nnuit<span class=\"_ _1\"></span>y insurance<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nd reinsurance<span class=\"_ _5\"></span> contrac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s immediately after<span class=\"_ _5\"></span> init<span class=\"_ _1\"></span>ial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition. The resulting net loss of<span class=\"_ _5\"></span> \u00a3<span class=\"_ _5\"></span>106<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e win<span class=\"_ _1\"></span>d up co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a36 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d to da<span class=\"_ _1\"></span>te. N<span class=\"_ _1\"></span>ote G1 prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ore d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l on t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e IA<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">\u00a31<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r I<span class=\"_ _1\"></span>T an<span class=\"_ _1\"></span>d O<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he </span>mig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>a Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>TC<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s in res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a393 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he mi<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to clo<span class=\"_ _1\"></span>ud<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d </span>enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g and re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l env<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">\u00a380 million of costs associated with strategic growth initiatives, including development of the<span class=\"_ _0\"></span> Group\u2019<span class=\"_ _5\"></span>s Internal Model, investment </span>in di<span class=\"_ _1\"></span>git<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l to sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t effi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t grow<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a343 milli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s 3-<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r cost s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me;<span class=\"_ _1\"></span> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">\u00a3<span class=\"_ _1\"></span>22 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cost<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s and n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er on<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a cost o<span class=\"_ _1\"></span>f \u00a342 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. </span>Further details of the in<span class=\"_ _5\"></span>vestment return varianc<span class=\"_ _5\"></span>es and economic<span class=\"_ _5\"></span> as<span class=\"_ _1\"></span>sumption changes<span class=\"_ _5\"></span> on long-<span class=\"_ _1\"></span>term business, and the variance<span class=\"_ _5\"></span> on<span class=\"_ gse8\"> </span>ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote B2<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>B1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>2 Segmental rev<span class=\"_ _5\"></span>enue<span class=\"_ _37b\"> </span><table class=\"s w116 h1af\" id=\"_ecbf9cef-53ea-4f3a-8cf0-1237a2823a56\"><tr><td></td><td></td><td class=\"c n x3ec y5f73 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x3ed y5f73 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x3ee hd y5f74 ff2 fs6 fc3 sc0 lsbd wsc4\">Insurance </td><td class=\"t m0 x3ef hd y5f74 ff2 fs6 fc3 sc0 ls9 ws0\">Fe<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td class=\"t m0 x295 hd y5f74 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal segmental </td><td class=\"t m0 x3f0 hd y5f74 ff12 fs6 fc3 sc0 lsc8 wscb\">Insurance </td><td class=\"t m0 x3f1 hd y5f74 ff12 fs6 fc3 sc0 ls9 ws0\">Fe<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td class=\"t m0 x3f2 hd y5f74 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>otal segmental </td></tr><tr><td></td><td class=\"t m0 x3f3 hd y5f75 ff2 fs6 fc3 sc0 lsc7 wsf5\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f4 hd y5f75 ff2 fs6 fc3 sc0 lsbd wsc4\">Commissions<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f5 hd y5f75 ff2 fs6 fc3 sc0 lsc7 wsf5\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y5f75 ff12 fs6 fc3 sc0 ls6a ws6b\">revenue<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y5f75 ff12 fs6 fc3 sc0 lsbd wsc4\">Commissions<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f7 hd y5f75 ff12 fs6 fc3 sc0 ls6a ws6b\">revenue<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w119 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Revenue from<span class=\"_ _5\"></span> external customers:<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3f8 y5f76 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3f9 y5f76 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fa y5f76 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fb y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fc y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fd y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fe y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,373<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ff y5ed8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x400 y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,373<span class=\"_ _37b\"> </span></div></td><td class=\"c n x401 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,918<span class=\"_ _37b\"> </span></div></td><td class=\"c n x402 y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x403 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,918<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x404 y5ed9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x405 y5ed9 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">915<span class=\"_ _37b\"> </span></div></td><td class=\"c n x406 y5ed9 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x407 y5ed9 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">274<span class=\"_ _37b\"> </span></div></td><td class=\"c n x408 y5ed9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">886<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e6 y5ed9 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,160<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x409 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40a y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40b y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">379<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40c y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40d y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40e y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">429<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40f y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n x410 y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x411 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">648<span class=\"_ _37b\"> </span></div></td><td class=\"c n x412 y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">569<span class=\"_ _37b\"> </span></div></td><td class=\"c n x263 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x413 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">659<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w11b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal segmental rev<span class=\"_ _5\"></span>enue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x414 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,512<span class=\"_ _37b\"> </span></div></td><td class=\"c n x415 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,072<span class=\"_ _37b\"> </span></div></td><td class=\"c n x416 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,584<span class=\"_ _37b\"> </span></div></td><td class=\"c n x417 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,139<span class=\"_ _37b\"> </span></div></td><td class=\"c n x418 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,027<span class=\"_ _37b\"> </span></div></td><td class=\"c n x419 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,166<span class=\"_ _37b\"> </span></div></td></tr></table>Of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove, \u00a36<span class=\"_ _1\"></span>,30<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>895 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ted K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m (\u2018<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d \u00a3<span class=\"_ _1\"></span>27<span class=\"_ _5\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3271 milli<span class=\"_ _1\"></span>on) to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th a<span class=\"_ gse8\"> </span>sin<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>e cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>mer e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s to grea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 10% of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tha<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s ari<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s) of<span class=\"_ gse8\"> </span>\u00a34,<span class=\"_ _1\"></span>390 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a34,325 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) loc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K an<span class=\"_ _1\"></span>d \u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a327<span class=\"_ _4\"></span>4 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) loc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 8 <span class=\"ffa9\">Ope<span class=\"_ _1\"></span>rating Segment<span class=\"_ _1\"></span>s<span class=\"ff3 lsd ws16\"> which requires such segments </span></span>to be b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>his n<span class=\"_ _1\"></span>ote i<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d on a<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. An o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t eng<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it ma<span class=\"_ _1\"></span>y ea<span class=\"_ _1\"></span>rn r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur expenses, including<span class=\"_ _5\"></span> revenues and e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses re<span class=\"_ _0\"></span>lating to transactions with<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her components of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup.<span class=\"_ _5\"></span> For management pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>ue ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>s fiv<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe. O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y sha<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c characteristics including the<span class=\"_ _5\"></span> nature of products and services, t<span class=\"_ _1\"></span>ypes of cust<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>ers and the n<span class=\"_ _5\"></span>ature of the reg<span class=\"_ _0\"></span>ulator<span class=\"_ _1\"></span>y environ<span class=\"_ _0\"></span>ment. Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe &amp; Pr<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m a si<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Other reportable segment. The Retirement Solutions segment includes new and<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force individual annuity and Pension Risk T<span class=\"_ _4\"></span>ransfer (\u2018PRT\u2019<span class=\"_ _1\"></span>) contract<span class=\"_ _1\"></span>s written in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f Gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K ind<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>l ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Her<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd as t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s are pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e shareholder<span class=\"_ _5\"></span> through the Recou<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>se Cash Flow<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>echanism es<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ablished on demutu<span class=\"_ _5\"></span>alis<span class=\"_ _1\"></span>ation. The Pensions &amp; Savings segment includes new<span class=\"_ _5\"></span> and in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force lif<span class=\"_ _5\"></span>e insurance and investment unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked policies written in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he UK in res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sav<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nue<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket to ne<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d exis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s includes products such as<span class=\"_ _5\"></span> workpla<span class=\"_ _1\"></span>ce pensi<span class=\"_ _5\"></span>ons and Self<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>Invested Personal Pen<span class=\"_ _5\"></span>sion (\u2018<span class=\"_ _1\"></span>SIPPs\u2019<span class=\"_ _1\"></span>) distributed through<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p plc<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, it in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>inke<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely s<span class=\"_ _1\"></span>ell p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>off g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ove<span class=\"_ _1\"></span>r tim<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>K uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s are primarily<span class=\"_ _5\"></span> attr<span class=\"_ _1\"></span>ibutable to the<span class=\"_ _5\"></span> shareholder through<span class=\"_ _5\"></span> the Recourse Cash Flow<span class=\"_ _5\"></span> mechanism.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ll po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd Li<span class=\"_ _1\"></span>fe He<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s Fund co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s as no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r Ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h Flo<span class=\"_ _1\"></span>w mec<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n in I<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny. Thi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ed to n<span class=\"_ _1\"></span>ew po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>force p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r bei<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d to new c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span> includes prot<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ion products and products sold unde<span class=\"_ _5\"></span>r the SunLife brand.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Cen<span class=\"_ _1\"></span>tre s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is no<span class=\"_ _1\"></span>t a rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s cent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al he<span class=\"_ _1\"></span>ad o<span class=\"_ _1\"></span>ffice co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are n<span class=\"_ _1\"></span>ot dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e allo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span> reportable segments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>ter-s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m\u2019s leng<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in a m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r to t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hen e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Segmental measure of<span class=\"_ _5\"></span> performance: Adjusted <span class=\"_ _5\"></span>operating profit<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p use<span class=\"_ _1\"></span>s a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>, to ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as i<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, one<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s operating expenses including overheads. For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> adjustment, amortisation of CS<span class=\"_ _1\"></span>M, and demographic<span class=\"_ _5\"></span> experience variances<span class=\"_ _5\"></span> in the period. For s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, oth<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s bac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g thi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten i<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s do no<span class=\"_ _1\"></span>t acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch as mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io re<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> discount<span class=\"_ _5\"></span> rate used in calculating e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit is re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>. Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>Economic v<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>riances \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e for ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic it<span class=\"_ _1\"></span>ems re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, </span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e in v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s on Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mar<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </span>ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in a </span>wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d (not<span class=\"_ _1\"></span>ed ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e) and th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le Fe<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Li<span class=\"_ _1\"></span>fe L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </span>Gro<span class=\"_ _1\"></span>up\u2019s mai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y. The m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s the d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>9 dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to a A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s on Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t </span>dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Other<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of AVI<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s (n<span class=\"_ _1\"></span>et of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>r dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (net of re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>egr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h, i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s vi<span class=\"_ _1\"></span>ew, sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld be d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely by v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re or i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l </span>und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>em is no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>f the underlying performanc<span class=\"_ _5\"></span>e of the operating c<span class=\"_ _5\"></span>ompanies<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ite<span class=\"_ _1\"></span>ms exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>re ref<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as \u2018no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms\u2019<span class=\"_ _5\"></span>. W<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>ms ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a goo<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Group uses<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>his, as part of<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> measures, for decisi<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>making and monitoring<span class=\"_ _5\"></span> per<span class=\"_ _1\"></span>formance.<span class=\"_ _5\"></span> The Group\u2019<span class=\"_ _5\"></span>s adjusted operating<span class=\"_ _5\"></span> pro<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e rea<span class=\"_ _1\"></span>d in co<span class=\"_ _1\"></span>nju<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S pro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>fore t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "B2. Investment<span class=\"_ _5\"></span> return variances and<span class=\"_ _5\"></span> economic assumptio<span class=\"_ _5\"></span>n changes<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m nat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e of mu<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns m<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y are t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p foc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d on an a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t measure<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hat inc<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>porates an e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected re<span class=\"_ _5\"></span>tur<span class=\"_ _1\"></span>n on in<span class=\"_ _5\"></span>vestment<span class=\"_ _1\"></span>s supporting its long-<span class=\"_ _1\"></span>term business. The accounting<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicy adopted in th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>gy fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed investment<span class=\"_ _5\"></span> return is explained<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>elow<span class=\"_ _5\"></span> together with an analysis<span class=\"_ _5\"></span> of investment r<span class=\"_ _5\"></span>eturn variances and<span class=\"_ _5\"></span> economic assumption changes reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfInvestmentReturnVariancesAndEconomicAssumptionChanges",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "<div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs27d\">B2.<span class=\"_ _5\"></span>1 Calculation of the long-term investment return<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs27e\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit fo<span class=\"_ _1\"></span>r lif<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs27f\">sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs280\">for the corresponding movements in liabilities.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs281\">Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t retu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns on fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e 1-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ree r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs282\">the expected i<span class=\"_ _5\"></span>nvestment return assumption<span class=\"_ _5\"></span> on asset<span class=\"_ _1\"></span>s backing the insuranc<span class=\"_ _5\"></span>e contract liabilities<span class=\"_ _5\"></span> to reduce<span class=\"_ _5\"></span> unintended economic </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs283\">vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e B1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs284\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has re<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn o<span class=\"_ _1\"></span>n sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs285\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt of a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly, exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn w<span class=\"_ _1\"></span>as al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on a to<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>dow<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s whe<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs286\">current period the<span class=\"_ _5\"></span> segment<span class=\"_ _1\"></span>ation of expected<span class=\"_ _5\"></span> investment return<span class=\"_ _5\"></span> has been built<span class=\"_ _5\"></span> up from a<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>ore granu<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ar fund-<span class=\"_ _1\"></span>based segmentation of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs287\">the underlying investment asset<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs288\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s refi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>s suc<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs289\">of t<span class=\"_ _1\"></span>his re<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s is a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t in th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sa<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs28a\">\u00a340 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n off<span class=\"_ _2\"></span>set b<span class=\"_ _1\"></span>y a cor<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of \u00a328 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd of \u00a31<span class=\"_ _4\"></span>2 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n Euro<span class=\"_ _1\"></span>pe a<span class=\"_ _1\"></span>nd O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er. This </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs28b\">refi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs28c\">Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n is c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs28d\">F9.2.<span class=\"_ _5\"></span>1 at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e 1-y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r du<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e 1<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs28e\">for s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs28f\">A ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium o<span class=\"_ _1\"></span>f 38<span class=\"_ _1\"></span>0 bp<span class=\"_ _1\"></span>s is a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 40<span class=\"_ _1\"></span>0 b<span class=\"_ _1\"></span>ps) a<span class=\"_ _1\"></span>nd 160 bps fo<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>ebt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>70 bps).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs290\">Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n for s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re:<span class=\"_ gse8\"> </span></div><div class=\"gs291\"><table class=\"s w11c h1b0\" id=\"_04932412-b19d-49eb-b0cd-066d970ab745\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x41a y5f79 w11d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41b y5f79 w11e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41c y5f4c w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">8.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41d y5f4c w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41e y5edc w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5.8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x41f y5edc w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5.1<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs292\">B2.<span class=\"_ _1\"></span>2 Life assurance business<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs293\">Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs294\"><table class=\"s w124 h1b1\" id=\"_6f04c2fb-c1bb-450b-a726-24917beb0e9d\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w110 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Economic<span class=\"_ _5\"></span> variances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x213 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(604)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,297)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs295\">Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s of \u00a36<span class=\"_ _1\"></span>04 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>297 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e) have p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>en as a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng g<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs296\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se in i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed to pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct ou<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs297\">So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y II sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus f<span class=\"_ _1\"></span>rom vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, but o<span class=\"_ _1\"></span>ur IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t is, i<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>, \u2018over-h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>\u2019 as it doe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs298\">II ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce she<span class=\"_ _1\"></span>et it<span class=\"_ _1\"></span>ems su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as fu<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s on inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 and th<span class=\"_ _1\"></span>e So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ gse8\"> </span>Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfCalculationOfTheLongTermInvestmentReturn",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "B3. Earnings per shar<span class=\"_ _0\"></span>e<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ic ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es in i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sue i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve share<span class=\"_ _0\"></span> awards<span class=\"_ _5\"></span> granted to empl<span class=\"_ _5\"></span>oyees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t is a non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as it e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, one<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms and certain ot<span class=\"_ _1\"></span>her items.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2a4\">Th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2a5\">ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t bel<span class=\"_ _1\"></span>ow.<span class=\"_ _37b\"> </span></div><div class=\"gs2a6\"><table class=\"s wc5 h1b2\" id=\"_436fed24-f22f-42e8-9008-dc5d40afbe51\"><tr><td></td><td></td><td></td><td class=\"t m0 x422 hd y5f7c ff2 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x423 hd y5f7d ff2 fs6 fc3 sc0 lsbd wsc4\">operating </td><td class=\"t m0 x424 hd y5f7d ff2 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x3ef hd y5f7e ff2 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </td><td class=\"t m0 x425 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">Financing<span class=\"_ _37b\"> </span></td><td class=\"t m0 x426 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">earnings net<span class=\"_ _5\"></span> of </td><td class=\"t m0 x427 hd y5f7e ff2 fs6 fc3 sc0 lsbd wsc4\">non-<span class=\"_ _1\"></span>operating </td><td></td></tr><tr><td></td><td class=\"t m0 x428 hd y5f7f ffa fs6 fc3 sc0 lsbd wsc4\">operating profit<span class=\"_ _5\"></span> <span class=\"_ _1\"></span></td><td class=\"t m0 x429 hd y5f7f ff2 fs6 fc3 sc0 ls7c ws7d\"> costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x426 hd y5f7f ffa fs6 fc3 sc0 lsbd wsc4\">financing costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x424 hd y5f7f ff2 fs6 fc3 sc0 ls76 ws76\">items<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5f7f ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y5f80 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5f80 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f81 w125 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f81 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">945<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42e y5f81 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(193)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42f y5f81 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">752<span class=\"_ _37b\"> </span></div></td><td class=\"c n x430 y5f81 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x431 y5f81 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f82 w126 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax (char<span class=\"_ _5\"></span>ge)/<span class=\"_ _5\"></span>credit attributable t<span class=\"_ _0\"></span>o owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x432 y5f82 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(227)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5f82 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x434 y5f82 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(179)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x435 y5f82 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">217<span class=\"_ _37b\"> </span></div></td><td class=\"c n x436 y5f82 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f83 w128 h19d\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o own<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x437 y5f83 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td><td class=\"c n x438 y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(145)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x439 y5f83 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">573<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43a y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(967)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x431 y5f83 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(394)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f84 w129 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43b y5f84 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43c y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43d y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43e y5f84 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x43f y5f84 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f85 w12a h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls1c ws6\">Deduct: Share of<span class=\"_ _5\"></span> result attributable<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">to non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x440 y5f85 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y5f85 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x442 y5f85 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x443 y5f85 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x444 y5f85 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5f86 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w12b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">equity holders of<span class=\"_ _5\"></span> the parent<span class=\"_ _37b\"> </span></div></td><td class=\"c n x445 y5edc w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td><td class=\"c n x446 y5edc w73 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(174)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x447 y5edc w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">544<span class=\"_ _37b\"> </span></div></td><td class=\"c n x448 y5edc w60 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,016)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x449 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(472)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2a7\"><table class=\"s w12c h1b3\" id=\"_a70dbb22-405f-4415-a1e4-5ad45c9952b0\"><tr><td></td><td></td><td></td><td class=\"t m0 x44a hd y5f87 ff12 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x3f0 hd y5f88 ff12 fs6 fc3 sc0 lsbe wsc5\">operating </td><td class=\"t m0 x424 hd y5f88 ff12 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x3ef hd y5f89 ff12 fs6 fc3 sc0 ls9 ws0\">Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td class=\"t m0 x44b hd y5f89 ff12 fs6 fc3 sc0 ls9 ws0\">ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x44c hd y5f89 ff13 fs6 fc3 sc0 lsbe wsc5\">non-<span class=\"_ _1\"></span>operating </td><td></td></tr><tr><td></td><td class=\"t m0 x44d hd y5f8a ff13 fs6 fc3 sc0 lsbe wsc5\">operating profit<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44e hd y5f8a ff12 fs6 fc3 sc0 lsbe wsc5\">Financing costs<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44b hd y5f8a ff13 fs6 fc3 sc0 ls9 ws0\">fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f hd y5f8a ff12 fs6 fc3 sc0 lsbe wsc5\">items<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f8a ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y5f8b ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5f8b ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f8c w125 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f8c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">825<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42e y5f8c w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(204)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x450 y5f8c w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">621<span class=\"_ _37b\"> </span></div></td><td class=\"c n x451 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,075)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x452 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f48 w126 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax (char<span class=\"_ _5\"></span>ge)/<span class=\"_ _5\"></span>credit attributable t<span class=\"_ _0\"></span>o owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x453 y5f48 w12d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(188)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x454 y5f48 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x455 y5f48 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(137)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x456 y5f48 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">513<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y5f48 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">376<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f83 w128 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o own<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x437 y5f83 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">637<span class=\"_ _37b\"> </span></div></td><td class=\"c n x438 y5f83 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(153)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x458 y5f83 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">484<span class=\"_ _37b\"> </span></div></td><td class=\"c n x459 y5f83 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,562)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45a y5f83 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,078)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8d w129 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45b y5f8d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45c y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45d y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45e y5f8d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45f y5f8d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f8f w12a h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Deduct: Share of<span class=\"_ _5\"></span> result attributable<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">to non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x440 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x460 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x461 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x462 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x463 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w12e h1b5\"><div class=\"t m0 x1dd hc y5f31 ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">ordinary equity holders of the<span class=\"_ _5\"></span> parent<span class=\"_ _37b\"> </span></div></td><td class=\"c n x464 y5edc wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">637<span class=\"_ _37b\"> </span></div></td><td class=\"c n x465 y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x466 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">455<span class=\"_ _37b\"> </span></div></td><td class=\"c n x467 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,574)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x468 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,119)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2a8\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f or<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs2a9\"><table class=\"s w12f h1b6\" id=\"_7af51df1-4c8a-4b9c-87f7-10eebd7e2ce1\"><tr><td></td><td class=\"t m0 x469 hd y5f90 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f90 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x46a hd y5f91 ff2 fs6 fc3 sc0 lsbd wsc4\">Number<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f7 hd y5f91 ff12 fs6 fc3 sc0 lsbe wsc5\">Number<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x46b hd y5f92 ff2 fs6 fc3 sc0 lsbd wsc4\">million<span class=\"_ _37b\"> </span></td><td class=\"t m0 x299 hd y5f92 ff12 fs6 fc3 sc0 ls54 ws50\">million<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed8 w130 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Issued ordinary shares<span class=\"_ _5\"></span> at beginning of the<span class=\"_ _5\"></span> year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46c y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,003<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46d y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,002<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w131 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46e y5f93 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x46f y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w132 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y is<span class=\"_ _1\"></span>sua<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f Gro<span class=\"_ _1\"></span>up's lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x470 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x471 y5f77 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w133 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ow<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td class=\"c n x472 y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x473 y5f4c wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w134 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Weight<span class=\"_ _5\"></span>ed average number<span class=\"_ _5\"></span> of ordinary shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x474 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,001<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,001<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2aa\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d is 1,00<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: 1,005 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on). Th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ab\">Gro<span class=\"_ _1\"></span>up\u2019s Lo<span class=\"_ _1\"></span>ng T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n, D<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nus S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reS<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ve sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ac\">of<span class=\"_ gse8\"> </span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es on a d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bas<span class=\"_ _1\"></span>is by 6<span class=\"_ _1\"></span>,681,087 sha<span class=\"_ _1\"></span>res fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 (20<span class=\"_ _5\"></span>24: 4,31<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span>65 sha<span class=\"_ _1\"></span>res). A<span class=\"_ _1\"></span>s lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s have a<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ad\">ant<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, non<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>bas<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds ha<span class=\"_ _1\"></span>d a dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>c ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er sha<span class=\"_ _1\"></span>re fo<span class=\"_ _1\"></span>r eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ae\">yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4 or 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2af\">Ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs2b0\"><table class=\"s w135 h1b7\" id=\"_e06c53f1-1d68-4f36-b388-8e50e3f9fe3e\"><tr><td></td><td class=\"t m0 x469 hd y5f94 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y5f94 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x475 hd y5f95 ff2 fs6 fc3 sc0 lsbd wsc4\">pence<span class=\"_ _37b\"> </span></td><td class=\"t m0 x476 hd y5f95 ff12 fs6 fc3 sc0 ls6b ws6c\">pence<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed9 w136 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>r sh<span class=\"_ _1\"></span>are<span class=\"_ _37b\"> </span></div></td><td class=\"c n x477 y5ed9 w137 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(47.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x478 y5ed9 w138 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(111.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w139 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Diluted e<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>nings per<span class=\"_ _5\"></span> share<span class=\"_ _37b\"> </span></div></td><td class=\"c n x479 y5f17 w13a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(47.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y5f17 w13b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(111.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w13c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47a y5f4c w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">54.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47b y5f4c w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w13f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>t of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47c y5edc w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">54.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47d y5edc w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45.3<span class=\"_ _37b\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ic ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hte<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y dil<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es in i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sue i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve share<span class=\"_ _0\"></span> awards<span class=\"_ _5\"></span> granted to empl<span class=\"_ _5\"></span>oyees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ed ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t is a non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>G<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>AP p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as it e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, one<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>ff ite<span class=\"_ _1\"></span>ms and certain ot<span class=\"_ _1\"></span>her items.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "B4<span class=\"_ _1\"></span>. Dividends on<span class=\"_ _5\"></span> ordinar<span class=\"_ _1\"></span>y shares<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nds o<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>. Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>alt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w140 h1b1\" id=\"_74ccb04f-b9f5-490d-8121-d5700068af78\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w141 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47e y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">548<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">533<span class=\"_ _37b\"> </span></div></td></tr></table>On 1<span class=\"_ _5\"></span>6 M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch 2025, th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d a fina<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f 27<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span>35p pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd wa<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Gen<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was h<span class=\"_ _1\"></span>eld o<span class=\"_ _1\"></span>n 1<span class=\"_ _4\"></span>3 M<span class=\"_ _1\"></span>ay 2025. Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> \u00a327<span class=\"_ _4\"></span>4<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and w<span class=\"_ _1\"></span>as pa<span class=\"_ _1\"></span>id o<span class=\"_ _1\"></span>n 21 <span class=\"_ _5\"></span>M<span class=\"_ _1\"></span>ay 2025.<span class=\"_ _37b\"> </span>On 5 S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ard d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>im di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d of 27<span class=\"_ _4\"></span>.35p p<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2025. Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span> am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to \u00a3<span class=\"_ _1\"></span>27<span class=\"_ _4\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>n 30 O<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>er 2025.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nds o<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>. Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>alt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-492": {
   "value": "C<span class=\"_ _1\"></span>. Other Income Statement notes<span class=\"_ _37b\"> </span>C1<span class=\"_ _5\"></span>. Insurance re<span class=\"_ _5\"></span>venue<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t an amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to be ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d in exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>.e. t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g effe<span class=\"_ _1\"></span>ct (t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey) an<span class=\"_ _1\"></span>d exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s). The total cons<span class=\"_ _5\"></span>ideration for a g<span class=\"_ _5\"></span>roup of contracts cove<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s amounts related to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> is comprised of: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e relea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </span>be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of </span>th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e over t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cover<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge of a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h yea<span class=\"_ _1\"></span>r is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly to e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar. Th<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g for e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ewe<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span>The Group consider the following when determining coverage unit<span class=\"_ _1\"></span>s: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up; </span>\u2022 <span class=\"_ _2d\"> </span><span class=\"ff6\">th<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>iho<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of insur<span class=\"_ _1\"></span>ed even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, on<span class=\"_ _1\"></span>ly to the exte<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at th<span class=\"_ _1\"></span>ey affe<span class=\"_ _1\"></span>ct th<span class=\"_ _1\"></span>e expe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e group;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">for insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s without direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features, the<span class=\"_ _5\"></span> generation of an in<span class=\"_ _5\"></span>vestment return for<span class=\"_ _5\"></span> the polic<span class=\"_ _1\"></span>yholder<span class=\"_ _4\"></span>, if </span>ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce); and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ms on b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r </span>(investm<span class=\"_ _1\"></span>ent<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>rela<span class=\"_ _1\"></span>ted ser<span class=\"_ _1\"></span>vice).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce he<span class=\"_ _1\"></span>ld is a 100<span class=\"_ _1\"></span>% qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, it is e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span><table class=\"s w142 h1b8\" id=\"_9f6c1c39-0220-45cb-9572-a38a00027ad4\"><tr><td></td><td class=\"t m0 x480 hd y5f96 ff2 fs6 fc3 sc0 lsbd wsc4\">Retirement </td><td class=\"t m0 x481 hd y5f96 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x3d7 hd y5f97 ff2 fs6 fc3 sc0 lsc8 wscb\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x482 y5f98 w143 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x483 y5f98 w144 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls54 ws50\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x484 y5f98 w145 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd ws112\">Europe<span class=\"_ _5\"></span> &amp; Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x485 y5f98 w146 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f99 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x486 y5f99 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x487 y5f99 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x488 y5f99 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x489 y5f99 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48a y5f99 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5f9a ff3 fs2 fc3 sc0 ls4b ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed5 w148 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48b y5ed5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">323<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48c y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48d y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48e y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y5ed5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">445<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w149 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _37b\"> </span></div></td><td class=\"c n x490 y5f72 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x491 y5f72 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x492 y5f72 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x493 y5f72 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y5f72 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">117<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w14a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected claims<span class=\"_ _5\"></span> and other insurance<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice e<span class=\"_ _0\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x495 y5f16 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,961<span class=\"_ _37b\"> </span></div></td><td class=\"c n x496 y5f16 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">195<span class=\"_ _37b\"> </span></div></td><td class=\"c n x497 y5f16 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">246<span class=\"_ _37b\"> </span></div></td><td class=\"c n x498 y5f16 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">463<span class=\"_ _37b\"> </span></div></td><td class=\"c n x499 y5f16 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,865<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w14b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected policyholder tax charges<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49a y5ed7 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49b y5ed7 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49c y5ed7 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49d y5ed7 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49e y5ed7 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w14c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49f y5ed8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a0 y5ed8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a1 y5ed8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a2 y5ed8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a3 y5ed8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f9b w14d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Insurance re<span class=\"_ _5\"></span>venue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a4 y5f9b w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">4,373<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a5 y5f9b w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a6 y5f9b w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a7 y5f9b w55 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a8 y5f9b w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">5,512<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5f9c ff3 fs2 fc3 sc0 ls18 ws16\">Comprising contract<span class=\"_ _1\"></span>s measured using<span class=\"_ _5\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w14e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Fair val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h at t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a9 y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,760<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4aa y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">230<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ab y5f4c w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">316<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ac y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">390<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ad y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,696<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w14f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Fully<span class=\"_ _5\"></span> retrospective approach at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransition and<span class=\"_ _5\"></span> new contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ae y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,613<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4af y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b0 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b1 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">153<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b2 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,816<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"gs2de\"><table class=\"s w150 h1b9\" id=\"_d3b39bd3-fcd2-456a-a65d-9733cdfd101e\"><tr><td></td><td class=\"t m0 x4b3 hd y5f9d ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement </td><td class=\"t m0 x4b4 hd y5f9d ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4b5 hd y5f9e ff12 fs6 fc3 sc0 lsd1 wsd2\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x4b6 y5f9f w151 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls25 ws25\">Savi<span class=\"_ _1\"></span>ngs</div></td><td class=\"c n x4b7 y5f9f w152 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s</div></td><td class=\"c n x4b8 y5f9f w153 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b9 y5f9f w154 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">Tot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fa0 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ba y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bb y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bc y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x489 y5fa0 w156 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bd y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fa1 ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed5 w148 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48b y5ed5 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">278<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48c y5ed5 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48d y5ed5 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48e y5ed5 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y5ed5 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">444<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w149 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _37b\"> </span></div></td><td class=\"c n x490 y5f72 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">71<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4be y5f72 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bf y5f72 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c0 y5f72 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c1 y5f72 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w14a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected claims<span class=\"_ _5\"></span> and other insurance<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice e<span class=\"_ _0\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x495 y5f16 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,568<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c2 y5f16 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">194<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c3 y5f16 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c4 y5f16 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c5 y5f16 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,511<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w14b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected policyholder tax charges<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c6 y5ed7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c7 y5ed7 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c8 y5ed7 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c9 y5ed7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ca y5ed7 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">69<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w14c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x49f y5ed8 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a0 y5ed8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4cb y5ed8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4cc y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4cd y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w14d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Insurance re<span class=\"_ _5\"></span>venue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a4 y5ed9 w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,918<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ce y5ed9 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">274<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4cf y5ed9 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d0 y5ed9 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">569<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d1 y5ed9 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,139<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fa2 ff3 fs2 fc3 sc0 ls18 ws16\">Comprising contract<span class=\"_ _1\"></span>s measured using<span class=\"_ _5\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w14e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Fair val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h at t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d2 y5f4c w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,846<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d3 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d4 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">358<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d5 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">427<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d6 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,902<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w14f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Fully<span class=\"_ _5\"></span> retrospective approach at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransition and<span class=\"_ _5\"></span> new contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ae y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,072<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d7 y5edc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b0 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b1 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b2 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,237<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w166 h1bd\" id=\"_083ae5f3-66f5-4ea9-8439-a5cce880770d\"><tr><td></td><td class=\"t m0 x480 hd y5fb3 ff2 fs6 fc3 sc0 lsbd wsc4\">Retirement </td><td class=\"t m0 x481 hd y5fb3 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x3d7 hd y5fb4 ff2 fs6 fc3 sc0 lsc8 wscb\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x482 y5fb5 w143 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x483 y5fb5 w144 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls54 ws50\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x484 y5fb5 w145 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd ws112\">Europe<span class=\"_ _5\"></span> &amp; Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x485 y5fb5 w146 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x50c y5fb6 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50d y5fb6 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50e y5fb6 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50f y5fb6 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x510 y5fb6 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fb7 ff3 fs2 fc3 sc0 ls1c ws6\">Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5fb8 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fb9 w167 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x511 y5fb9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x512 y5fb9 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,812)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x513 y5fb9 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,402)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x514 y5fb9 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x515 y5fb9 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3,766)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fba ff3 fs2 fc3 sc0 ls9 ws0\">Gro<span class=\"_ _1\"></span>up's s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fbb w168 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x516 y5fbb wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x517 y5fbb w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x518 y5fbb wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x519 y5fbb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51a y5fbb w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbc w169 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51b y5fbc w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,347)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51c y5fbc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(964)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51d y5fbc w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,151)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51e y5fbc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(752)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51f y5fbc w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,214)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbd w16a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x520 y5fbd w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x521 y5fbd wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x522 y5fbd w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x523 y5fbd wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x524 y5fbd w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(125)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbe w16b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls19 ws17\">Effe<span class=\"_ _1\"></span>ct of ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in intere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes an<span class=\"_ _1\"></span>d oth<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x525 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">602<span class=\"_ _37b\"> </span></div></td><td class=\"c n x526 y5fbe wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x527 y5fbe w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x528 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x529 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">735<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w16c h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls14 ws12\">Insurance finance<span class=\"_ _5\"></span> expense<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52a y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,858)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52b y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52c y5fbf w4d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,529)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52d y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,204)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52e y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(8,364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc0 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f64 w169 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52f y5f64 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">111<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5f64 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x531 y5f64 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">42<span class=\"_ _37b\"> </span></div></td><td class=\"c n x532 y5f64 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3de y5f64 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fa8 w16a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x533 y5fa8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x534 y5fa8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x535 y5fa8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x536 y5fa8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x537 y5fa8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w16b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls19 ws17\">Effe<span class=\"_ _1\"></span>ct of ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in intere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes an<span class=\"_ _1\"></span>d oth<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x538 y5f65 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(159)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x539 y5f65 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53a y5f65 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53b y5f65 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53c y5f65 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(197)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w16d h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls14 ws12\">Reinsurance finance<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53d y5f4c w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53e y5f4c we4 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53f y5f4c w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x540 y5f4c we4 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x541 y5f4c w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w62 h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x542 y5edc w16e h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,854)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x543 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,771)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x544 y5edc w4d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,509)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x545 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,202)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x546 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(8,336)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w16f h1be\" id=\"_cea0d13c-5d27-4ff1-a574-bd8ff2c3af7d\"><tr><td></td><td class=\"t m0 x4b3 hd y5fc1 ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement </td><td class=\"t m0 x4b4 hd y5fc1 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4b5 hd y5fc2 ff12 fs6 fc3 sc0 lsd1 wsd2\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x4b6 y5fc3 w151 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls25 ws25\">Savi<span class=\"_ _1\"></span>ngs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b7 y5fc3 w152 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b8 y5fc3 w153 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b9 y5fc3 w154 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">Tot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fc4 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ba y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bb y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bc y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x547 y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc5 ff3 fs2 fc3 sc0 ls1c ws6\">Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5fc6 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fc7 w167 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x511 y5fc7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x549 y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54a y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(265)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54b y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(682)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54c y5fc7 w4e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,720)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc8 ff3 fs2 fc3 sc0 ls9 ws0\">Gro<span class=\"_ _1\"></span>up's s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fc9 w168 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x516 y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54d y5fc9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54e y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54f y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y5fc9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fca w169 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x551 y5fca w170 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,359)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x552 y5fca w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(964)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x553 y5fca w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,342)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x554 y5fca w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(890)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45a y5fca w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5,555)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcb w16a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x520 y5fcb w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(102)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5fcb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x555 y5fcb w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x556 y5fcb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x557 y5fcb w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(117)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcc w171 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse9 ws1a0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x558 y5fcc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,997<span class=\"_ _37b\"> </span></div></td><td class=\"c n x559 y5fcc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55a y5fcc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">495<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55b y5fcc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">229<span class=\"_ _37b\"> </span></div></td><td class=\"c n x419 y5fcc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,722<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcd w172 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Insurance finance<span class=\"_ _5\"></span> income/(<span class=\"_ _5\"></span>expense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55c y5fcd wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55d y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,722)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55e y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,122)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55f y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,348)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x560 y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,656)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fce ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fcf w169 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52f y5fcf wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5fcf we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x561 y5fcf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x493 y5fcf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y5fcf w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd0 w16a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x533 y5fd0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x534 y5fd0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x562 y5fd0 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x563 y5fd0 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y5fd0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eed w171 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse9 ws1a0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x564 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(336)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x565 y5eed we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x566 y5eed w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x567 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(116)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x568 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(523)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eee w173 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Reinsurance finance<span class=\"_ _5\"></span> income/(<span class=\"_ _5\"></span>expense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x569 y5eee w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56a y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56b y5eee w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56c y5eee w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(96)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56d y5eee w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(109)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w174 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> fina<span class=\"_ _1\"></span>nce inc<span class=\"_ _5\"></span>ome/(<span class=\"_ _5\"></span>ex<span class=\"_ _1\"></span>pense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56e y5eef wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">541<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56f y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,722)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x570 y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,140)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x571 y5eef w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,444)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x572 y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,765)<span class=\"_ _37b\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n of se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t an amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to be ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d in exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce reve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m a grou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>.e. t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed for fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g effe<span class=\"_ _1\"></span>ct (t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey) an<span class=\"_ _1\"></span>d exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s). The total cons<span class=\"_ _5\"></span>ideration for a g<span class=\"_ _5\"></span>roup of contracts cove<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s amounts related to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> is comprised of: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e relea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </span>be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of </span>th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e over t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cover<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge of a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>ny ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h yea<span class=\"_ _1\"></span>r is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly to e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar. Th<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g for e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ewe<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span>The Group consider the following when determining coverage unit<span class=\"_ _1\"></span>s: \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up; </span>\u2022 <span class=\"_ _2d\"> </span><span class=\"ff6\">th<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>iho<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of insur<span class=\"_ _1\"></span>ed even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, on<span class=\"_ _1\"></span>ly to the exte<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at th<span class=\"_ _1\"></span>ey affe<span class=\"_ _1\"></span>ct th<span class=\"_ _1\"></span>e expe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e group;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">for insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s without direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features, the<span class=\"_ _5\"></span> generation of an in<span class=\"_ _5\"></span>vestment return for<span class=\"_ _5\"></span> the polic<span class=\"_ _1\"></span>yholder<span class=\"_ _4\"></span>, if </span>ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce); and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ms on b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r </span>(investm<span class=\"_ _1\"></span>ent<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>rela<span class=\"_ _1\"></span>ted ser<span class=\"_ _1\"></span>vice).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce he<span class=\"_ _1\"></span>ld is a 100<span class=\"_ _1\"></span>% qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, it is e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Classification Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>ept<span class=\"_ _2\"></span>s sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed as r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ente<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l for<span class=\"_ _1\"></span>m of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up to fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as investment contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>All refer<span class=\"_ _5\"></span>ences in these accounting policies to in<span class=\"_ _5\"></span>sura<span class=\"_ _1\"></span>nce contracts and reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s include contract<span class=\"_ _1\"></span>s issued, initiated or acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> participating contract<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s for which,<span class=\"_ _5\"></span> at inception:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s in a sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f a clea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pay t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>l to a s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng </span>items; and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to v<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e </span>in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. All o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>l rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), whe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t and i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e, as a sup<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s dis<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 consistent with ins<span class=\"_ _0\"></span>urance contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e at th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or fo<span class=\"_ _1\"></span>r bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F or rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s a cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as th<span class=\"_ _1\"></span>e sm<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t of acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so m<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a se<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>n be t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her a s<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ne<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y were s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Accounting<span class=\"_ _5\"></span> treatment<span class=\"_ _37b\"> </span>Separating c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s from<span class=\"_ _5\"></span> insurance and<span class=\"_ _5\"></span> reinsurance c<span class=\"_ _5\"></span>ontracts<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t be a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er accounting<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>andards other<span class=\"_ _0\"></span> than IFRS 1<span class=\"_ _4\"></span>7 (distinct<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>insurance c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Where an<span class=\"_ _5\"></span> insurance con<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ract has<span class=\"_ _5\"></span> a distinct investment<span class=\"_ _5\"></span> component and meets the separation crite<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ia established unde<span class=\"_ _5\"></span>r IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ost co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9. The a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s a dis<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ied o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f a<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>busines<span class=\"_ _1\"></span>s c<span class=\"_ _5\"></span>ombination<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he insurance and in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment component are<span class=\"_ _5\"></span> highly interrelated:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t var<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f an op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o sw<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e.g<span class=\"_ _1\"></span>. a red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al si<span class=\"_ _1\"></span>ze of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s e.g. i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um wa<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></span>Af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g any d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>l rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Level<span class=\"_ _5\"></span> of aggregation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span> fir<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ly s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>it in<span class=\"_ _1\"></span>to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s. P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>ups o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>os a<span class=\"_ _1\"></span>re fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le at in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and h<span class=\"_ _1\"></span>ave n<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk of b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th \u2018on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>\u2019 bei<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h \u2018net g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n\u2019 and \u2018p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le\u2019 b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng rep<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th \u2018n<span class=\"_ _1\"></span>et co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>\u2019<span class=\"_ _5\"></span>. C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an o<span class=\"_ _1\"></span>ne y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r ap<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up. Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er as p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Fair Valu<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h (<span class=\"_ _1\"></span>\u2018F<span class=\"_ _2\"></span>VA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on include c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s issued<span class=\"_ _0\"></span> more than<span class=\"_ _5\"></span> one year apart.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e and r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s inh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt in the products/contracts<span class=\"_ _1\"></span>, for<span class=\"_ _5\"></span> example, l<span class=\"_ _5\"></span>ongevit<span class=\"_ _1\"></span>y, persiste<span class=\"_ _5\"></span>nc<span class=\"_ _1\"></span>y, mortalit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> and by c<span class=\"_ _5\"></span>onsidering whether groups<span class=\"_ _5\"></span> of product<span class=\"_ _1\"></span>s are man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her. The<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s are f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r sp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t by leg<span class=\"_ _1\"></span>al en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _1\"></span> mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely. T<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o coh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d lev<span class=\"_ _1\"></span>el of p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le at in<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>, po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ios a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s to th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce contracts held are<span class=\"_ _5\"></span> asses<span class=\"_ _1\"></span>sed for<span class=\"_ _5\"></span> aggregation requirements on an<span class=\"_ _5\"></span> individual contract basis.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d at i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore, a<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il it is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r by exp<span class=\"_ _1\"></span>ir<span class=\"_ _2\"></span>y or m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Recognition<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>est o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e beg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up is d<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>r act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is no d<span class=\"_ _1\"></span>ue da<span class=\"_ _1\"></span>te; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h D<span class=\"_ _1\"></span>PF a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y to th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s acquired i<span class=\"_ _0\"></span>n a<span class=\"_ _5\"></span> busines<span class=\"_ _1\"></span>s combi<span class=\"_ _0\"></span>nation within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he scope of<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 3 Business Combin<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>ions or<span class=\"_ _5\"></span> a port<span class=\"_ _1\"></span>folio transf<span class=\"_ _5\"></span>er are acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y we<span class=\"_ _1\"></span>re en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f </span>a<span class=\"_ gse8\"> </span>gro<span class=\"_ _1\"></span>up of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s held t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e (for ex<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>e, thr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh a qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>) unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen a<span class=\"_ _1\"></span>ny u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, if t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d </span>rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t or b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ds n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Contract boundaries<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s all th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p. Ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at exi<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ay p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to rep<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e leve<span class=\"_ _1\"></span>l of b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>pr<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; or \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sfi<span class=\"_ _1\"></span>ed:<span class=\"_ _37b\"> </span></span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to rep<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t or a po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>at p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd \u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s up to t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds b<span class=\"_ _1\"></span>eyo<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>reasses<span class=\"_ _1\"></span>sment date.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im is no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y, it is not reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w of th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y is reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e to in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s substantive rights and obligations<span class=\"_ _5\"></span> and, therefore<span class=\"_ _5\"></span>, may change<span class=\"_ _5\"></span> over time.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y for a r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e may n<span class=\"_ _1\"></span>ot n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y be t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms fo<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y may i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve not yet been issued or reported.<span class=\"_ _37b\"> </span>Measurement<span class=\"_ _37b\"> </span>The Group\u2019<span class=\"_ _5\"></span>s insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s issued without<span class=\"_ _5\"></span> direct participation features<span class=\"_ _5\"></span> are grouped t<span class=\"_ _5\"></span>og<span class=\"_ _1\"></span>ether under<span class=\"_ _5\"></span> annuit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> protection and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el (<span class=\"_ _1\"></span>\u2018GM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Direct participating contracts issued b<span class=\"_ _5\"></span>y the Group are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s with direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features<span class=\"_ _5\"></span> where the Group hol<span class=\"_ _5\"></span>ds the pool of underlying asset<span class=\"_ _1\"></span>s. Direct particip<span class=\"_ _1\"></span>ating insurance contracts are grouped together and r<span class=\"_ _5\"></span>epo<span class=\"_ _1\"></span>rted primarily as either unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked or wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h so<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to have d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fe<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch (<span class=\"_ _1\"></span>\u2018<span class=\"_ _2\"></span>VFA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>), u<span class=\"_ _1\"></span>nle<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>il t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tes<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>his<span class=\"_ _1\"></span> ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, in su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e GM<span class=\"_ _1\"></span>. Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M ir<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ill a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so b<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Initial measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span>On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s a gro<span class=\"_ _1\"></span>up of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>; a<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>b) th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce mar<span class=\"_ _1\"></span>gin (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t refle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ias<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ar<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent to<span class=\"_ _1\"></span> </span>refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m to<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e) over th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct in a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l way b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k for a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ely f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d for b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ab<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>niq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bet<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s it wh<span class=\"_ _1\"></span>en de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to bea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up I<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d Fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, no di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>her e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t us<span class=\"_ _1\"></span>ing a o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>or S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>, a key m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng h<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s repre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e une<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe of t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. F<span class=\"_ _1\"></span>or pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is<span class=\"_ _1\"></span> est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t no pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y it off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e net p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>d ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is s<span class=\"_ _1\"></span>et to ni<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a los<span class=\"_ _1\"></span>s is im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C\u2019<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d V<span class=\"_ _1\"></span>FA meas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, how<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re key di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces fo<span class=\"_ _1\"></span>r sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For gr<span class=\"_ _5\"></span>oups of contracts acquired in<span class=\"_ _5\"></span> a transfer of<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s or a<span class=\"_ _5\"></span> business combination, the c<span class=\"_ _5\"></span>onsideration received<span class=\"_ _5\"></span> for the contracts is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s a prox<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ums re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. In a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d is t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>With-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s estate<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whe<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ll su<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds are c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y hav<span class=\"_ _1\"></span>e an e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o be d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d it a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e to al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c grou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Subsequent measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>RC co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>IC i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et be<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s no C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>ny c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e usi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Changes relating<span class=\"_ _5\"></span> to future insuranc<span class=\"_ _5\"></span>e ser<span class=\"_ _1\"></span>vices<span class=\"_ _5a\"> </span><span class=\"ls9 ws0\"> <span class=\"_ _14\"></span>A<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM (or re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e  </span>res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _3b\"> </span><span class=\"ff6\">Re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></span>Effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey, fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _61\"> </span>Re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es <span class=\"ff3\"> </span>th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere, du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cover<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d, a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow, res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s component i<span class=\"_ _5\"></span>s established by the Gr<span class=\"_ _5\"></span>oup for the liab<span class=\"_ _5\"></span>ilit<span class=\"_ _1\"></span>y for re<span class=\"_ _5\"></span>maining cover<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ge for<span class=\"_ _5\"></span> such groups of<span class=\"_ _5\"></span> onerous contracts representing the losses rec<span class=\"_ _5\"></span>ognised. Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e on t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e end o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od is a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e for re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of C<span class=\"_ _2\"></span>SM re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce rev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e onl<span class=\"_ _1\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hd<span class=\"_ _1\"></span>raw, th<span class=\"_ _1\"></span>at i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>o refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d are t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gro<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te as f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>Insurance contracts measured under<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span>For i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g loc<span class=\"_ _1\"></span>ked<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e BE<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M dur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>, in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as </span>a<span class=\"_ gse8\"> </span>los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d crea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit </span>or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span>acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e </span>be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce, al<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> </span>component <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat becomes<span class=\"_ _5\"></span> payable;<span class=\"_ _5\"></span> and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er GM i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ggr<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n Ne<span class=\"_ _1\"></span>t fina<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> income or<span class=\"_ _5\"></span> expenses from insu<span class=\"_ _5\"></span>rance contracts within the consolidat<span class=\"_ _5\"></span>ed income statement. In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span>Li<span class=\"_ _1\"></span>fe bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have d<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>el w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>n a poo<span class=\"_ _1\"></span>l of c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked </span>or wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e a sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s (defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an </span>50% a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an 50<span class=\"_ _1\"></span>%); and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e </span>sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l is de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>int a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s unit-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s the V<span class=\"_ _1\"></span>FA elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pay t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>ee i<span class=\"_ _1\"></span>n exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e </span>of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> investment ser<span class=\"_ _1\"></span>vices under these contracts by giving a return based on<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>lying items, in addition to<span class=\"_ _5\"></span> insurance coverage.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e VFA<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t is no<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a loc<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>in dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, ins<span class=\"_ _1\"></span>tea<span class=\"_ _1\"></span>d it is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p fee<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der<span class=\"_ _2\"></span>\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. For exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s fu<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s sha<span class=\"_ _1\"></span>re of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y in a 90:10 fund is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e fee ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms le<span class=\"_ _1\"></span>ss f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nit p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s are t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>n var<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re wi<span class=\"_ _1\"></span>ll be d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt on f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o pay p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ny C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M fo<span class=\"_ _1\"></span>r cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, as e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, excep<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n opt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span> </span>of it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">a dec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>, or a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span>flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>se to a lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s) and c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; or<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span>flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span>acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res (m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es) an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of mo<span class=\"_ _1\"></span>ney a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to an<span class=\"_ _1\"></span>y mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, inten<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>ke a volu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s 2026 <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote A6<span class=\"_ _1\"></span>. Loss components<span class=\"_ _37b\"> </span>A loss<span class=\"_ _5\"></span> component represents a notional<span class=\"_ _5\"></span> record of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he losses attributable t<span class=\"_ _5\"></span>o each group of<span class=\"_ _5\"></span> onerous insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s. The loss com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>s to (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>) th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; and (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>i) t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fo<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to zer<span class=\"_ _1\"></span>o by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s as t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>f sy<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s held \u2013<span class=\"_ _5\"></span> measurement<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te is t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>b) any rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce on a pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce by </span>th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o tha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e </span>reinsurer,<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>th g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d </span>rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>his t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt fo<span class=\"_ _1\"></span>r any p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s to ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s bef<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l recognition. Whe<span class=\"_ _5\"></span>re the Group r<span class=\"_ _5\"></span>ecognises a loss<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition of an oner<span class=\"_ _5\"></span>ous group of<span class=\"_ _5\"></span> underlying contract<span class=\"_ _1\"></span>s, it establishes a los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>T<span class=\"_ _5\"></span>o de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h gro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k be<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r as th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he t<span class=\"_ _2\"></span>wo res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>t is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ous g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>t exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss component of<span class=\"_ _5\"></span> the onerous gr<span class=\"_ _5\"></span>oup of underlying c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s that the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup expects to<span class=\"_ _5\"></span> recover from<span class=\"_ _5\"></span> the reinsurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h a rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en it<span class=\"_ _1\"></span> reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>s ent<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to b<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re or a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rcen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng ce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s. A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y, chan<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er of a re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld do n<span class=\"_ _1\"></span>ot ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM as t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y do n<span class=\"_ _1\"></span>ot rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer is a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Modification and derec<span class=\"_ _5\"></span>ognition<span class=\"_ _37b\"> </span>The Group der<span class=\"_ _5\"></span>ecognises insurance<span class=\"_ _5\"></span> and reinsuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s when:<span class=\"_ _5\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are ex<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>i.e. d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cell<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>); or<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d for </span>mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n suc<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as a n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Disclosure groups<span class=\"_ _5\"></span> Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed by I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g disclosure<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>groups:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">Ret<span class=\"_ _1\"></span>irement Solutio<span class=\"_ _1\"></span>ns;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsf ws4\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ups a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gne<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "C2<span class=\"_ _1\"></span>. Fees and c<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>missions Fees re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ated to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> investment management<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> administration ser<span class=\"_ _1\"></span>vices are<span class=\"_ _5\"></span> recognised as<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices ar<span class=\"_ _5\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. Fr<span class=\"_ _1\"></span>ont e<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed as a l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of fe<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fee i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to un<span class=\"_ _1\"></span>it pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow disaggregates f<span class=\"_ _5\"></span>ees and commissions<span class=\"_ _5\"></span> by segment.<span class=\"_ _37b\"> </span>2025<span class=\"_ _37b\"> </span><table class=\"s w91 h1ba\" id=\"_03b5f50a-b9fd-47ab-8ba8-f178fe4805ca\"><tr><td></td><td class=\"t m0 x481 hd y5fa3 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4d8 hd y5fa4 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44a hd y5fa4 ffa fs6 fc3 sc0 ls54 ws50\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profits<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4d9 hd y5fa4 ff2 fs6 fc3 sc0 lsbd ws112\">Europe &amp;<span class=\"_ _5\"></span> Other<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5fa4 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x4da hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4db hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fa6 w158 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Fee inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e from<span class=\"_ _5\"></span> investment contracts without DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4dd y5fa6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">906<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4de y5fa6 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4df y5fa6 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e0 y5fa6 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,041<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fa7 ff3 fs2 fc3 sc0 ls9 ws0\">Ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fe<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fa8 w159 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">amortisation of deferred<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e1 y5fa8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e2 y5fa8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e3 y5fa8 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e4 y5fa8 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w15a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">Revenue<span class=\"_ _5\"></span> from inv<span class=\"_ _5\"></span>estment contracts without<span class=\"_ _0\"></span> DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e5 y5f77 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">906<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e6 y5f77 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e7 y5f77 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e8 y5f77 w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,033<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 w15b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e9 y5f34 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f34 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4eb y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ec y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w15c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Fees and<span class=\"_ _5\"></span> commissions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ed y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">915<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ee y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ef y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f0 y5edc w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,072<span class=\"_ _37b\"> </span></div></td></tr></table>2024<span class=\"_ _37b\"> </span><table class=\"s w15d h1bb\" id=\"_8416016e-d8cb-4f8f-b5dc-050e177e59bf\"><tr><td></td><td class=\"t m0 x481 hd y5fa9 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4d8 hd y5faa ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44a hd y5faa ffa fs6 fc3 sc0 ls54 ws50\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profits<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4d9 hd y5faa ff2 fs6 fc3 sc0 lsbd ws112\">Europe &amp;<span class=\"_ _5\"></span> Other<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5faa ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x4da hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4db hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fac w158 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Fee inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e from<span class=\"_ _5\"></span> investment contracts without DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4dd y5fac w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">877<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4de y5fac w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4df y5fac w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f1 y5fac w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">991<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fad ff3 fs2 fc3 sc0 ls9 ws0\">Ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fe<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w159 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">amortisation of deferred<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e1 y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f2 y5f93 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f3 y5f93 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w15a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Revenue<span class=\"_ _5\"></span> from inv<span class=\"_ _5\"></span>estment contracts without<span class=\"_ _0\"></span> DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e5 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">877<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e6 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e7 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">55<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f4 y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">983<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w15b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e9 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f5 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">35<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f6 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w15c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Fees and<span class=\"_ _5\"></span> commissions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ed y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">886<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ee y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f7 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f8 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,027<span class=\"_ _37b\"> </span></div></td></tr></table>Fee o<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>mmi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>olu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s \u00a3ni<span class=\"_ _1\"></span>l in b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Remaining performanc<span class=\"_ _5\"></span>e obligations<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>5 R<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>th C<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>een a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht t<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed to d<span class=\"_ _1\"></span>ate. S<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me d<span class=\"_ _1\"></span>ue ov<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, no a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed income<span class=\"_ gse8\"> </span>statement<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w15e h1bc\" id=\"_cdce2471-9a2d-4acc-b0c2-d6bc568cf9fb\"><tr><td></td><td class=\"c n x1de y5fae w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fae w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5faf wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5faf w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5fb0 ff2 fs2 fc3 sc0 ls33 wsb\">Investment<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed3 w15f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e on fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f9 y5ed3 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y5ed3 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed4 w160 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e on fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fb y5ed4 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,338<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fc y5ed4 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,363<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed5 w161 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dividend income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fd y5ed5 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fe y5ed5 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,403<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w162 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Rental income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y5f72 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x500 y5f72 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w163 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y/as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x501 y5f16 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x502 y5f16 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5fb1 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11,808<span class=\"_ _37b\"> </span></div></td><td class=\"c n x504 y5fb1 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11,070<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5fb2 ff2 fs2 fc3 sc0 ls33 wsb\">Fair<span class=\"_ _5\"></span> value gains/<span class=\"_ _5\"></span>(losses)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f93 w164 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></div></td><td class=\"c n x505 y5f93 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18,843<span class=\"_ _37b\"> </span></div></td><td class=\"c n x506 y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,882<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f77 w96 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">Invest<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt prop<span class=\"_ _1\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x507 y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x508 y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(100)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5f4c w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18,854<span class=\"_ _37b\"> </span></div></td><td class=\"c n x509 y5f4c wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,782<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w165 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Net in<span class=\"_ _5\"></span>vestment income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50a y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30,662<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50b y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18,852<span class=\"_ _37b\"> </span></div></td></tr></table>C4<span class=\"_ _2\"></span>. Ne<span class=\"_ _1\"></span>t fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>rom i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> the effects of<span class=\"_ _5\"></span> the time value<span class=\"_ _5\"></span> of money<span class=\"_ _5\"></span>, financial <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> changes therein,<span class=\"_ _5\"></span> unless any<span class=\"_ _5\"></span> such changes<span class=\"_ _5\"></span> for groups<span class=\"_ _5\"></span> of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w166 h1bd\" id=\"_083ae5f3-66f5-4ea9-8439-a5cce880770d\"><tr><td></td><td class=\"t m0 x480 hd y5fb3 ff2 fs6 fc3 sc0 lsbd wsc4\">Retirement </td><td class=\"t m0 x481 hd y5fb3 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x3d7 hd y5fb4 ff2 fs6 fc3 sc0 lsc8 wscb\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x482 y5fb5 w143 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x483 y5fb5 w144 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls54 ws50\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x484 y5fb5 w145 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd ws112\">Europe<span class=\"_ _5\"></span> &amp; Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x485 y5fb5 w146 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x50c y5fb6 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50d y5fb6 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50e y5fb6 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50f y5fb6 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x510 y5fb6 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fb7 ff3 fs2 fc3 sc0 ls1c ws6\">Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5fb8 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fb9 w167 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x511 y5fb9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x512 y5fb9 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,812)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x513 y5fb9 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,402)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x514 y5fb9 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x515 y5fb9 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3,766)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fba ff3 fs2 fc3 sc0 ls9 ws0\">Gro<span class=\"_ _1\"></span>up's s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fbb w168 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x516 y5fbb wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x517 y5fbb w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x518 y5fbb wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x519 y5fbb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51a y5fbb w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbc w169 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51b y5fbc w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,347)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51c y5fbc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(964)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51d y5fbc w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,151)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51e y5fbc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(752)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x51f y5fbc w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,214)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbd w16a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x520 y5fbd w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x521 y5fbd wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x522 y5fbd w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x523 y5fbd wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x524 y5fbd w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(125)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbe w16b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls19 ws17\">Effe<span class=\"_ _1\"></span>ct of ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in intere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes an<span class=\"_ _1\"></span>d oth<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x525 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">602<span class=\"_ _37b\"> </span></div></td><td class=\"c n x526 y5fbe wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x527 y5fbe w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x528 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x529 y5fbe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">735<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w16c h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls14 ws12\">Insurance finance<span class=\"_ _5\"></span> expense<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52a y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,858)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52b y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52c y5fbf w4d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,529)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52d y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,204)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52e y5fbf w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(8,364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc0 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f64 w169 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52f y5f64 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">111<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5f64 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x531 y5f64 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">42<span class=\"_ _37b\"> </span></div></td><td class=\"c n x532 y5f64 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3de y5f64 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fa8 w16a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x533 y5fa8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x534 y5fa8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x535 y5fa8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x536 y5fa8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x537 y5fa8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w16b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls19 ws17\">Effe<span class=\"_ _1\"></span>ct of ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in intere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes an<span class=\"_ _1\"></span>d oth<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x538 y5f65 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(159)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x539 y5f65 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53a y5f65 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53b y5f65 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53c y5f65 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(197)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w16d h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls14 ws12\">Reinsurance finance<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53d y5f4c w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53e y5f4c we4 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x53f y5f4c w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x540 y5f4c we4 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x541 y5f4c w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w62 h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x542 y5edc w16e h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,854)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x543 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,771)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x544 y5edc w4d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2,509)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x545 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,202)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x546 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(8,336)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w16f h1be\" id=\"_cea0d13c-5d27-4ff1-a574-bd8ff2c3af7d\"><tr><td></td><td class=\"t m0 x4b3 hd y5fc1 ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement </td><td class=\"t m0 x4b4 hd y5fc1 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4b5 hd y5fc2 ff12 fs6 fc3 sc0 lsd1 wsd2\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x4b6 y5fc3 w151 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls25 ws25\">Savi<span class=\"_ _1\"></span>ngs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b7 y5fc3 w152 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b8 y5fc3 w153 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b9 y5fc3 w154 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">Tot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fc4 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ba y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bb y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4bc y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x547 y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y5fc4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc5 ff3 fs2 fc3 sc0 ls1c ws6\">Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y5fc6 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fc7 w167 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x511 y5fc7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x549 y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54a y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(265)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54b y5fc7 w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(682)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54c y5fc7 w4e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,720)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fc8 ff3 fs2 fc3 sc0 ls9 ws0\">Gro<span class=\"_ _1\"></span>up's s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fc9 w168 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x516 y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54d y5fc9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54e y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x54f y5fc9 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y5fc9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fca w169 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x551 y5fca w170 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,359)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x552 y5fca w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(964)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x553 y5fca w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,342)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x554 y5fca w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(890)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x45a y5fca w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5,555)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcb w16a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x520 y5fcb w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(102)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5fcb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x555 y5fcb w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x556 y5fcb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x557 y5fcb w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(117)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcc w171 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse9 ws1a0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x558 y5fcc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,997<span class=\"_ _37b\"> </span></div></td><td class=\"c n x559 y5fcc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55a y5fcc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">495<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55b y5fcc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">229<span class=\"_ _37b\"> </span></div></td><td class=\"c n x419 y5fcc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,722<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fcd w172 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Insurance finance<span class=\"_ _5\"></span> income/(<span class=\"_ _5\"></span>expense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55c y5fcd wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55d y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,722)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55e y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,122)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x55f y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,348)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x560 y5fcd w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,656)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fce ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fcf w169 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x52f y5fcf wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y5fcf we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x561 y5fcf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x493 y5fcf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y5fcf w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd0 w16a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x533 y5fd0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x534 y5fd0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x562 y5fd0 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x563 y5fd0 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y5fd0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eed w171 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse9 ws1a0\">Effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x564 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(336)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x565 y5eed we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x566 y5eed w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x567 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(116)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x568 y5eed w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(523)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eee w173 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Reinsurance finance<span class=\"_ _5\"></span> income/(<span class=\"_ _5\"></span>expense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x569 y5eee w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56a y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56b y5eee w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56c y5eee w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(96)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56d y5eee w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(109)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w174 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> fina<span class=\"_ _1\"></span>nce inc<span class=\"_ _5\"></span>ome/(<span class=\"_ _5\"></span>ex<span class=\"_ _1\"></span>pense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56e y5eef wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">541<span class=\"_ _37b\"> </span></div></td><td class=\"c n x56f y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,722)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x570 y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,140)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x571 y5eef w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,444)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x572 y5eef w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,765)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s a clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te C<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>, as it r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>, and n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce (ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e)/i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me. N<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r all i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s including those backing investment contract<span class=\"_ _1\"></span>s and surplus assets<span class=\"_ _1\"></span>. For R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t is an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nwi<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his is l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>ly off<span class=\"_ _2\"></span>set by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e, on<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s bac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>st of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et by cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e, in r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s a res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ked in a<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e C<span class=\"_ _2\"></span>SM ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>es a re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t </span>ou<span class=\"_ _1\"></span>t in No<span class=\"_ _1\"></span>te F9.2<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1, and t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et mi<span class=\"_ _1\"></span>x wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>his re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o. Ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">changes in non-<span class=\"_ _1\"></span>economic assumptions f<span class=\"_ _5\"></span>or General Model business im<span class=\"_ _0\"></span>pact<span class=\"_ _1\"></span>s BEL and<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk adjustment<span class=\"_ _5\"></span> using current disc<span class=\"_ _5\"></span>ount rates </span>an<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g loc<span class=\"_ _1\"></span>ked i<span class=\"_ _1\"></span>n dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is gi<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o a mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is n<span class=\"_ _1\"></span>o co<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>m wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>et inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me;<span class=\"_ _37b\"> </span>For P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd hy<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n a sin<span class=\"_ _1\"></span>gle co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>. The<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fee a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h (\u2018<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>FA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) as t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t a sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s a resu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e in fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e (exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e)/<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>ll be c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y mat<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>e unw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d of di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s)/i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e is off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d on a b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut in<span class=\"_ _1\"></span> no<span class=\"_ _1\"></span>te F9.2<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1, bas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re a mismatch occur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2fc\">For W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s dep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt on t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2fd\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2fe\">con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t for t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se is t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>flu<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>ed by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2ff\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es it<span class=\"_ _2\"></span>s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s suc<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs300\">of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>ly o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs301\">of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs302\">For n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in a w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s or t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs303\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o be an u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs304\">pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e (expe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e)/i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs305\">Th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce. Fo<span class=\"_ _1\"></span>r non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch fa<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sco<span class=\"_ _1\"></span>pe o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs306\">th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>s cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs307\">ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs308\">mat<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs309\">mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tch a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs30a\">accounting policy for investment contracts with movement<span class=\"_ _1\"></span>s being taken<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hrough \u2018<span class=\"_ _5\"></span>change in investment contract liabilities\u2019<span class=\"_ _4\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs30b\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e refle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n net i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y mat<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs30c\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs30d\">changes in fair<span class=\"_ _5\"></span> value being included within net investment inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs30e\">Th<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>at i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve an<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>ill m<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs30f\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d insu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nce (exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me as no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove for t<span class=\"_ _1\"></span>he rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e of bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gs310\">th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s a bo<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gs311\">ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>ch lea<span class=\"_ _1\"></span>ds to mi<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d insu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nce (exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div>C<span class=\"_ _1\"></span>7<span class=\"_ _5\"></span>. F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it accr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d is calc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g the eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span><table class=\"s w19f h1c5\" id=\"_6fbd54c6-45f6-4dda-8139-90b190c5fb80\"><tr><td></td><td class=\"c n x1de y5ffb w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5ffb w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ffc wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ffc w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5ffd ff3 fs2 fc3 sc0 lsf ws4\">Interest expense<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f16 w1a0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">On fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b1 y5f16 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">264<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b2 y5f16 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">288<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed7 w1a1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">On leases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b3 y5ed7 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b4 y5ed7 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5ed8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5ed8 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">290<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5ffe ff3 fs2 fc3 sc0 ls1c ws6\">Attributable to:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w1a2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">\u2013 policyholder<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b5 y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b6 y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">214<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">222<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">290<span class=\"_ _37b\"> </span></div></td></tr></table>C8<span class=\"_ _2\"></span>. T<span class=\"_ _5\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt exce<span class=\"_ _1\"></span>pt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y ena<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> at th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er wi<span class=\"_ _1\"></span>th ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ta<span class=\"_ _1\"></span>x paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in resp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e is an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ax t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>C8<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _37b\"> </span><table class=\"s w1a4 h1c6\" id=\"_69e5a545-588f-4664-a11d-abf523065dc4\"><tr><td></td><td class=\"c n x1de y5fff w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fff w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6000 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6000 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6001 ff3 fs2 fc3 sc0 ls18 ws16\">Current tax:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y6002 w1a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">UK corporation tax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y6002 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b7 y6002 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f0f w1a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Over<span class=\"_ _1\"></span>seas t<span class=\"_ _1\"></span>ax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b8 y5f0f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">88<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b9 y5f0f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">198<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5f10 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">134<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w1a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Adjustment in<span class=\"_ _5\"></span> respect of prior ye<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5f11 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ba y5f11 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w1a8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal current tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5f12 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y5f12 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6003 ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed5 w1a9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bb y5ed5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bc y5ed5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(154)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w1aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te of U<span class=\"_ _1\"></span>K co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bd y5f72 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b4 y5f72 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w1a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Adjustment in<span class=\"_ _5\"></span> respect of prior ye<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5be y5f16 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bf y5f16 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w1ab h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal deferred tax charge<span class=\"_ _5\"></span>/(cr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>dit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c0 y5ed7 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3b9 y5ed7 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(157)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w1ac h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c1 y5ed8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6004 ff3 fs2 fc3 sc0 ls1c ws6\">Attributable to:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w1a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">\u2013 policyholder<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f17 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f17 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c3 y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(376)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ac h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c1 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, as a pr<span class=\"_ _1\"></span>ox<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>, is req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o pa<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns ea<span class=\"_ _1\"></span>ch y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. A<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>y, th<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>r ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to U<span class=\"_ _1\"></span>K li<span class=\"_ _1\"></span>fe as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>as \u00a345<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>47 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a348 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e to a Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l ru<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n 2025. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in conjunction<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith a num<span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>er of<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her companies<span class=\"_ _5\"></span> challenged HMRC\u2019s<span class=\"_ _5\"></span> position on the c<span class=\"_ _0\"></span>orporation tax treatment of<span class=\"_ _5\"></span> overseas portfolio di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e EU (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EU di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s'<span class=\"_ _1\"></span>) u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p L<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ord<span class=\"_ _1\"></span>er (<span class=\"_ _1\"></span>\u2018G<span class=\"_ _1\"></span>LO\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he UK t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>d EU d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to 1 J<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>y 200<span class=\"_ _1\"></span>9, was con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o EU la<span class=\"_ _1\"></span>w gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m U<span class=\"_ _1\"></span>K com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re exe<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In 20<span class=\"_ _1\"></span>09 U<span class=\"_ _1\"></span>K t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x la<span class=\"_ _1\"></span>w was c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eas a<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>K di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s exe<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t of A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>eal r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n fav<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r of H<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>RC in 2025 b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>int c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>yer<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>oub<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>. A<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s were d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. C8.<span class=\"_ _1\"></span>2 T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x (<span class=\"_ _5\"></span>credited)/<span class=\"_ _5\"></span>charged to<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her compr<span class=\"_ _5\"></span>ehensive income<span class=\"_ _37b\"> </span><table class=\"s w1ad h1c7\" id=\"_c0f0ff6b-f811-468f-8393-f3afaae5b98a\"><tr><td></td><td class=\"c n x1de y6005 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6005 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6006 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6006 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w1ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Current tax (<span class=\"_ _5\"></span>credit)/charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c4 y5ed9 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c5 y5ed9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1af h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ign o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c6 y5f77 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c7 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c8 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c9 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1b1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax (<span class=\"_ _5\"></span>credited)/<span class=\"_ _5\"></span>charged to other<span class=\"_ _5\"></span> comprehensive income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ca y5edc wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cb y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td></tr></table>C8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>3 T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span><table class=\"s w1b2 h1c8\" id=\"_3b1ab282-3e30-4ede-b0ba-ffb70a8f6f0b\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x5cc y5f79 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cd y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>are s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ce y5f4c wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cf y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1b4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d0 y5edc wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d1 y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr></table>C8.<span class=\"_ _1\"></span>4 Reconciliation<span class=\"_ _5\"></span> of tax charge<span class=\"_ _37b\"> </span><table class=\"s w1b5 h1c9\" id=\"_d656ea8d-13c6-4ec6-80fc-f99bda0640fa\"><tr><td></td><td class=\"c n x1de y6007 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6007 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x5cc y6008 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cd y6008 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6009 w1b6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y6009 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d3 y6009 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,107)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600a w1b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Policy<span class=\"_ _1\"></span>holder tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x268 y600a w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(452)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e7 y600a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(347)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600b w72 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Loss before<span class=\"_ _5\"></span> the tax attributable to<span class=\"_ _5\"></span> owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x213 y600b w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y600b w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y600d w1b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd U<span class=\"_ _1\"></span>K ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f 25% (202<span class=\"_ _5\"></span>4:25%)</div><div class=\"t m0 x5d4 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d5 y600e w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(108)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d6 y600e w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600f w1b9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Disa<span class=\"_ _1\"></span>llowable expens<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d7 y600f we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d8 y600f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6010 w1ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Prior year<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _5\"></span> for shareholders</div><div class=\"t m0 x5d9 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y5ff8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5da y5ff8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w1bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 25% (2024<span class=\"_ _5\"></span>: 2<span class=\"_ _1\"></span>5%)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5db y5fbf we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5dc y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w1bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>d at r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 25% (202<span class=\"_ _5\"></span>4: 25%)</div><div class=\"t m0 x5dd h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y5fb1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5de y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ff9 w1bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Recognition of previously<span class=\"_ _5\"></span> unrecognised deferred tax asset<span class=\"_ _1\"></span>s</div><div class=\"t m0 x5df h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e0 y5ff9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e1 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e2 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e3 y5f93 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1be h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e4 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e5 y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(376)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Policy<span class=\"_ _1\"></span>holder tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1bf h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _5\"></span> for the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e6 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e7 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e, b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f U<span class=\"_ _1\"></span>K ta<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. 2 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>/(c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>) re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. 3 <span class=\"_ _19\"> </span>P<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xed a<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 25% re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d UK l<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>4 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g to lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-493": {
   "value": "C2<span class=\"_ _1\"></span>. Fees and c<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>missions Fees re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ated to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> investment management<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> administration ser<span class=\"_ _1\"></span>vices are<span class=\"_ _5\"></span> recognised as<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices ar<span class=\"_ _5\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. Fr<span class=\"_ _1\"></span>ont e<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed as a l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of fe<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fee i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to un<span class=\"_ _1\"></span>it pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow disaggregates f<span class=\"_ _5\"></span>ees and commissions<span class=\"_ _5\"></span> by segment.<span class=\"_ _37b\"> </span>2025<span class=\"_ _37b\"> </span><table class=\"s w91 h1ba\" id=\"_03b5f50a-b9fd-47ab-8ba8-f178fe4805ca\"><tr><td></td><td class=\"t m0 x481 hd y5fa3 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4d8 hd y5fa4 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44a hd y5fa4 ffa fs6 fc3 sc0 ls54 ws50\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profits<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4d9 hd y5fa4 ff2 fs6 fc3 sc0 lsbd ws112\">Europe &amp;<span class=\"_ _5\"></span> Other<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5fa4 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x4da hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4db hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5fa5 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fa6 w158 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Fee inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e from<span class=\"_ _5\"></span> investment contracts without DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4dd y5fa6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">906<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4de y5fa6 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4df y5fa6 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e0 y5fa6 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,041<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fa7 ff3 fs2 fc3 sc0 ls9 ws0\">Ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fe<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fa8 w159 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">amortisation of deferred<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e1 y5fa8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e2 y5fa8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e3 y5fa8 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e4 y5fa8 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w15a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">Revenue<span class=\"_ _5\"></span> from inv<span class=\"_ _5\"></span>estment contracts without<span class=\"_ _0\"></span> DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e5 y5f77 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">906<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e6 y5f77 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e7 y5f77 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e8 y5f77 w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,033<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 w15b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e9 y5f34 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f34 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4eb y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ec y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w15c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Fees and<span class=\"_ _5\"></span> commissions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ed y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">915<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ee y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ef y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f0 y5edc w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,072<span class=\"_ _37b\"> </span></div></td></tr></table>2024<span class=\"_ _37b\"> </span><table class=\"s w15d h1bb\" id=\"_8416016e-d8cb-4f8f-b5dc-050e177e59bf\"><tr><td></td><td class=\"t m0 x481 hd y5fa9 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x4d8 hd y5faa ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44a hd y5faa ffa fs6 fc3 sc0 ls54 ws50\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profits<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4d9 hd y5faa ff2 fs6 fc3 sc0 lsbd ws112\">Europe &amp;<span class=\"_ _5\"></span> Other<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y5faa ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x4da hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4db hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y5fab ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fac w158 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Fee inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e from<span class=\"_ _5\"></span> investment contracts without DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4dd y5fac w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">877<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4de y5fac w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4df y5fac w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f1 y5fac w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">991<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fad ff3 fs2 fc3 sc0 ls9 ws0\">Ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fe<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w159 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">amortisation of deferred<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e1 y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f2 y5f93 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f3 y5f93 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w15a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Revenue<span class=\"_ _5\"></span> from inv<span class=\"_ _5\"></span>estment contracts without<span class=\"_ _0\"></span> DPF<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e5 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">877<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e6 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e7 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">55<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f4 y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">983<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w15b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4e9 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ea y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f5 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">35<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f6 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w15c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Fees and<span class=\"_ _5\"></span> commissions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ed y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">886<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ee y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f7 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f8 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,027<span class=\"_ _37b\"> </span></div></td></tr></table>Fee o<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>mmi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>olu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s \u00a3ni<span class=\"_ _1\"></span>l in b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Remaining performanc<span class=\"_ _5\"></span>e obligations<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>5 R<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>th C<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>een a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht t<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed to d<span class=\"_ _1\"></span>ate. S<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me d<span class=\"_ _1\"></span>ue ov<span class=\"_ _1\"></span>er ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, no a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed income<span class=\"_ gse8\"> </span>statement<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "Fees re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ated to<span class=\"_ _5\"></span> the provision of<span class=\"_ _5\"></span> investment management<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices and<span class=\"_ _5\"></span> administration ser<span class=\"_ _1\"></span>vices are<span class=\"_ _5\"></span> recognised as<span class=\"_ _5\"></span> ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices ar<span class=\"_ _5\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. Fr<span class=\"_ _1\"></span>ont e<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed as a l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>r am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of fe<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fee i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to un<span class=\"_ _1\"></span>it pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>nd is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed in c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow disaggregates f<span class=\"_ _5\"></span>ees and commissions<span class=\"_ _5\"></span> by segment.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "C3<span class=\"_ _1\"></span>. Net in<span class=\"_ _5\"></span>vestment income<span class=\"_ _37b\"> </span>Ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, net in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e/(exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se) on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y), fair va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t fo<span class=\"_ _1\"></span>r rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sha<span class=\"_ _1\"></span>re of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF<span class=\"_ _5\"></span>, se<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te E1<span class=\"_ _4\"></span>), fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on loans and<span class=\"_ _5\"></span> receivables.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>aig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e. Le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span>Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w15e h1bc\" id=\"_cdce2471-9a2d-4acc-b0c2-d6bc568cf9fb\"><tr><td></td><td class=\"c n x1de y5fae w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fae w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5faf wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5faf w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5fb0 ff2 fs2 fc3 sc0 ls33 wsb\">Investment<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed3 w15f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e on fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f9 y5ed3 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y5ed3 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed4 w160 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e on fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fb y5ed4 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,338<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fc y5ed4 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,363<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed5 w161 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dividend income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fd y5ed5 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fe y5ed5 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,403<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w162 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Rental income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y5f72 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x500 y5f72 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w163 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y/as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x501 y5f16 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x502 y5f16 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5fb1 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11,808<span class=\"_ _37b\"> </span></div></td><td class=\"c n x504 y5fb1 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11,070<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y5fb2 ff2 fs2 fc3 sc0 ls33 wsb\">Fair<span class=\"_ _5\"></span> value gains/<span class=\"_ _5\"></span>(losses)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f93 w164 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></div></td><td class=\"c n x505 y5f93 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18,843<span class=\"_ _37b\"> </span></div></td><td class=\"c n x506 y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,882<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f77 w96 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">Invest<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt prop<span class=\"_ _1\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x507 y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x508 y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(100)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5f4c w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18,854<span class=\"_ _37b\"> </span></div></td><td class=\"c n x509 y5f4c wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,782<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w165 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Net in<span class=\"_ _5\"></span>vestment income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50a y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30,662<span class=\"_ _37b\"> </span></div></td><td class=\"c n x50b y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18,852<span class=\"_ _37b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfNetInvestmentIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "Ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, net in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e/(exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se) on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y), fair va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t fo<span class=\"_ _1\"></span>r rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sha<span class=\"_ _1\"></span>re of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF<span class=\"_ _5\"></span>, se<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te E1<span class=\"_ _4\"></span>), fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on loans and<span class=\"_ _5\"></span> receivables.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>aig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e. Le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span>Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "Ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t, d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, net in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e/(exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se) on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y), fair va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t fo<span class=\"_ _1\"></span>r rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sha<span class=\"_ _1\"></span>re of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF<span class=\"_ _5\"></span>, se<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te E1<span class=\"_ _4\"></span>), fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on loans and<span class=\"_ _5\"></span> receivables.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex-<span class=\"_ _2\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>aig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e. Le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span>Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fair valu<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DescriptionOfAccountingPolicyForNetInvestmentIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> the effects of<span class=\"_ _5\"></span> the time value<span class=\"_ _5\"></span> of money<span class=\"_ _5\"></span>, financial <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> changes therein,<span class=\"_ _5\"></span> unless any<span class=\"_ _5\"></span> such changes<span class=\"_ _5\"></span> for groups<span class=\"_ _5\"></span> of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DescriptionOfAccountingPolicyForNetInsuranceFinanceExpenseIncome",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> the effects of<span class=\"_ _5\"></span> the time value<span class=\"_ _5\"></span> of money<span class=\"_ _5\"></span>, financial <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> changes therein,<span class=\"_ _5\"></span> unless any<span class=\"_ _5\"></span> such changes<span class=\"_ _5\"></span> for groups<span class=\"_ _5\"></span> of direct<span class=\"_ _5\"></span> part<span class=\"_ _1\"></span>icipating con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "C5<span class=\"_ _1\"></span>. Expenses<span class=\"_ _37b\"> </span>Insurance service expenses<span class=\"_ _37b\"> </span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>ey<span class=\"_ gse8\"> </span>exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d by los<span class=\"_ _1\"></span>s </span>component<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>allocations; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of any ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span>(oth<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>l of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Net income<span class=\"_ _5\"></span> or expense from reinsurance<span class=\"_ _5\"></span> contracts held<span class=\"_ _37b\"> </span>Income and<span class=\"_ _5\"></span> expenses from rei<span class=\"_ _5\"></span>nsurance contracts are present<span class=\"_ _5\"></span>ed separately from<span class=\"_ _5\"></span> income and expenses<span class=\"_ _5\"></span> from insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a net b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s as<span class=\"_ gse8\"> </span>\u2018ne<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts comprise an<span class=\"_ _5\"></span> allocation of reinsur<span class=\"_ _5\"></span>ance premiums<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>aid less<span class=\"_ _5\"></span> amount<span class=\"_ _1\"></span>s recover<span class=\"_ _5\"></span>ed fro<span class=\"_ _1\"></span>m<span class=\"_ gse8\"> </span>rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es an a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s as it re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces f<span class=\"_ _1\"></span>or w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ay co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Administrative<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span>Administrative e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses are<span class=\"_ _5\"></span> recognised in<span class=\"_ _5\"></span> the consolidated inc<span class=\"_ _5\"></span>ome statement as incurred.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs329\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs32a\"><table class=\"s w175 h1bf\" id=\"_cc12290c-799f-43ed-91c6-38d675cdc6a0\"><tr><td></td><td class=\"c n x1de y5fd1 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fd1 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5fd2 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5fd2 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fd4 w176 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s</div><div class=\"t m0 x573 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d4 y5fd4 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,304<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5fd4 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,458<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd5 w177 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Reversal of losses<span class=\"_ _5\"></span> on onerous insur<span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>ce c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>cts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x574 y5fd5 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x575 y5fd5 w85 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd6 w178 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cos<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve cov<span class=\"_ _1\"></span>er on r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _37b\"> </span></div></td><td class=\"c n x576 y5fd6 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y5fd6 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd7 w179 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Employee<span class=\"_ _5\"></span> cost<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5fd7 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">721<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y5fd7 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">750<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd8 w17a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Out<span class=\"_ _1\"></span>sourcer<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x578 y5fd8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">436<span class=\"_ _37b\"> </span></div></td><td class=\"c n x579 y5fd8 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">368<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd9 w17b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Professional<span class=\"_ _5\"></span> fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5fd9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57b y5fd9 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">285<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fda w17c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>em<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57c y5fda w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57d y5fda w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdb w17d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Audit fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57e y5fdb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57f y5fdb w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdc w17e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Commission e<span class=\"_ _5\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x580 y5fdc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y5fdc w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">161<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdd w17f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Offi<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>T co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x582 y5fdd w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">276<span class=\"_ _37b\"> </span></div></td><td class=\"c n x583 y5fdd w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fde w180 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment m<span class=\"_ _5\"></span>anagement expenses and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5fde w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x584 y5fde w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">388<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdf w181 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Direct c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s of coll<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ive inv<span class=\"_ _5\"></span>estm<span class=\"_ _1\"></span>ent schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24e y5fdf w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x585 y5fdf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe0 w182 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Depreciation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe0 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe1 w183 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pension administrative expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x588 y5fe1 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x589 y5fe1 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe2 w184 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Advertising and sponso<span class=\"_ _1\"></span>rship<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58a y5fe2 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24c y5fe2 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">58<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe3 w185 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loss on c<span class=\"_ _5\"></span>ompletion of buy-<span class=\"_ _1\"></span>out of PGL Pension<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>cheme liabilities<span class=\"_ _5\"></span> (see note B<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58b y5fe3 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58c y5fe3 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">208<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe4 w186 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Regulator<span class=\"_ _1\"></span>y fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe4 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe5 w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe5 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">65<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x3d4 y5fe6 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,751<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5fe6 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,246<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe7 w188 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58d y5fe7 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(28)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58e y5fe7 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe8 w189 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of def<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>red acqu<span class=\"_ _5\"></span>isition costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58f y5fe8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x590 y5fe8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe9 w18a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x591 y5fe9 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(180)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x592 y5fe9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(179)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fea w18b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls3c ws3d\">Amortisation of insurance acquisition <span class=\"_ _5\"></span>cash flows<span class=\"_ _37b\"> </span></div></td><td class=\"c n x593 y5fea w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x594 y5fea w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5feb w18c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5feb w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,574<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5feb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,059<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fec ff3 fs2 fc3 sc0 lsf ws4\">Reporte<span class=\"_ _1\"></span>d within:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fed w4c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x595 y5fed w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,743<span class=\"_ _37b\"> </span></div></td><td class=\"c n x596 y5fed w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,493<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fef w18d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts</div><div class=\"t m0 x597 h11 y5fee ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x598 y5f77 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,710)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x599 y5f77 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,259)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w6a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Administrative expense<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,541<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,825<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w18c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,574<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,059<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs32b\">1 <span class=\"_ _19\"> </span>C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>ut s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs32c\">2 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>et e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs32d\"><table class=\"s w18e h1c0\" id=\"_12c55be9-6d0f-4ae9-93fa-d2e4ac51447f\"><tr><td></td><td class=\"c n x1e3 y5ff0 w18f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Employee costs comprise:<span class=\"_ _22c\"> </span><span class=\"ff2 fs6 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></span></div></td><td class=\"c n x59c y5ff2 w118 h1c1\"><div class=\"t m0 x1dd h7 y5ff1 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x59d y5ff3 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y5ff3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w190 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Wages and salaries<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f77 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">643<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">677<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w191 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Social securit<span class=\"_ _1\"></span>y contribut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">721<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">750<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs32e\"><table class=\"s w192 h1c2\" id=\"_dae3097b-a220-44de-8dd9-a427a14679e9\"><tr><td></td><td class=\"c n x5a1 y5ff4 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a2 y5ff4 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x598 y5ff5 w193 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Number<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a3 y5ff5 w194 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Number<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w195 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Average number of persons employed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,449<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,505<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hf ff1 fs2 fc1 sc0 lse wsb gs32f\">C6. Auditor\u2019s<span class=\"_ _5\"></span> remuneration </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs330\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le b<span class=\"_ _1\"></span>elow. </div><div class=\"gs331\"><table class=\"s w196 h1c3\" id=\"_227c2bc9-abee-4f34-91f3-e36cecd062ae\"><tr><td></td><td class=\"c n x1de y5ff6 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5ff6 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ff7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w197 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Aud<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a4 y5ff8 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">8.7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a5 y5ff8 w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7.5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w198 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Audit of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>\u2019s s<span class=\"_ _5\"></span>ubsidiaries<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a6 y5fbf w199 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16.4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a7 y5fbf w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14.9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w19a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fee f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a8 y5fb1 w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47d y5fb1 w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w19b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Audit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>related assurance ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a9 y5ff9 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5aa y5ff9 w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.0<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w19c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other assur<span class=\"_ _1\"></span>ance ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ab y5f93 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ac y5f93 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w19d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal fee for assuranc<span class=\"_ _5\"></span>e ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ad y5ffa w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3.9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ae y5ffa w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w19e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal auditor<span class=\"_ _1\"></span>\u2019s<span class=\"_ _5\"></span> remuneration<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5af y5edc w199 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">29.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b0 y5edc w13e h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25.6<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs332\">No s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _2\"></span>\u2019s audi<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er 2025 or 202<span class=\"_ _5\"></span>4.<span class=\"_ _37b\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs334\">Aud<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s are fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e aud<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e 2025 aud<span class=\"_ _1\"></span>it fe<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs335\">\u00a32.<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3ni<span class=\"_ _1\"></span>l) r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ous y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s au<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs336\">Aud<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>aw or r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to b<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs337\">by an au<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on re<span class=\"_ _1\"></span>gul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es fe<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ws o<span class=\"_ _1\"></span>f int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs338\">inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wor<span class=\"_ _1\"></span>k is i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs339\">Other assurance<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices include<span class=\"_ _5\"></span> fees payable<span class=\"_ _5\"></span> in respect of<span class=\"_ _0\"></span> comfort l<span class=\"_ _5\"></span>etters<span class=\"_ _1\"></span>, reporting on<span class=\"_ _5\"></span> E<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>G and s<span class=\"_ _5\"></span>ust<span class=\"_ _1\"></span>ainability and internal<span class=\"_ _5\"></span> control </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs33a\">assurance ser<span class=\"_ _1\"></span>vices.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs33b\">Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n au<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>\u2019s remu<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l au<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs33c\">Aud<span class=\"_ _1\"></span>it C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s 1<span class=\"_ _5\"></span>20 to 1<span class=\"_ _5\"></span>26.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "Insurance service expenses<span class=\"_ _37b\"> </span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>ey<span class=\"_ gse8\"> </span>exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d by los<span class=\"_ _1\"></span>s </span>component<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>allocations; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of any ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span>(oth<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n; \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>l of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Net income<span class=\"_ _5\"></span> or expense from reinsurance<span class=\"_ _5\"></span> contracts held<span class=\"_ _37b\"> </span>Income and<span class=\"_ _5\"></span> expenses from rei<span class=\"_ _5\"></span>nsurance contracts are present<span class=\"_ _5\"></span>ed separately from<span class=\"_ _5\"></span> income and expenses<span class=\"_ _5\"></span> from insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a net b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s as<span class=\"_ gse8\"> </span>\u2018ne<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts comprise an<span class=\"_ _5\"></span> allocation of reinsur<span class=\"_ _5\"></span>ance premiums<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>aid less<span class=\"_ _5\"></span> amount<span class=\"_ _1\"></span>s recover<span class=\"_ _5\"></span>ed fro<span class=\"_ _1\"></span>m<span class=\"_ gse8\"> </span>rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es an a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s pai<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s as it re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces f<span class=\"_ _1\"></span>or w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ay co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Administrative<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span>Administrative e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses are<span class=\"_ _5\"></span> recognised in<span class=\"_ _5\"></span> the consolidated inc<span class=\"_ _5\"></span>ome statement as incurred.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "Administrative<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span>Administrative e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>enses are<span class=\"_ _5\"></span> recognised in<span class=\"_ _5\"></span> the consolidated inc<span class=\"_ _5\"></span>ome statement as incurred.<span class=\"_ _37b\"> </span>T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w175 h1bf\" id=\"_cc12290c-799f-43ed-91c6-38d675cdc6a0\"><tr><td></td><td class=\"c n x1de y5fd1 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fd1 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5fd2 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5fd2 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fd4 w176 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s</div><div class=\"t m0 x573 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d4 y5fd4 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,304<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5fd4 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,458<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd5 w177 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Reversal of losses<span class=\"_ _5\"></span> on onerous insur<span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>ce c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>cts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x574 y5fd5 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x575 y5fd5 w85 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd6 w178 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cos<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve cov<span class=\"_ _1\"></span>er on r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _37b\"> </span></div></td><td class=\"c n x576 y5fd6 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y5fd6 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd7 w179 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Employee<span class=\"_ _5\"></span> cost<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5fd7 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">721<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y5fd7 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">750<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd8 w17a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Out<span class=\"_ _1\"></span>sourcer<span class=\"_ _5\"></span> expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x578 y5fd8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">436<span class=\"_ _37b\"> </span></div></td><td class=\"c n x579 y5fd8 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">368<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fd9 w17b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Professional<span class=\"_ _5\"></span> fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5fd9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57b y5fd9 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">285<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fda w17c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>em<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57c y5fda w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57d y5fda w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdb w17d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Audit fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57e y5fdb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57f y5fdb w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdc w17e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Commission e<span class=\"_ _5\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x580 y5fdc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y5fdc w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">161<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdd w17f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Offi<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>T co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x582 y5fdd w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">276<span class=\"_ _37b\"> </span></div></td><td class=\"c n x583 y5fdd w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fde w180 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment m<span class=\"_ _5\"></span>anagement expenses and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5fde w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x584 y5fde w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">388<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fdf w181 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Direct c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s of coll<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ive inv<span class=\"_ _5\"></span>estm<span class=\"_ _1\"></span>ent schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24e y5fdf w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x585 y5fdf w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe0 w182 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Depreciation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe0 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe1 w183 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pension administrative expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x588 y5fe1 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x589 y5fe1 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe2 w184 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Advertising and sponso<span class=\"_ _1\"></span>rship<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58a y5fe2 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24c y5fe2 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">58<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe3 w185 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loss on c<span class=\"_ _5\"></span>ompletion of buy-<span class=\"_ _1\"></span>out of PGL Pension<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>cheme liabilities<span class=\"_ _5\"></span> (see note B<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58b y5fe3 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58c y5fe3 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">208<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe4 w186 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Regulator<span class=\"_ _1\"></span>y fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe4 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe5 w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5fe5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5fe5 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">65<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x3d4 y5fe6 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,751<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5fe6 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,246<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe7 w188 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Acq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58d y5fe7 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(28)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58e y5fe7 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe8 w189 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of def<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>red acqu<span class=\"_ _5\"></span>isition costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58f y5fe8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x590 y5fe8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fe9 w18a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x591 y5fe9 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(180)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x592 y5fe9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(179)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fea w18b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls3c ws3d\">Amortisation of insurance acquisition <span class=\"_ _5\"></span>cash flows<span class=\"_ _37b\"> </span></div></td><td class=\"c n x593 y5fea w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x594 y5fea w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5feb w18c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5feb w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,574<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5feb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,059<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5fec ff3 fs2 fc3 sc0 lsf ws4\">Reporte<span class=\"_ _1\"></span>d within:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fed w4c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x595 y5fed w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,743<span class=\"_ _37b\"> </span></div></td><td class=\"c n x596 y5fed w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,493<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fef w18d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts</div><div class=\"t m0 x597 h11 y5fee ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x598 y5f77 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,710)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x599 y5f77 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,259)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w6a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Administrative expense<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,541<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,825<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w18c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,574<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,059<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>ut s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>et e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w18e h1c0\" id=\"_12c55be9-6d0f-4ae9-93fa-d2e4ac51447f\"><tr><td></td><td class=\"c n x1e3 y5ff0 w18f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Employee costs comprise:<span class=\"_ _22c\"> </span><span class=\"ff2 fs6 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></span></div></td><td class=\"c n x59c y5ff2 w118 h1c1\"><div class=\"t m0 x1dd h7 y5ff1 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x59d y5ff3 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y5ff3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w190 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Wages and salaries<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f77 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">643<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">677<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w191 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Social securit<span class=\"_ _1\"></span>y contribut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">721<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">750<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w192 h1c2\" id=\"_dae3097b-a220-44de-8dd9-a427a14679e9\"><tr><td></td><td class=\"c n x5a1 y5ff4 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a2 y5ff4 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x598 y5ff5 w193 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Number<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a3 y5ff5 w194 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Number<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w195 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Average number of persons employed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,449<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,505<span class=\"_ _37b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "C6. Auditor\u2019s<span class=\"_ _5\"></span> remuneration Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le b<span class=\"_ _1\"></span>elow. <table class=\"s w196 h1c3\" id=\"_227c2bc9-abee-4f34-91f3-e36cecd062ae\"><tr><td></td><td class=\"c n x1de y5ff6 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5ff6 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ff7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w197 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Aud<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a4 y5ff8 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">8.7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a5 y5ff8 w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7.5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w198 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Audit of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>\u2019s s<span class=\"_ _5\"></span>ubsidiaries<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a6 y5fbf w199 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16.4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a7 y5fbf w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14.9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w19a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fee f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a8 y5fb1 w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x47d y5fb1 w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w19b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Audit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>related assurance ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a9 y5ff9 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5aa y5ff9 w121 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.0<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w19c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other assur<span class=\"_ _1\"></span>ance ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ab y5f93 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ac y5f93 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w19d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal fee for assuranc<span class=\"_ _5\"></span>e ser<span class=\"_ _1\"></span>vices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ad y5ffa w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3.9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ae y5ffa w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w19e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal auditor<span class=\"_ _1\"></span>\u2019s<span class=\"_ _5\"></span> remuneration<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5af y5edc w199 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">29.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b0 y5edc w13e h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25.6<span class=\"_ _37b\"> </span></div></td></tr></table>No s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _2\"></span>\u2019s audi<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er 2025 or 202<span class=\"_ _5\"></span>4.<span class=\"_ _37b\"> </span>Aud<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s are fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e aud<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e 2025 aud<span class=\"_ _1\"></span>it fe<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a32.<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3ni<span class=\"_ _1\"></span>l) r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ous y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s au<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Aud<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>aw or r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to b<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by an au<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on re<span class=\"_ _1\"></span>gul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es fe<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ws o<span class=\"_ _1\"></span>f int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>im fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wor<span class=\"_ _1\"></span>k is i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Other assurance<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices include<span class=\"_ _5\"></span> fees payable<span class=\"_ _5\"></span> in respect of<span class=\"_ _0\"></span> comfort l<span class=\"_ _5\"></span>etters<span class=\"_ _1\"></span>, reporting on<span class=\"_ _5\"></span> E<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>G and s<span class=\"_ _5\"></span>ust<span class=\"_ _1\"></span>ainability and internal<span class=\"_ _5\"></span> control assurance ser<span class=\"_ _1\"></span>vices.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n au<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>\u2019s remu<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l au<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he Aud<span class=\"_ _1\"></span>it C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s 1<span class=\"_ _5\"></span>20 to 1<span class=\"_ _5\"></span>26.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "C<span class=\"_ _1\"></span>7<span class=\"_ _5\"></span>. F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it accr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d is calc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g the eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span><table class=\"s w19f h1c5\" id=\"_6fbd54c6-45f6-4dda-8139-90b190c5fb80\"><tr><td></td><td class=\"c n x1de y5ffb w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5ffb w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ffc wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ffc w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5ffd ff3 fs2 fc3 sc0 lsf ws4\">Interest expense<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f16 w1a0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">On fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b1 y5f16 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">264<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b2 y5f16 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">288<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed7 w1a1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">On leases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b3 y5ed7 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b4 y5ed7 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5ed8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5ed8 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">290<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y5ffe ff3 fs2 fc3 sc0 ls1c ws6\">Attributable to:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w1a2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">\u2013 policyholder<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b5 y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b6 y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">214<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">222<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">290<span class=\"_ _37b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as it accr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d is calc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g the eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "C8<span class=\"_ _2\"></span>. T<span class=\"_ _5\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt exce<span class=\"_ _1\"></span>pt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y ena<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> at th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er wi<span class=\"_ _1\"></span>th ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ta<span class=\"_ _1\"></span>x paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in resp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e is an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ax t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>C8<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _37b\"> </span><table class=\"s w1a4 h1c6\" id=\"_69e5a545-588f-4664-a11d-abf523065dc4\"><tr><td></td><td class=\"c n x1de y5fff w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5fff w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6000 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6000 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6001 ff3 fs2 fc3 sc0 ls18 ws16\">Current tax:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y6002 w1a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">UK corporation tax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y6002 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b7 y6002 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f0f w1a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Over<span class=\"_ _1\"></span>seas t<span class=\"_ _1\"></span>ax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b8 y5f0f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">88<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b9 y5f0f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1de y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">198<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59f y5f10 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">134<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w1a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Adjustment in<span class=\"_ _5\"></span> respect of prior ye<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5f11 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ba y5f11 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w1a8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal current tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5f12 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y5f12 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6003 ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed5 w1a9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bb y5ed5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bc y5ed5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(154)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w1aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te of U<span class=\"_ _1\"></span>K co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bd y5f72 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b4 y5f72 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w1a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Adjustment in<span class=\"_ _5\"></span> respect of prior ye<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5be y5f16 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5bf y5f16 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w1ab h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal deferred tax charge<span class=\"_ _5\"></span>/(cr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>dit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c0 y5ed7 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3b9 y5ed7 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(157)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w1ac h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c1 y5ed8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6004 ff3 fs2 fc3 sc0 ls1c ws6\">Attributable to:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w1a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">\u2013 policyholder<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f17 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f17 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 own<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c3 y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(376)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ac h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c1 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, as a pr<span class=\"_ _1\"></span>ox<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>, is req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o pa<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns ea<span class=\"_ _1\"></span>ch y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. A<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngl<span class=\"_ _1\"></span>y, th<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>r ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to U<span class=\"_ _1\"></span>K li<span class=\"_ _1\"></span>fe as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>as \u00a345<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>47 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e).<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs347\">Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a348 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e to a Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l ru<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n 2025. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs348\">conjunction<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith a num<span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>er of<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her companies<span class=\"_ _5\"></span> challenged HMRC\u2019s<span class=\"_ _5\"></span> position on the c<span class=\"_ _0\"></span>orporation tax treatment of<span class=\"_ _5\"></span> overseas portfolio </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs349\">di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e EU (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EU di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s'<span class=\"_ _1\"></span>) u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p L<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ord<span class=\"_ _1\"></span>er (<span class=\"_ _1\"></span>\u2018G<span class=\"_ _1\"></span>LO\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs34a\">UK t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>d EU d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to 1 J<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>y 200<span class=\"_ _1\"></span>9, was con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o EU la<span class=\"_ _1\"></span>w gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m U<span class=\"_ _1\"></span>K </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs34b\">com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re exe<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In 20<span class=\"_ _1\"></span>09 U<span class=\"_ _1\"></span>K t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x la<span class=\"_ _1\"></span>w was c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eas a<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>K di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s exe<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs34c\">fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t of A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>eal r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n fav<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r of H<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>RC in 2025 b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>int c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs34d\">cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>yer<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>oub<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>. A<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs34e\">were d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. </div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs34f\">C8.<span class=\"_ _1\"></span>2 T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x (<span class=\"_ _5\"></span>credited)/<span class=\"_ _5\"></span>charged to<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her compr<span class=\"_ _5\"></span>ehensive income<span class=\"_ _37b\"> </span></div><div class=\"gs350\"><table class=\"s w1ad h1c7\" id=\"_c0f0ff6b-f811-468f-8393-f3afaae5b98a\"><tr><td></td><td class=\"c n x1de y6005 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6005 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6006 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6006 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w1ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Current tax (<span class=\"_ _5\"></span>credit)/charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c4 y5ed9 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c5 y5ed9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1af h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ign o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c6 y5f77 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c7 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c8 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c9 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1b1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax (<span class=\"_ _5\"></span>credited)/<span class=\"_ _5\"></span>charged to other<span class=\"_ _5\"></span> comprehensive income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ca y5edc wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cb y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gs351\">C8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>3 T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div><div class=\"gs352\"><table class=\"s w1b2 h1c8\" id=\"_3b1ab282-3e30-4ede-b0ba-ffb70a8f6f0b\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x5cc y5f79 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cd y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it o<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>are s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ce y5f4c wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cf y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1b4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d0 y5edc wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d1 y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs353\">C8.<span class=\"_ _1\"></span>4 Reconciliation<span class=\"_ _5\"></span> of tax charge<span class=\"_ _37b\"> </span></div><div class=\"gs354\"><table class=\"s w1b5 h1c9\" id=\"_d656ea8d-13c6-4ec6-80fc-f99bda0640fa\"><tr><td></td><td class=\"c n x1de y6007 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6007 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x5cc y6008 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cd y6008 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6009 w1b6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y6009 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d3 y6009 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,107)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600a w1b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Policy<span class=\"_ _1\"></span>holder tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x268 y600a w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(452)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e7 y600a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(347)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600b w72 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Loss before<span class=\"_ _5\"></span> the tax attributable to<span class=\"_ _5\"></span> owners<span class=\"_ _37b\"> </span></div></td><td class=\"c n x213 y600b w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(432)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x214 y600b w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,454)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y600d w1b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd U<span class=\"_ _1\"></span>K ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f 25% (202<span class=\"_ _5\"></span>4:25%)</div><div class=\"t m0 x5d4 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d5 y600e w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(108)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d6 y600e w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600f w1b9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Disa<span class=\"_ _1\"></span>llowable expens<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d7 y600f we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d8 y600f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6010 w1ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Prior year<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _5\"></span> for shareholders</div><div class=\"t m0 x5d9 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y5ff8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5da y5ff8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w1bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 25% (2024<span class=\"_ _5\"></span>: 2<span class=\"_ _1\"></span>5%)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5db y5fbf we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5dc y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w1bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>d at r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 25% (202<span class=\"_ _5\"></span>4: 25%)</div><div class=\"t m0 x5dd h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y5fb1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5de y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ff9 w1bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Recognition of previously<span class=\"_ _5\"></span> unrecognised deferred tax asset<span class=\"_ _1\"></span>s</div><div class=\"t m0 x5df h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e0 y5ff9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e1 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e2 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e3 y5f93 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1be h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e4 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e5 y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(376)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Policy<span class=\"_ _1\"></span>holder tax charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1bf h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal tax charge/<span class=\"_ _5\"></span>(credit)<span class=\"_ _5\"></span> for the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e6 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">414<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e7 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs355\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e, b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f U<span class=\"_ _1\"></span>K ta<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs356\">2 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>/(c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>) re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs357\">3 <span class=\"_ _19\"> </span>P<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xed a<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 25% re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>as p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d UK l<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs358\">4 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g to lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>G8<span class=\"_ _2\"></span>. T<span class=\"_ _5\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1d5 h223\" id=\"_756fbe77-796a-44ea-bd35-3864da817d58\"><tr><td></td><td class=\"c n x1de y641f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y641f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6420 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6420 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6421 ff3 fs2 fc3 sc0 ls18 ws16\">Current tax:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fb1 wa0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fd y5fb1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">298<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fe y5fb1 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 wbb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5ff9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x630 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6422 ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w9f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax as<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ff y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Deferred tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0b y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(490)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1500 y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(198)<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsacb\">Movement<span class=\"_ _5\"></span> in deferred tax assets/<span class=\"_ _5\"></span>(liabilities)<span class=\"_ _37b\"> </span></div><div class=\"gsacc\"><table class=\"s w484 h224\" id=\"_40fc6a69-3404-4f28-a411-fe6448cfef0c\"><tr><td></td><td></td><td></td><td class=\"c n x1501 y6423 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1502 y6423 w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x285 hd y6424 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td></td><td></td><td></td><td></td><td class=\"t m0 x756 hd y6424 ff12 fs6 fc3 sc0 lsbd wsc4\">Recognised<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x28b hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x129e hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">in other<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x13fa hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x290 hd y6425 ff12 fs6 fc3 sc0 ls9 ws0\">in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x91e hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1503 hd y6426 ff2 fs6 fc3 sc0 lsc7 wsf5\">comprehen<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x608 hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x28f hd y6427 ff2 fs6 fc3 sc0 lscf wsd1\">31 </td><td></td><td class=\"t m0 x8eb hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x46b hd y6426 ff12 fs6 fc3 sc0 lsc8 wscb\">comprehen<span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x1504 hd y6426 ff12 fs6 fc3 sc0 lsf5 ws9e\">31 </td></tr><tr><td></td><td class=\"t m0 x1505 hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e4 hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x285 hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">sive inc<span class=\"_ _0\"></span>ome </td><td class=\"t m0 xb5e hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">in equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xbfd hd y6429 ff2 fs6 fc3 sc0 lsc7 wsf5\">December<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44b hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x86b hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x756 hd y6428 ff12 fs6 fc3 sc0 ls9 ws0\">si<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me </td><td class=\"t m0 x1506 hd y6428 ff12 fs6 fc3 sc0 lsbe wsc5\">December<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y642a w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1507 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1508 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1509 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150a y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150b y642a w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1246 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150c y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150d y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150e y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642b w357 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>rading losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150f y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1510 y642b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1511 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1512 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1513 y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">551<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1514 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1515 y642b w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1516 y642b we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1517 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642c w485 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Capital losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1518 y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1519 y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151a y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151b y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151c y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151d y642c we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151e y642c w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151f y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y642d ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>enses and<span class=\"_ _5\"></span> deferred </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 x21d h7 y642e ff3 fs2 fc3 sc0 ls18 ws16\">acquisition costs </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 x1e3 y642f w486 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">carried for<span class=\"_ _1\"></span>ward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1520 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1521 y642f w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(103)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1522 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1523 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1524 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1525 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">422<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1526 y642f w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1527 y642f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1528 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6430 w487 h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">temporar<span class=\"_ _2\"></span>y differences<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1529 y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152a y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152b y6430 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152c y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152d y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152e y6430 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152f y6430 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1530 y6430 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1531 y6430 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6431 ff3 fs2 fc3 sc0 ls1c ws6\">Non<span class=\"_ _1\"></span>-refundable pension </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 x1e3 y6432 w488 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">scheme surp<span class=\"_ _1\"></span>lus<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1532 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1533 y6432 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1534 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1535 y6432 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1536 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1537 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(91)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1538 y6432 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c9 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1539 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y6433 ff3 fs2 fc3 sc0 ls18 ws16\">Committed future </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 x147a y6434 w489 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">pension contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153a y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153b y6434 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153c y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153d y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153e y6434 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153f y6434 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1540 y6434 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1541 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1542 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6435 ff3 fs2 fc3 sc0 lse ws1b\">T<span class=\"_ _4\"></span>ransit<span class=\"_ _1\"></span>ional adjustment </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 x1e3 y6436 w48a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9/1<span class=\"_ _4\"></span>7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1543 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1544 y6436 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1545 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1546 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1547 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1548 y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1549 y6436 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154a y6436 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154b y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6437 w48b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Accele<span class=\"_ _0\"></span>rated capital allowances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154c y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154d y6437 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154e y6437 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154f y6437 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1550 y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1551 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1552 y6437 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e0 y6437 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1553 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6438 w48c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Intangibles<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1554 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1183 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1555 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1556 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1557 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1558 y6438 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1559 y6438 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155a y6438 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155b y6438 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6439 w48d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Acquired in-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155c y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155d y6439 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155e y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155f y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1560 y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1561 y6439 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1562 y6439 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1563 y6439 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1564 y6439 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f47 w48e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Customer<span class=\"_ _5\"></span> relationships<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1565 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1566 y5f47 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc5 y5f47 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1567 y5f47 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1568 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(24)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1569 y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156a y5f47 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156b y5f47 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156c y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y643a w48f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Unrealised gains<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156d y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156e y643a w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(160)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1013 y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156f y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1570 y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(572)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1571 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1572 y643a w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1573 y643a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1574 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643b ff6 fs2 fc3 sc0 ls1e ws2d\">Actuarial liability differences<span class=\"_ _5\"></span> <span class=\"_ _1\"></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 x1e3 y643c w490 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al G<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>P a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1575 y643c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1576 y643c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1577 y643c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1578 y643c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1579 y643c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157a y643c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157b y643c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157c y643c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157d y643c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y643d ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x147a y5f17 w491 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">on translation of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">foreign<span class=\"_ _5\"></span> operations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157e y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157f y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1580 y5f17 wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1581 y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1582 y5f17 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1583 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1584 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1585 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1586 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1587 y5edb wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1588 y5edb wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1589 y5edb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158a y5edb wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158b y5edb wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158c y5edb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158d y5edb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158e y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158f y5edb w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x29a y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1590 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1591 y5edc wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1592 y5edc wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1593 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1594 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1595 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">157<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1596 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1597 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsacd\">Th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of U<span class=\"_ _1\"></span>K Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 is 25% (<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4: 25%). </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsace\">Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, are re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed at 25%<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsacf\">los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d for<span class=\"_ _2\"></span>wa<span class=\"_ _1\"></span>rd on<span class=\"_ _1\"></span>ly to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsad0\">Th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 2025 fro<span class=\"_ _1\"></span>m \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o \u00a355<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gsad1\">(202<span class=\"_ _5\"></span>4: inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m \u00a3399 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on to \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on). Th<span class=\"_ _1\"></span>is has ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n pri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly du<span class=\"_ _1\"></span>e to refi<span class=\"_ _1\"></span>nem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsad2\">gave r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se to a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n 202<span class=\"_ _5\"></span>4 ar<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>e to n<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gsad3\">Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s to supp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of a de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls90 ws6a gsad4\">are pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d for th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng Pl<span class=\"_ _1\"></span>an w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r var<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>et s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, div<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d affo<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsad5\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ce of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsad6\">a def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s sug<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>est t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"gsad7\"><table class=\"s w492 h225\" id=\"_d3b6d500-9fbd-4d9f-b7a2-8e8ebbfc20ec\"><tr><td></td><td class=\"c n x1598 y643e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1599 y643e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x159a y5ff3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159b y5ff3 w493 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643f ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s have n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w494 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax losses carried forward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159c y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159d y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w495 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s not r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsad8\">A tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ter i<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h H<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>RC in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>&amp;<span class=\"_ _1\"></span>G i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er to R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsad9\">Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t thi<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ax b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsada\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uin<span class=\"_ _1\"></span>g to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D In<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve Fra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nly r<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsadb\">T<span class=\"_ _5\"></span>wo r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o\u2019<span class=\"_ _1\"></span>), as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om 1 J<span class=\"_ _1\"></span>anu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4. B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsadc\">a jur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ay a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te of 1<span class=\"_ _5\"></span>5% on wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ldw<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsadd\">31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsade\">In M<span class=\"_ _1\"></span>ay 2023, th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>2 In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>xes w<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsadf\">ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>aw e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d or s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar Two mod<span class=\"_ _1\"></span>el r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ubl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsae0\">la<span class=\"_ _1\"></span>w tha<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s qual<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d do<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m top<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce a tem<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsae1\">excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes i<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>2, s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t an en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsae2\">inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o Pil<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up con<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at it h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsae3\">exception during the period.<span class=\"_ _37b\"> </span></div>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in ju<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ha<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d \u00a3ni<span class=\"_ _1\"></span>l (202<span class=\"_ _5\"></span>4: \u00a3n<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o notes that<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Pillar T<span class=\"_ _4\"></span>wo inc<span class=\"_ _5\"></span>ome taxes legislation i<span class=\"_ _5\"></span>s expected to<span class=\"_ _5\"></span> continue developing,<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he rules ar<span class=\"_ _5\"></span>e inherently c<span class=\"_ _5\"></span>omplex and can po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly le<span class=\"_ _1\"></span>ad to a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bit<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> legislation on<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s operations.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt exce<span class=\"_ _1\"></span>pt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, in wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>t is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y ena<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> at th<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er wi<span class=\"_ _1\"></span>th ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to ta<span class=\"_ _1\"></span>x paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in resp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ax c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e is an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ax t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "D. Equity<span class=\"_ _37b\"> </span>D1<span class=\"_ _5\"></span>. Share Capita<span class=\"_ _5\"></span>l<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. In<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he is<span class=\"_ _1\"></span>sue o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1c0 h1b0\" id=\"_9193ba89-d4f8-4783-9167-ac1b607f7b66\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6011 ff3 fs2 fc3 sc0 ls3c ws0\">Issued and fully paid:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w1c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">1,006.3 million ordinary shares of \u00a30.10 each (2024: 1,003.1 million)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e8 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e9 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ord<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s are e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>led t<span class=\"_ _1\"></span>o on<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on by o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e suc<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, if any, as ma<span class=\"_ _1\"></span>y be de<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>red by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard o<span class=\"_ _1\"></span>f Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in it<span class=\"_ _2\"></span>s disc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>ut of l<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1c2 h1ca\" id=\"_a571df04-4543-481f-8e30-fa19b50815ca\"><tr><td></td><td class=\"t m0 x5ea hd y6012 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5eb hd y6012 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ec hd y6012 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6012 ff12 fs6 fc3 sc0 ls9 ws0\">2024</td></tr><tr><td></td><td class=\"t m0 x5ed hd y6013 ff2 fs6 fc3 sc0 lsbd wsc4\"> Number</td><td class=\"t m0 x5ee hd y6013 ff2 fs6 fc3 sc0 ls9 ws0\"> \u00a3</td><td class=\"t m0 x5ef hd y6013 ff12 fs6 fc3 sc0 lsbe wsc5\"> Number</td><td class=\"t m0 x5f0 hd y6013 ff12 fs6 fc3 sc0 ls9 ws0\"> \u00a3<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f77 w1c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s in is<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f1 y5f77 w1c4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,003,111,838<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f2 y5f77 w1c5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100,311,183<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f3 y5f77 w1c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,001,538,419<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f4 y5f77 w1c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100,153,841<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1c8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f5 y5f4c w1c9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,140,405<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f6 y5f4c w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">314,041<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f7 y5f4c w1ca h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,573,419<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f8 y5f4c w9c h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">157,342<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1cb h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Shares in<span class=\"_ _5\"></span> issue at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f9 y5edc w1cc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,006,252,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fa y5edc w1c5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100,625,224<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fb y5edc w1c6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,003,111,838<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5edc w1c7 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100,311,183<span class=\"_ _37b\"> </span></div></td></tr></table>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed 3,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>0,4<span class=\"_ _1\"></span>05 sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1,573,4<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>9) w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um of \u00a34 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3ni<span class=\"_ _1\"></span>l) i<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span> to s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s shar<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote I1<span class=\"_ _5\"></span>). T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 2,<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es (2024<span class=\"_ _5\"></span>: 1,50<span class=\"_ _1\"></span>0,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0) th<span class=\"_ _1\"></span>at we<span class=\"_ _1\"></span>re is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>t nom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>D2<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee be<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny or o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, net o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x) is s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s a de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Gain<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es on s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e EBT a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T ho<span class=\"_ _1\"></span>lds s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds g<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1cd h1cb\" id=\"_e8b0ed24-2d8f-4859-98ae-6780d5bb1c2e\"><tr><td></td><td class=\"c n x1de y6014 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6014 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1cf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Shares ac<span class=\"_ _5\"></span>quired or subscribed for<span class=\"_ _5\"></span> by the EBT<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fd y5f77 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fe y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Shares a<span class=\"_ _5\"></span>warded to empl<span class=\"_ _5\"></span>oyees by the EB<span class=\"_ _5\"></span>T<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ff y5f4c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x600 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23e y5edc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e1 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr></table>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r 3,7<span class=\"_ _4\"></span>46<span class=\"_ _1\"></span>,7<span class=\"_ _5\"></span>51 (20<span class=\"_ _5\"></span>24: 2,267<span class=\"_ _3\"></span>,<span class=\"_ _1\"></span>832) sha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>, 1,367<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>221 (20<span class=\"_ _5\"></span>24: 2,994,85<span class=\"_ _1\"></span>4) sha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>ere pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er 2,<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0) sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T by t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any. T<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es hel<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he E<span class=\"_ _1\"></span>BT a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 was 4,67<span class=\"_ _5\"></span>4,432 (202<span class=\"_ _4\"></span>4: 4,<span class=\"_ _1\"></span>853,962).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EBT w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>t to p<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. D3. Other Reserves<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span>A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span><table class=\"s w1d2 h1cc\" id=\"_49c37174-0fbc-4934-bd0e-ba9f0ee9ec1c\"><tr><td></td><td></td><td class=\"c n x601 y6016 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x602 y6016 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x603 hd y6017 ff13 fs6 fc3 sc0 ls187 ws2\">O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x604 hd y6018 ff12 fs6 fc3 sc0 lsbe wsc5\">cupied </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x336 hd y6019 ff2 fs6 fc3 sc0 lsc7 wsf5\">Merger </td><td class=\"t m0 x605 hd y6019 ffa fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w </td><td class=\"t m0 x606 hd y6019 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x3f6 hd y6019 ff12 fs6 fc3 sc0 lsbe wsc5\">Merger </td><td class=\"t m0 x607 hd y6019 ff12 fs6 fc3 sc0 lsbd wsc4\">property </td><td class=\"t m0 x282 hd y6019 ff13 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w </td><td></td></tr><tr><td></td><td class=\"t m0 x608 hd y601a ff2 fs6 fc3 sc0 lsc8 wscb\">relief </td><td class=\"t m0 x331 hd y601a ff2 fs6 fc3 sc0 lsbd wsc4\">hedging </td><td class=\"t m0 x609 hd y601a ff2 fs6 fc3 sc0 lsbd wsc4\">other </td><td class=\"t m0 x60a hd y601a ff12 fs6 fc3 sc0 ls54 ws50\">relief </td><td class=\"t m0 x60b hd y601a ff12 fs6 fc3 sc0 ls7c ws7d\">revaluation </td><td class=\"t m0 x60c hd y601a ff12 fs6 fc3 sc0 lsd1 wsd2\">hedging </td><td class=\"t m0 x60d hd y601a ff12 fs6 fc3 sc0 ls9 ws0\">Tota<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td></tr><tr><td></td><td class=\"t m0 x281 hd y601b ff2 fs6 fc3 sc0 ls25 ws25\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44e hd y601b ff2 fs6 fc3 sc0 ls25 ws25\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60e hd y601b ff2 fs6 fc3 sc0 lsc8 wscb\">reserves<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44c hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60f hd y601b ff12 fs6 fc3 sc0 lsd1 wsd2\">reserves<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x610 y6006 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x611 y6006 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x612 y6006 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x613 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x614 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x615 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x616 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x617 y5ed9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x618 y5ed9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x619 y5ed9 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">616<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61a y5ed9 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61b y5ed9 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61c y5ed9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61d y5ed9 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,835<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1d3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Other comprehe<span class=\"_ _5\"></span>nsive (e<span class=\"_ _0\"></span>xpense<span class=\"_ _5\"></span>)/<span class=\"_ _1\"></span>income f<span class=\"_ _5\"></span>or the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61e y5f77 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61f y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x620 y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x621 y5f77 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x622 y5f77 w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x623 y5f77 we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y5f77 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ransfer to r<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>ained earnings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x625 y5f4c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x626 y5f4c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x627 y5f4c wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x628 y5f4c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,226)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x629 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x31f y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x572 y5f4c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,226)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62a y5edc wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62b y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62c y5edc w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">594<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62d y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x302 y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62e y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">616<span class=\"_ _37b\"> </span></div></td></tr></table>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 202<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _5\"></span>1,226 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve wa<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>o effe<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US Do<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar d<span class=\"_ _1\"></span>eno<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. On 4 F<span class=\"_ _1\"></span>ebr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2025, th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e US $750 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ier 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es le<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to an u<span class=\"_ _1\"></span>nw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. On 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>4, t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed U<span class=\"_ _1\"></span>S $500 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt Co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ble T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y swa<span class=\"_ _1\"></span>p th<span class=\"_ _1\"></span>at wa<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e wa<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s a he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>n 18 June 2024, US $500 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>S $7<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ual Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ent Co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e Ti<span class=\"_ _1\"></span>er 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s were r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d via a te<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ffer, <span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g to an u<span class=\"_ _1\"></span>nwi<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of US $50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g has b<span class=\"_ _1\"></span>een a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s is to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y denominated<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>orrowings due<span class=\"_ _5\"></span> to changes in<span class=\"_ _5\"></span> for<span class=\"_ _1\"></span>ward rates. The hedge ratio<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>i.e.<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he relationship<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween the quantity of the<span class=\"_ _5\"></span> hedging ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em in t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g) is su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is a<span class=\"_ _1\"></span>n exa<span class=\"_ _1\"></span>ct m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e relative weightings of the hedged it<span class=\"_ _5\"></span>ems and hedging instrument<span class=\"_ _1\"></span>s within each of the hedging relationships.<span class=\"_ _37b\"> </span>D4<span class=\"_ _2\"></span>. Ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span>An e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y af<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g all i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>ly, a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y if<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is n<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s or t<span class=\"_ _1\"></span>o exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms </span>th<span class=\"_ _1\"></span>at may b<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>fav<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rab<span class=\"_ _1\"></span>le; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>hat c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s no co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r is a d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e </span>th<span class=\"_ _1\"></span>at wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a fixed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r a fixed n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s own equit<span class=\"_ _1\"></span>y instrument<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Res<span class=\"_ _1\"></span>et P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ict<span class=\"_ _1\"></span>ed T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _2\"></span>Ti<span class=\"_ _1\"></span>er 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>) m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gly a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n as a s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re recognised<span class=\"_ _5\"></span> as distributions on the<span class=\"_ _5\"></span> date of payment<span class=\"_ _5\"></span> and are charged<span class=\"_ _5\"></span> directly to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he statement of<span class=\"_ _5\"></span> consolidated changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span><table class=\"s w1ad h1b1\" id=\"_e9962d00-e934-401b-afae-0f52130492d8\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wb0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">494<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">494<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h wer<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d on 26 Ap<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>l 201<span class=\"_ _5\"></span>8, b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t at a fixe<span class=\"_ _1\"></span>d rat<span class=\"_ _1\"></span>e of 5.75<span class=\"_ _5\"></span>% p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m up to th<span class=\"_ _1\"></span>e \u2018F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e\u2019 of 26 Apr<span class=\"_ _1\"></span>il 2028. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>xed ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Fi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e and o<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h fif<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ann<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>his d<span class=\"_ _1\"></span>ate b<span class=\"_ _1\"></span>y ref<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce to a 5<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r gi<span class=\"_ _1\"></span>lt y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d plu<span class=\"_ _1\"></span>s a ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n of 4<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>16<span class=\"_ _5\"></span>9<span class=\"_ _1\"></span>%. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>tes s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span>ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n ar<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n 26 Octo<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d 26 Ap<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r was \u00a3<span class=\"_ _1\"></span>29 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a329 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>ve no fi<span class=\"_ _1\"></span>xed ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y da<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t is pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le on<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span>; acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gly t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as su<span class=\"_ _1\"></span>ch in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. I<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is n<span class=\"_ _1\"></span>ot ma<span class=\"_ _1\"></span>de, i<span class=\"_ _1\"></span>t is ca<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d it sh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l not a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or be p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at any<span class=\"_ _1\"></span> time thereaf<span class=\"_ _1\"></span>ter<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s may b<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>r on t<span class=\"_ _1\"></span>he F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e or o<span class=\"_ _1\"></span>n any i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Company<span class=\"_ _5\"></span> and al<span class=\"_ _1\"></span>so in other<span class=\"_ _5\"></span> limited circumstances. In r<span class=\"_ _5\"></span>espect of any<span class=\"_ _5\"></span> redemption or purchase<span class=\"_ _5\"></span> of the Tier 1 Notes, such<span class=\"_ _5\"></span> redemption or pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e is su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>pt o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o do s<span class=\"_ _1\"></span>o fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>On 27 Oc<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2020, the t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f a tr<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r ev<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>as c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Pre<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y, the T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>do<span class=\"_ _1\"></span>wn i<span class=\"_ _1\"></span>n va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>o zero. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ter<span class=\"_ _1\"></span>ms r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld au<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lly b<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n to o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>he conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re, su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d all a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d unp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t wou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cell<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re wo<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>o rei<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of a<span class=\"_ _1\"></span>ny p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of, or int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t any t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>D5. Non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span>No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of acquisition, adjus<span class=\"_ _5\"></span>ted for the r<span class=\"_ _5\"></span>elevant share<span class=\"_ _5\"></span> of subsequent changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span><table class=\"s w1d5 h1cd\" id=\"_1e031ead-287c-4ac4-8576-a6d100c65a30\"><tr><td></td><td class=\"c n x1de y601c w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601c w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y601d wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y601d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ff9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5ff9 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">549<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1d6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62f y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1d7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dividends paid<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x630 y5f77 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Decrease in non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3b2 y5f4c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x631 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57b y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">539<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a3554 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3539 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p of Pa<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ia P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>ru<span class=\"_ _1\"></span>st p<span class=\"_ _1\"></span>lc (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>PE<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>\u2019) d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ate v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>PE<span class=\"_ _2\"></span>T is a UK<span class=\"_ _1\"></span> Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck E<span class=\"_ _2\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e. A<span class=\"_ _2\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>eld 55.4% (202<span class=\"_ _5\"></span>4: 54.<span class=\"_ _1\"></span>3%) of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s inter<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T is he<span class=\"_ _1\"></span>ld in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s and u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s lif<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re, po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s bea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ajo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T. Su<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s is<span class=\"_ gse8\"> </span>sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n bel<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1d9 h1ce\" id=\"_9effad9b-391f-43ef-87c7-a880f126a5c2\"><tr><td></td><td class=\"c n x1de y601e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y601f w1da h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">PPET<span class=\"_ _37b\"> </span></div></td><td class=\"c n x632 y601f wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x633 y601f w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6020 ffa fs2 fc3 sc0 ls9 ws0\">St<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed4 w99 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Financial asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ed4 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">611<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5ed4 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">529<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w1db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w1dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls188 ws1a1\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5f72 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">631<span class=\"_ _37b\"> </span></div></td><td class=\"c n x584 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">585<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w1dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f16 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f16 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">46<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6021 ff2 fs2 fc3 sc0 ls33 wsb\">Income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w1de h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">62<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1df h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62f y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1e0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Comprehens<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ve inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f7 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6022 ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w1e1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x634 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x635 y5edc we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "D. Equity<span class=\"_ _37b\"> </span>D1<span class=\"_ _5\"></span>. Share Capita<span class=\"_ _5\"></span>l<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. In<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he is<span class=\"_ _1\"></span>sue o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1c0 h1b0\" id=\"_9193ba89-d4f8-4783-9167-ac1b607f7b66\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6011 ff3 fs2 fc3 sc0 ls3c ws0\">Issued and fully paid:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w1c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">1,006.3 million ordinary shares of \u00a30.10 each (2024: 1,003.1 million)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e8 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e9 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ord<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s are e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>led t<span class=\"_ _1\"></span>o on<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on by o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e suc<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, if any, as ma<span class=\"_ _1\"></span>y be de<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>red by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard o<span class=\"_ _1\"></span>f Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in it<span class=\"_ _2\"></span>s disc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>ut of l<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1c2 h1ca\" id=\"_a571df04-4543-481f-8e30-fa19b50815ca\"><tr><td></td><td class=\"t m0 x5ea hd y6012 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5eb hd y6012 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ec hd y6012 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6012 ff12 fs6 fc3 sc0 ls9 ws0\">2024</td></tr><tr><td></td><td class=\"t m0 x5ed hd y6013 ff2 fs6 fc3 sc0 lsbd wsc4\"> Number</td><td class=\"t m0 x5ee hd y6013 ff2 fs6 fc3 sc0 ls9 ws0\"> \u00a3</td><td class=\"t m0 x5ef hd y6013 ff12 fs6 fc3 sc0 lsbe wsc5\"> Number</td><td class=\"t m0 x5f0 hd y6013 ff12 fs6 fc3 sc0 ls9 ws0\"> \u00a3<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f77 w1c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s in is<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f1 y5f77 w1c4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,003,111,838<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f2 y5f77 w1c5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100,311,183<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f3 y5f77 w1c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,001,538,419<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f4 y5f77 w1c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100,153,841<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1c8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f5 y5f4c w1c9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,140,405<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f6 y5f4c w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">314,041<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f7 y5f4c w1ca h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,573,419<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f8 y5f4c w9c h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">157,342<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1cb h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Shares in<span class=\"_ _5\"></span> issue at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5f9 y5edc w1cc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,006,252,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fa y5edc w1c5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100,625,224<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fb y5edc w1c6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,003,111,838<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5edc w1c7 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100,311,183<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs35d\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed 3,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>0,4<span class=\"_ _1\"></span>05 sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1,573,4<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>9) w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um of \u00a34 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3ni<span class=\"_ _1\"></span>l) i<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs2ba\">to s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s shar<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote I1<span class=\"_ _5\"></span>). T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 2,<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es (2024<span class=\"_ _5\"></span>: 1,50<span class=\"_ _1\"></span>0,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0) </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs2bb\">th<span class=\"_ _1\"></span>at we<span class=\"_ _1\"></span>re is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>t nom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. In<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he is<span class=\"_ _1\"></span>sue o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, ne<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "D2<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee be<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny or o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, net o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x) is s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s a de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Gain<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es on s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e EBT a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T ho<span class=\"_ _1\"></span>lds s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds g<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1cd h1cb\" id=\"_e8b0ed24-2d8f-4859-98ae-6780d5bb1c2e\"><tr><td></td><td class=\"c n x1de y6014 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6014 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1cf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Shares ac<span class=\"_ _5\"></span>quired or subscribed for<span class=\"_ _5\"></span> by the EBT<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fd y5f77 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fe y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Shares a<span class=\"_ _5\"></span>warded to empl<span class=\"_ _5\"></span>oyees by the EB<span class=\"_ _5\"></span>T<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5ff y5f4c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x600 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23e y5edc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e1 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr></table>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r 3,7<span class=\"_ _4\"></span>46<span class=\"_ _1\"></span>,7<span class=\"_ _5\"></span>51 (20<span class=\"_ _5\"></span>24: 2,267<span class=\"_ _3\"></span>,<span class=\"_ _1\"></span>832) sha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>, 1,367<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>221 (20<span class=\"_ _5\"></span>24: 2,994,85<span class=\"_ _1\"></span>4) sha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>ere pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er 2,<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0) sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T by t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any. T<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es hel<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he E<span class=\"_ _1\"></span>BT a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 was 4,67<span class=\"_ _5\"></span>4,432 (202<span class=\"_ _4\"></span>4: 4,<span class=\"_ _1\"></span>853,962).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EBT w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>reco<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>t to p<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I1<span class=\"_ _5\"></span>. Share-<span class=\"_ _1\"></span>based paym<span class=\"_ _5\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of equity<span class=\"_ _1\"></span>-settled share-<span class=\"_ _1\"></span>based transactions are set<span class=\"_ _5\"></span> out below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll ev<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. At ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up rev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es it<span class=\"_ _2\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y inst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted to v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, if a<span class=\"_ _1\"></span>ny, is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t su<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h a cor<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>I1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Share-<span class=\"_ _1\"></span>based payment expense<span class=\"_ _37b\"> </span>The expense r<span class=\"_ _5\"></span>ecognised for<span class=\"_ _5\"></span> employee ser<span class=\"_ _1\"></span>vices r<span class=\"_ _5\"></span>eceivable during the<span class=\"_ _5\"></span> year is as<span class=\"_ _5\"></span> follows: <table class=\"s w6af h1b1\" id=\"_1f12dd79-7054-46ce-9f61-269c95643d88\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w6b0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ense arising<span class=\"_ _5\"></span> from equity<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>settled share-b<span class=\"_ _1\"></span>ased payment<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransactions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1354 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174f y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr></table>I1.<span class=\"_ _1\"></span>2 Sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>o dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Lo<span class=\"_ _1\"></span>ng T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e, an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span> ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ved s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ave a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Sha<span class=\"_ _1\"></span>re I<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Lo<span class=\"_ _1\"></span>ng T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m In<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>LTIP<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e L<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P is t<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ou<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e, an<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>is pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n are i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f ni<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> to acqui<span class=\"_ _5\"></span>re an allocated n<span class=\"_ _5\"></span>umb<span class=\"_ _1\"></span>er of<span class=\"_ _5\"></span> ordinar<span class=\"_ _1\"></span>y shares and<span class=\"_ _5\"></span> are subject<span class=\"_ _5\"></span> to performance cond<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ions tied t<span class=\"_ _5\"></span>o the Group\u2019<span class=\"_ _5\"></span>s performance.<span class=\"_ _5\"></span> Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ill a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue fo<span class=\"_ _1\"></span>r L<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns prior to<span class=\"_ _5\"></span> vesting. Further details of the performance<span class=\"_ _5\"></span> conditions and vesting<span class=\"_ _5\"></span> dates are inc<span class=\"_ _5\"></span>luded in the Directors\u2019<span class=\"_ _5\"></span> Remuneration Report. A hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o mem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he E<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive Co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e. On<span class=\"_ _1\"></span>ce pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce v<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d, a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds w<span class=\"_ _1\"></span>ill no<span class=\"_ _1\"></span>t be re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r a fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _2\"></span>wo yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l awa<span class=\"_ _1\"></span>rd da<span class=\"_ _1\"></span>te. D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e on L<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>IP a<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re no c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt al<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsc07\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rds i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e day<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsc08\">th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s up<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s were g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he LTIP a<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsc09\">Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e a \u2018ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on\u2019<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he 2023, 202<span class=\"_ _5\"></span>4 a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls90 ws0 gsc0a\">2025 TS<span class=\"_ _1\"></span>R ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he LTIP aw<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a Mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lo m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to th<span class=\"_ _1\"></span>is m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>re sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gsc0b\"><table class=\"s w6b1 h232\" id=\"_d975c280-aa73-4037-8696-31407ff1857f\"><tr><td></td><td class=\"c n x1750 y6648 w6b2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsca ws90\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1751 y6648 w6b3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsb1 wsa7\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1752 y6648 w6b4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls110 ws119\">2023<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x79e hd y6649 ff2 fs6 fc3 sc0 ls25 wsc4\">TSR performance </td><td class=\"t m0 x818 hd y6649 ff12 fs6 fc3 sc0 lsd7 wsd2\">TSR performance </td><td class=\"t m0 xbfc hd y6649 ff12 fs6 fc3 sc0 lsd7 wsd2\">TSR performance </td></tr><tr><td></td><td class=\"t m0 x422 hd y664a ff2 fs6 fc3 sc0 ls25 ws25\">condition<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1753 hd y664a ff12 fs6 fc3 sc0 lsca ws90\">condition<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y664a ff12 fs6 fc3 sc0 lsca ws90\">condition<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f93 w6b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sha<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce (<span class=\"_ _1\"></span>p)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1754 y5f93 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">574<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b9 y5f93 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">553<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ba y5f93 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">559<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w6b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected lif<span class=\"_ _5\"></span>e (<span class=\"_ _2\"></span>years)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1755 y5f77 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1756 y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1757 y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w6b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected volatility (%<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1758 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1759 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w6b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ree i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te (%)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1755 y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1756 y5edc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175a y5edc w121 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.3<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls1c ws6 gsc0c\">Exp<span class=\"_ _1\"></span>ected dividend<span class=\"_ _5\"></span> yield (%<span class=\"_ _5\"></span>)<span class=\"_ _316\"> </span><span class=\"ls9 ws0\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed by h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls9 ws0 gsc0d\">awa<span class=\"_ _1\"></span>rds t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fore n<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o fai<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls9 ws0 gsc0e\">val<span class=\"_ _1\"></span>ue is r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc0f\">L<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>IP B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t awa<span class=\"_ _1\"></span>rds w<span class=\"_ _1\"></span>ere g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ar<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>e ves<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rds<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc10\">an<span class=\"_ _1\"></span>d are m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>yee<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>n in e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar aw<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc11\">al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gsc12\">Deferred Bonus Share<span class=\"_ _5\"></span> Scheme (\u2018<span class=\"_ _1\"></span>DBSS\u2019<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc13\">Ea<span class=\"_ _1\"></span>ch y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc14\">Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny. Th<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to def<span class=\"_ _1\"></span>er is sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d to se<span class=\"_ _1\"></span>nio<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>xec<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve Com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ee. T<span class=\"_ _1\"></span>he ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc15\">sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s is co<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g in e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fo<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc16\">Go<span class=\"_ _1\"></span>od l<span class=\"_ _1\"></span>eav<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>le to, a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on Co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e, exerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ull a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>d at v<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc17\">eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e for D<span class=\"_ _1\"></span>BS<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ee<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ed as a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc18\">ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s of ea<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>d are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he D<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 Re<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc19\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rds i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e day<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nto<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc1a\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns we<span class=\"_ _1\"></span>re gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gsc1b\">ShareSave<span class=\"_ _5\"></span> scheme<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc1c\">Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ave a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>mpl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K to s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>e up to \u00a3<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0 ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h fo<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d up t<span class=\"_ _1\"></span>o 202<span class=\"_ _5\"></span>4 for<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc1d\">fiv<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reS<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ve ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e or fi<span class=\"_ _1\"></span>ve yea<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc1e\">sa<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to u<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs t<span class=\"_ _1\"></span>o pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s at a d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce (<span class=\"_ _1\"></span>\u2018exerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e exer<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc1f\">ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ee<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce, di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by 20% p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s leav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc20\">cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s to exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e a pro<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er of s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hey l<span class=\"_ _1\"></span>eav<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc21\">th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ree o<span class=\"_ _1\"></span>r five y<span class=\"_ _1\"></span>ear p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc22\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck-S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>. Ke<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>his v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc23\">model include<span class=\"_ _5\"></span> expected share price<span class=\"_ _5\"></span> volatilit<span class=\"_ _1\"></span>y and expected<span class=\"_ _5\"></span> dividend yield.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc24\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n was r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>1 t<span class=\"_ _1\"></span>o 2025 UK Sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ave o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gsc25\"><table class=\"s w6b9 h233\" id=\"_28b2d580-0f01-4993-9985-8575b0c149cd\"><tr><td></td><td class=\"c n x74c y664b w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175b y664b w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175c y664b w6ba h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">202<span class=\"_ _1\"></span>3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175d y664b w21b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2022<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175e y664b w6bb h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd0 ws9b\">2021<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x733 y664c w6bc h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls25 ws25\">Shar<span class=\"_ _1\"></span>eSave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x175f y664c w6bd h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">ShareSave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1760 y664c w6be h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">ShareS<span class=\"_ _1\"></span>ave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1761 y664c w6be h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">ShareS<span class=\"_ _1\"></span>ave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1762 y664c w6bf h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">ShareS<span class=\"_ _1\"></span>ave<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y664d w6c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sha<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce (\u00a3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1763 y664d w25d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls18e ws4e\">6.84<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1764 y664d w6c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls56 ws53\">4<span class=\"_ _1\"></span>.91<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1765 y664d w6c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">4<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1766 y664d w6c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">6<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1767 y664d w6c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7.<span class=\"_ _2\"></span>4<span class=\"_ _a\"></span>8<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y664e w6c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce (\u00a3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1768 y664e w6c6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1769 y664e w6c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">4<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176a y664e w6c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">3.78<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176b y664e w6c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">5.09<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176c y664e w6c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">5.89<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y664f w6b6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected lif<span class=\"_ _5\"></span>e (<span class=\"_ _2\"></span>years)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176d y664f w6ca h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 lsb8 ws103\">3<span class=\"_ _2\"></span>.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176e y664f w6cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">3<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span> a<span class=\"_ _a\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x176f y664f w6cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">3<span class=\"_ _2\"></span>.1<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> 5<span class=\"_ _a\"></span>.1</div></td><td class=\"c n x1770 y664f w6cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5 an<span class=\"_ _1\"></span>d 5.<span class=\"_ _1\"></span>25</div></td><td class=\"c n x1771 y664f w6cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3.<span class=\"_ _1\"></span>25 a<span class=\"_ _1\"></span>nd 5<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>25<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6650 ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ree r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e (%) \u2013 bas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n UK </td><td class=\"c n x1772 y6651 w6ce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls164 wsf4\">3.5</div></td><td class=\"c n x1773 y6651 w6cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws0\">4.<span class=\"_ _1\"></span>2 (fo<span class=\"_ _1\"></span>r 3 yea<span class=\"_ _1\"></span>r</div></td><td class=\"t m0 x980 h7 y6652 ff3 fs2 fc3 sc0 ls21 ws0\">4.7 (for 3 ye<span class=\"_ _1\"></span>ar </td><td class=\"t m0 x79f h7 y6653 ff3 fs2 fc3 sc0 ls21 ws0\">2.0 (fo<span class=\"_ _1\"></span>r 3 yea<span class=\"_ _1\"></span>r </td><td class=\"t m0 x1774 h7 y6654 ff3 fs2 fc3 sc0 ls21 ws0\">0.5 (<span class=\"_ _1\"></span>for 3 y<span class=\"_ _1\"></span>ear </td></tr><tr><td class=\"t m0 x21d h7 y6655 ff3 fs2 fc3 sc0 lsf ws4\">government gilt<span class=\"_ _1\"></span>s commensurate wit<span class=\"_ _1\"></span>h </td><td></td><td class=\"t m0 x96f h7 y6656 ff3 fs2 fc3 sc0 ls21 ws0\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me) an<span class=\"_ _1\"></span>d 4.<span class=\"_ _5\"></span>1 </td><td class=\"t m0 x14c5 h7 y6657 ff3 fs2 fc3 sc0 ls21 ws0\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me) an<span class=\"_ _1\"></span>d 4.5<span class=\"_ _1\"></span> </td><td class=\"t m0 xfde h7 y6658 ff3 fs2 fc3 sc0 ls21 ws0\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me) an<span class=\"_ _1\"></span>d 1.9 </td><td class=\"t m0 x4dc h7 y6659 ff3 fs2 fc3 sc0 ls21 ws0\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me) an<span class=\"_ _1\"></span>d 0.7 </td></tr><tr><td class=\"t m0 x21d h7 y665a ff3 fs2 fc3 sc0 ls1c ws6\">the expected t<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>m of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he awar<span class=\"_ _0\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x97c h7 y665b ff3 fs2 fc3 sc0 ls21 ws0\">(for 5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r </td><td class=\"t m0 x60e h7 y665c ff3 fs2 fc3 sc0 ls21 ws0\">(for 5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r </td><td class=\"t m0 x1410 h7 y665d ff3 fs2 fc3 sc0 ls21 ws0\">(for 5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r </td><td class=\"t m0 x12f3 h7 y665e ff3 fs2 fc3 sc0 ls21 ws0\">(for 5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r </td></tr><tr><td></td><td></td><td class=\"t m0 xe27 h7 y665f ff3 fs2 fc3 sc0 ls122 ws184\">s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x13da h7 y6660 ff3 fs2 fc3 sc0 ls122 ws184\">s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x802 h7 y6661 ff3 fs2 fc3 sc0 ls122 ws184\">s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1506 h7 y6662 ff3 fs2 fc3 sc0 ls122 ws184\">s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5edb w6d0 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls4c ws6\">Exp<span class=\"_ _1\"></span>ected volatility (%<span class=\"_ _5\"></span>) based on<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws6\">Company\u2019s<span class=\"_ _5\"></span> share price v<span class=\"_ _5\"></span>ol<span class=\"_ _1\"></span>atility to date<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1775 y5edb w6d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 lsd8 wsda\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1776 y5edb w6d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1b ws19\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1777 y5edb w6d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1778 y5edb w6d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1779 y5edb w6d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">30<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w6d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls33 wsb\">Dividend yi<span class=\"_ _0\"></span>eld<span class=\"_ _5\"></span> (%)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x177a y5edc w6d6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls111 ws8f\">8.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x177b y5edc w6d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">10.<span class=\"_ _1\"></span>9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x177c y5edc w6d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls152 ws162\">11<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x177d y5edc w6d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">8.0<span class=\"_ _37b\"> </span></div></td><td class=\"c n x177e y5edc w6da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">6.3<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lse wsb gsc26\">Share Inc<span class=\"_ _5\"></span>entive Plan<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc27\">The Group operat<span class=\"_ _5\"></span>es t<span class=\"_ _1\"></span>wo Share<span class=\"_ _5\"></span> Incentive Plans (\u2018SIP<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) available<span class=\"_ _5\"></span> to UK and Irish<span class=\"_ _5\"></span> employees. Each plan allows<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipating employees </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc28\">to pur<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>hase \u2018Partnership shares\u2019<span class=\"_ _5\"></span> in the Group throug<span class=\"_ _5\"></span>h monthly contributions from<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>alar<span class=\"_ _1\"></span>y. In<span class=\"_ _5\"></span> respect of the UK<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>IP<span class=\"_ _4\"></span>, empl<span class=\"_ _5\"></span>oyees can </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc29\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e up t<span class=\"_ _1\"></span>o \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>0 pe<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h or 10% of s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y (whi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r is lo<span class=\"_ _1\"></span>wer<span class=\"_ _1\"></span>). For e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc2a\">Ma<span class=\"_ _1\"></span>tch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s on a 1:<span class=\"_ _5\"></span>1 b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s up to a m<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f \u00a35<span class=\"_ _1\"></span>0. Di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ir<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h SI<span class=\"_ _1\"></span>P al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc2b\">emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute u<span class=\"_ _1\"></span>p to \u20ac4<span class=\"_ _1\"></span>0 pe<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h or 7<span class=\"_ _5\"></span>.5% (w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ver i<span class=\"_ _1\"></span>s low<span class=\"_ _1\"></span>er). M<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re aw<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a 1.4 basis u<span class=\"_ _1\"></span>p to a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc2c\">max<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f \u20ac40<span class=\"_ _1\"></span>. Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sh S<span class=\"_ _1\"></span>IP<span class=\"_ _5\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc2e\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ice a<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc2f\">con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s up<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ere g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. At 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, 537<span class=\"_ _4\"></span>,49<span class=\"_ _5\"></span>1 M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res) </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc30\">were<span class=\"_ _5\"></span> conditionally awar<span class=\"_ _5\"></span>ded to employ<span class=\"_ _5\"></span>ees (20<span class=\"_ _5\"></span>2<span class=\"_ _5\"></span>4: 6<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>,207)<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gsc31\">I1.<span class=\"_ _1\"></span>3 M<span class=\"_ _1\"></span>ovem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc32\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ill<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n, LTIP<span class=\"_ _4\"></span>, S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reS<span class=\"_ _2\"></span>ave an<span class=\"_ _1\"></span>d DB<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>S sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _2\"></span>: </div><div class=\"gsc33\"><table class=\"s w6db h234\" id=\"_7c578da0-807a-488c-adeb-2a3a35a38f72\"><tr><td></td><td></td><td class=\"c n x3ec y6663 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x3ed y6663 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x177f y6664 w6dc h19b\" colspan=\"2\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Number of<span class=\"_ _5\"></span> share options<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x1780 y6664 w6dd h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x1781 y5ffc w6de h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls66 ws1a7\">LT<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>P<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1782 y5ffc w6df h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls25 ws25\">S<span class=\"_ _1\"></span>hareS<span class=\"_ _1\"></span>ave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1783 y5ffc w6e0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">DB<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1784 y5ffc w6e1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd8 wsda\">L<span class=\"_ _5\"></span>TIP<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1785 y5ffc w6e2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">ShareSave<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1786 y5ffc w6e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">D<span class=\"_ _1\"></span>BS<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w6e4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar</div></td><td class=\"c n x1787 y5f72 w6e5 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12,487,594</div></td><td class=\"c n x1788 y5f72 w1c9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">6,971,478</div></td><td class=\"c n x1789 y5f72 w6e6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,268,400</div></td><td class=\"c n x178a y5f72 w6e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11,111,405</div></td><td class=\"c n x178b y5f72 w6e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,844,865</div></td><td class=\"c n x178c y5f72 w6e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,367,966<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w6e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Granted during the<span class=\"_ _5\"></span> year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x178d y5f16 w1c9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,722,792<span class=\"_ _37b\"> </span></div></td><td class=\"c n x178e y5f16 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">829,571</div></td><td class=\"c n x178f y5f16 w1c9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,498,000</div></td><td class=\"c n x1790 y5f16 w6e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,595,364</div></td><td class=\"c n x1791 y5f16 w6e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,426,648</div></td><td class=\"c n x1792 y5f16 w1ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,525,215<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w6ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Forfeited<span class=\"_ _5\"></span> dur<span class=\"_ _1\"></span>ing the ye<span class=\"_ _5\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1793 y5fb1 w6eb h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,844,558)</div></td><td class=\"c n x1794 y5fb1 w6ec h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(461,117)</div></td><td class=\"c n x1795 y5fb1 w6ec h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(179,838)</div></td><td class=\"c n x1796 y5fb1 w6ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,270,979)</div></td><td class=\"c n x1797 y5fb1 w6ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(176,532)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1798 y5fb1 w65 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33,470)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w6ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Cancelled du<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ing the ye<span class=\"_ _5\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1799 y5ff9 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x179a y5ff9 w331 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(177,173)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y5ff9 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x179b y5ff9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,258)</div></td><td class=\"c n x179c y5ff9 w332 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(471,709)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x179d y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w6f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x179e y5f93 w6eb h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,295,489)</div></td><td class=\"c n x179f y5f93 w331 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(938,389)</div></td><td class=\"c n x17a0 y5f93 w6eb h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,414,582)</div></td><td class=\"c n x17a1 y5f93 w6ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,545,139)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a2 y5f93 w65 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(75,229)</div></td><td class=\"c n x17a3 y5f93 w332 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(730,869)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w6f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Expired during the ye<span class=\"_ _5\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a4 y5f77 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(617)</div></td><td class=\"c n xdf2 y5f77 w331 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(179,105)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a5 y5f77 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,018)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a6 y5f77 w32c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33,884)</div></td><td class=\"c n x17a7 y5f77 w6ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(576,565)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a8 y5f77 w32c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11,753)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w6f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Dividends on v<span class=\"_ _5\"></span>ested awards<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17a9 y5f4c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">931,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17aa y5f4c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ab y5f4c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">314,507<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ac y5f4c wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">635,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ad y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3b y5f4c wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">151,311<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w6f3 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws0\">Outstanding at the end of the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ae y5edc w6f4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12,001,016</div></td><td class=\"c n x17af y5edc w1c9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">6,045,265</div></td><td class=\"c n x17b0 y5edc w6f5 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">6,484,469</div></td><td class=\"c n x17b1 y5edc w6e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12,487,594</div></td><td class=\"c n x17b2 y5edc w1ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,971,478</div></td><td class=\"c n x17b3 y5edc w6e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,268,400<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc34\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar wa<span class=\"_ _1\"></span>s \u00a34.25 (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a33<span class=\"_ _1\"></span>.98).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc35\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ice a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s \u00a36.<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>9 (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>5.<span class=\"_ _5\"></span>18)<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc36\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e awa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 4.<span class=\"_ _1\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 5.<span class=\"_ _1\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EB<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny or o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, net o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x) is s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s a de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>rom o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Gain<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es on s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e EBT a<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s to em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of equity<span class=\"_ _1\"></span>-settled share-<span class=\"_ _1\"></span>based transactions are set<span class=\"_ _5\"></span> out below<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll ev<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. At ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up rev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es it<span class=\"_ _2\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y inst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted to v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket-b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, if a<span class=\"_ _1\"></span>ny, is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t su<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he cu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the r<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h a cor<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "D3. Other Reserves<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span>A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span><div class=\"gs2de\"><table class=\"s w1d2 h1cc\" id=\"_49c37174-0fbc-4934-bd0e-ba9f0ee9ec1c\"><tr><td></td><td></td><td class=\"c n x601 y6016 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x602 y6016 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x603 hd y6017 ff13 fs6 fc3 sc0 ls187 ws2\">O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r-<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x604 hd y6018 ff12 fs6 fc3 sc0 lsbe wsc5\">cupied </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x336 hd y6019 ff2 fs6 fc3 sc0 lsc7 wsf5\">Merger </td><td class=\"t m0 x605 hd y6019 ffa fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w </td><td class=\"t m0 x606 hd y6019 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x3f6 hd y6019 ff12 fs6 fc3 sc0 lsbe wsc5\">Merger </td><td class=\"t m0 x607 hd y6019 ff12 fs6 fc3 sc0 lsbd wsc4\">property </td><td class=\"t m0 x282 hd y6019 ff13 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w </td><td></td></tr><tr><td></td><td class=\"t m0 x608 hd y601a ff2 fs6 fc3 sc0 lsc8 wscb\">relief </td><td class=\"t m0 x331 hd y601a ff2 fs6 fc3 sc0 lsbd wsc4\">hedging </td><td class=\"t m0 x609 hd y601a ff2 fs6 fc3 sc0 lsbd wsc4\">other </td><td class=\"t m0 x60a hd y601a ff12 fs6 fc3 sc0 ls54 ws50\">relief </td><td class=\"t m0 x60b hd y601a ff12 fs6 fc3 sc0 ls7c ws7d\">revaluation </td><td class=\"t m0 x60c hd y601a ff12 fs6 fc3 sc0 lsd1 wsd2\">hedging </td><td class=\"t m0 x60d hd y601a ff12 fs6 fc3 sc0 ls9 ws0\">Tota<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td></tr><tr><td></td><td class=\"t m0 x281 hd y601b ff2 fs6 fc3 sc0 ls25 ws25\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44e hd y601b ff2 fs6 fc3 sc0 ls25 ws25\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60e hd y601b ff2 fs6 fc3 sc0 lsc8 wscb\">reserves<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44c hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y601b ff12 fs6 fc3 sc0 ls7c ws7d\">reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60f hd y601b ff12 fs6 fc3 sc0 lsd1 wsd2\">reserves<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x610 y6006 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x611 y6006 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x612 y6006 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x613 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x614 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x615 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x616 y6006 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x617 y5ed9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x618 y5ed9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x619 y5ed9 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">616<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61a y5ed9 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61b y5ed9 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61c y5ed9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61d y5ed9 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,835<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1d3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Other comprehe<span class=\"_ _5\"></span>nsive (e<span class=\"_ _0\"></span>xpense<span class=\"_ _5\"></span>)/<span class=\"_ _1\"></span>income f<span class=\"_ _5\"></span>or the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61e y5f77 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x61f y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x620 y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x621 y5f77 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x622 y5f77 w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x623 y5f77 we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y5f77 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ransfer to r<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>ained earnings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x625 y5f4c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x626 y5f4c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x627 y5f4c wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x628 y5f4c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,226)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x629 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x31f y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x572 y5f4c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,226)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62a y5edc wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62b y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62c y5edc w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">594<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62d y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">593<span class=\"_ _37b\"> </span></div></td><td class=\"c n x302 y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62e y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">616<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs380\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 202<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _5\"></span>1,226 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve wa<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs381\">Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs382\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>o effe<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs383\">flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US Do<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar d<span class=\"_ _1\"></span>eno<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs384\">On 4 F<span class=\"_ _1\"></span>ebr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2025, th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e US $750 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs385\">T<span class=\"_ _1\"></span>ier 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es le<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to an u<span class=\"_ _1\"></span>nw<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs386\">On 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>4, t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed U<span class=\"_ _1\"></span>S $500 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt Co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ble T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y swa<span class=\"_ _1\"></span>p </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs387\">th<span class=\"_ _1\"></span>at wa<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e wa<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s a he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>n 18 June 2024, US $500 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>S $7<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs388\">Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ual Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ent Co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e Ti<span class=\"_ _1\"></span>er 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s were r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d via a te<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ffer, <span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g to an u<span class=\"_ _1\"></span>nwi<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of US $50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs389\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs38a\">He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g has b<span class=\"_ _1\"></span>een a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs38b\">he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s is to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs38c\">denominated<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>orrowings due<span class=\"_ _5\"></span> to changes in<span class=\"_ _5\"></span> for<span class=\"_ _1\"></span>ward rates. The hedge ratio<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>i.e.<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he relationship<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween the quantity of the<span class=\"_ _5\"></span> hedging </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs38d\">ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em in t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g) is su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is a<span class=\"_ _1\"></span>n exa<span class=\"_ _1\"></span>ct m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs38e\">relative weightings of the hedged it<span class=\"_ _5\"></span>ems and hedging instrument<span class=\"_ _1\"></span>s within each of the hedging relationships.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span>A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span>Hedge accounting<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>, alo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s strategy for<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>taking various hedge transactions. Furthermore,<span class=\"_ _5\"></span> at the inception of<span class=\"_ _5\"></span> the hedge an<span class=\"_ _1\"></span>d on an o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ly eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>et investment income.<span class=\"_ _5\"></span> Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m. He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d if<span class=\"_ _1\"></span>: th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hedg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e has c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d (ca<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce); th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m or he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r is so<span class=\"_ _1\"></span>ld; t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; or t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o dom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>c rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e is rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>ss ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s or im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er expected to<span class=\"_ _5\"></span> occur<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span>A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in co<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and e<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly h<span class=\"_ _1\"></span>old d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f sel<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd rep<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e nea<span class=\"_ _1\"></span>r ter<span class=\"_ _1\"></span>m or w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e or ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip<span class=\"_ _1\"></span>s qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 an<span class=\"_ _1\"></span>d are d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d as c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s E<span class=\"_ _0\"></span>1 and D3 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng accounting policy.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "Th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve, me<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y revaluation<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>reser<span class=\"_ _1\"></span>ve.<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m.<span class=\"_ _37b\"> </span>He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>okes t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld, t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, or exe<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>en it n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r hed<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ti<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s or i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to occ<span class=\"_ _1\"></span>ur.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s hed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote E1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Merger relief<span class=\"_ _5\"></span> reser<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span>A mer<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r rel<span class=\"_ _1\"></span>ief r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve is c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re at l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>t a 90<span class=\"_ _1\"></span>% eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny an<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef in s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es A<span class=\"_ _1\"></span>ct 20<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d is p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ef re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. It<span class=\"_ gse8\"> </span>is n<span class=\"_ _1\"></span>ot a di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve, as it rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an unr<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s not p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>'s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le, for e<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, if t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n dow<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>er rel<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>e up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n 2020 as par<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>re sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc). T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ef i<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n 6<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es Ac<span class=\"_ _1\"></span>t 20<span class=\"_ _1\"></span>06 to p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,81<span class=\"_ _5\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in a m<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e as o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o in sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Owner-<span class=\"_ _1\"></span>occupied property revaluation<span class=\"_ _5\"></span> reser<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span>This reserve comprises the<span class=\"_ _5\"></span> revaluation surplus<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>ising on<span class=\"_ _5\"></span> revaluation of<span class=\"_ _5\"></span> owner-occupied property. Whe<span class=\"_ _5\"></span>n a revaluation<span class=\"_ _5\"></span> loss arises on a prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t it sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ded<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>en b<span class=\"_ _1\"></span>e recorded<span class=\"_ _5\"></span> as an impairment e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ense in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DescriptionOfAccountingPolicyForOtherReserves",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "D4<span class=\"_ _2\"></span>. Ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span>An e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y af<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g all i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>ly, a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y if<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is n<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s or t<span class=\"_ _1\"></span>o exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms </span>th<span class=\"_ _1\"></span>at may b<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>fav<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rab<span class=\"_ _1\"></span>le; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>hat c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s no co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r is a d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e </span>th<span class=\"_ _1\"></span>at wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a fixed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r a fixed n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s own equit<span class=\"_ _1\"></span>y instrument<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Res<span class=\"_ _1\"></span>et P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ict<span class=\"_ _1\"></span>ed T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _2\"></span>Ti<span class=\"_ _1\"></span>er 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>) m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gly a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n as a s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re recognised<span class=\"_ _5\"></span> as distributions on the<span class=\"_ _5\"></span> date of payment<span class=\"_ _5\"></span> and are charged<span class=\"_ _5\"></span> directly to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he statement of<span class=\"_ _5\"></span> consolidated changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span><table class=\"s w1ad h1b1\" id=\"_e9962d00-e934-401b-afae-0f52130492d8\"><tr><td></td><td class=\"c n x1de y5f7a w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7a w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wb0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">494<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">494<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h wer<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d on 26 Ap<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>l 201<span class=\"_ _5\"></span>8, b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t at a fixe<span class=\"_ _1\"></span>d rat<span class=\"_ _1\"></span>e of 5.75<span class=\"_ _5\"></span>% p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m up to th<span class=\"_ _1\"></span>e \u2018F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e\u2019 of 26 Apr<span class=\"_ _1\"></span>il 2028. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>xed ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Fi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e and o<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h fif<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ann<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>his d<span class=\"_ _1\"></span>ate b<span class=\"_ _1\"></span>y ref<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce to a 5<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r gi<span class=\"_ _1\"></span>lt y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d plu<span class=\"_ _1\"></span>s a ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n of 4<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>16<span class=\"_ _5\"></span>9<span class=\"_ _1\"></span>%. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>tes s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span>ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n ar<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n 26 Octo<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d 26 Ap<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r was \u00a3<span class=\"_ _1\"></span>29 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a329 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>ve no fi<span class=\"_ _1\"></span>xed ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y da<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t is pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le on<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span>; acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gly t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as su<span class=\"_ _1\"></span>ch in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. I<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is n<span class=\"_ _1\"></span>ot ma<span class=\"_ _1\"></span>de, i<span class=\"_ _1\"></span>t is ca<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d it sh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l not a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or be p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at any<span class=\"_ _1\"></span> time thereaf<span class=\"_ _1\"></span>ter<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s may b<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>r on t<span class=\"_ _1\"></span>he F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st C<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l Dat<span class=\"_ _1\"></span>e or o<span class=\"_ _1\"></span>n any i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Company<span class=\"_ _5\"></span> and al<span class=\"_ _1\"></span>so in other<span class=\"_ _5\"></span> limited circumstances. In r<span class=\"_ _5\"></span>espect of any<span class=\"_ _5\"></span> redemption or purchase<span class=\"_ _5\"></span> of the Tier 1 Notes, such<span class=\"_ _5\"></span> redemption or pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e is su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>pt o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o do s<span class=\"_ _1\"></span>o fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>On 27 Oc<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2020, the t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 No<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f a tr<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r ev<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>as c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Pre<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y, the T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>do<span class=\"_ _1\"></span>wn i<span class=\"_ _1\"></span>n va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>o zero. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ter<span class=\"_ _1\"></span>ms r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld au<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lly b<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n to o<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y at t<span class=\"_ _1\"></span>he conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re, su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d all a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d unp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t wou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cell<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re wo<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>o rei<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of a<span class=\"_ _1\"></span>ny p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of, or int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t any t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfTier1Notes",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "D5. Non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span>No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of acquisition, adjus<span class=\"_ _5\"></span>ted for the r<span class=\"_ _5\"></span>elevant share<span class=\"_ _5\"></span> of subsequent changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span><table class=\"s w1d5 h1cd\" id=\"_1e031ead-287c-4ac4-8576-a6d100c65a30\"><tr><td></td><td class=\"c n x1de y601c w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601c w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y601d wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y601d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ff9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5ff9 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">549<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1d6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62f y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1d7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dividends paid<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5f77 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x630 y5f77 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Decrease in non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3b2 y5f4c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x631 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57b y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">539<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s of \u00a3554 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3539 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p of Pa<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ia P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>ru<span class=\"_ _1\"></span>st p<span class=\"_ _1\"></span>lc (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>PE<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>\u2019) d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ate v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>PE<span class=\"_ _2\"></span>T is a UK<span class=\"_ _1\"></span> Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck E<span class=\"_ _2\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e. A<span class=\"_ _2\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>eld 55.4% (202<span class=\"_ _5\"></span>4: 54.<span class=\"_ _1\"></span>3%) of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s inter<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T is he<span class=\"_ _1\"></span>ld in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s and u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s lif<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re, po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s bea<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ajo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T. Su<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s is<span class=\"_ gse8\"> </span>sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n bel<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1d9 h1ce\" id=\"_9effad9b-391f-43ef-87c7-a880f126a5c2\"><tr><td></td><td class=\"c n x1de y601e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y601f w1da h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">PPET<span class=\"_ _37b\"> </span></div></td><td class=\"c n x632 y601f wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x633 y601f w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6020 ffa fs2 fc3 sc0 ls9 ws0\">St<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed4 w99 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Financial asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ed4 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">611<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5ed4 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">529<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w1db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w1dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls188 ws1a1\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26a y5f72 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">631<span class=\"_ _37b\"> </span></div></td><td class=\"c n x584 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">585<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w1dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f16 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f16 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">46<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6021 ff2 fs2 fc3 sc0 ls33 wsb\">Income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w1de h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">62<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1df h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d2 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x62f y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1e0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Comprehens<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ve inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f7 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6022 ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w1e1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x634 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x635 y5edc we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est<span class=\"_ _2\"></span>s are s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of acquisition, adjus<span class=\"_ _5\"></span>ted for the r<span class=\"_ _5\"></span>elevant share<span class=\"_ _5\"></span> of subsequent changes<span class=\"_ _5\"></span> in equity.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "E<span class=\"_ _2\"></span>. Fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>sse<span class=\"_ _1\"></span>ts &amp; li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>E1<span class=\"_ _5\"></span>. Fair v<span class=\"_ _5\"></span>alues<span class=\"_ _37b\"> </span>Financial assets<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are to b<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s: Fair va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>), fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s bus<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at gi<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d dat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>lel<span class=\"_ _1\"></span>y pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </span>pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>del w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve is a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng to co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pai<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Al<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, deb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey are m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd ev<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de da<span class=\"_ _1\"></span>te, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e or sel<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd is re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any g<span class=\"_ _1\"></span>ain o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of<span class=\"_ _1\"></span> the hedge re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ationship.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fore a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e disclosed under Reinsur<span class=\"_ _0\"></span>ers\u2019 share of in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment contact liabilities.<span class=\"_ _37b\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span>The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rket p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bid p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od end d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s are us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r similar instrument<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d bi<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd fl<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ght d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fixed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st-b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Associates<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 <span class=\"ffa9 ls21 ws21\">Financial Instruments</span><span class=\"lsd ws16\"> as permitted </span>by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 <span class=\"ffa9 ws5\">Investment<span class=\"_ _1\"></span>s in Asso<span class=\"_ _1\"></span>ciates and Joint Ventures<span class=\"ff6\">. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t (or par<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f a grou<span class=\"_ _1\"></span>p of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s) is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t have e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>hem i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut </span>mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l del<span class=\"_ _1\"></span>ay to a t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y und<span class=\"_ _1\"></span>er a \u2018p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _2\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh\u2019 ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d has ei<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </span>rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r ha<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>or re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Financial liabilities<span class=\"_ _37b\"> </span>On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d les<span class=\"_ _1\"></span>s directly<span class=\"_ _5\"></span> att<span class=\"_ _1\"></span>ributable transaction costs (with the e<span class=\"_ _5\"></span>xception of li<span class=\"_ _5\"></span>abilities at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>TP<span class=\"_ _1\"></span>L for<span class=\"_ _5\"></span> which all transaction costs are<span class=\"_ _5\"></span> expensed<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span>Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t for l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>) are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cost u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies are<span class=\"_ _5\"></span> designated upon in<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _5\"></span>ecognition at FV<span class=\"_ _2\"></span>TPL where doing<span class=\"_ _5\"></span> so results in more<span class=\"_ _5\"></span> meaningful information because either:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at wo<span class=\"_ _1\"></span>uld o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> </span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>em on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s or b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce is ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d on a fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue </span>basis, in ac<span class=\"_ _5\"></span>cordance with a<span class=\"_ _5\"></span> documented risk management<span class=\"_ _5\"></span> or investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategy<span class=\"_ _5\"></span>, and information about<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ments is pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s key mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Investment c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntracts without DPF<span class=\"_ _37b\"> </span>Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k to th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is no<span class=\"_ _1\"></span>t si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span> inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Rec<span class=\"_ _1\"></span>eip<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, und<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er.<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le estimate of<span class=\"_ _5\"></span> the amount for wh<span class=\"_ _5\"></span>ich the liability could<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>e transferred<span class=\"_ _5\"></span> in an orderly<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction between market<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipant<span class=\"_ _1\"></span>s at the mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e, su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to cove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re included in Change in<span class=\"_ _5\"></span> investment contract liabilities in the consolidated income<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>atement<span class=\"_ _1\"></span>. Investment contract policy<span class=\"_ _1\"></span>holders are charged for<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y administrat<span class=\"_ _1\"></span>ion ser<span class=\"_ _1\"></span>vices, investment management ser<span class=\"_ _1\"></span>vices, surrenders and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fee<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es are fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. \u2018<span class=\"_ _1\"></span>Fro<span class=\"_ _1\"></span>nt en<span class=\"_ _1\"></span>d\u2019 f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d on<span class=\"_ _1\"></span> some non-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment contracts. Where the non-p<span class=\"_ _1\"></span>articipating investment c<span class=\"_ _5\"></span>ontract is measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue, such fees<span class=\"_ _5\"></span> whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Net asset<span class=\"_ _5\"></span> value attributable to<span class=\"_ _5\"></span> unitholders<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st is cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L and m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e bid v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span>Obligations for repa<span class=\"_ _5\"></span>ym<span class=\"_ _1\"></span>ent of<span class=\"_ _5\"></span> coll<span class=\"_ _1\"></span>ateral receiv<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span>It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>n sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k len<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, us<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h or ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved i<span class=\"_ _1\"></span>s avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, it is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a \u2018fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 and the c<span class=\"_ _5\"></span>ollateral repayable<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>sed as \u2018<span class=\"_ _5\"></span>obligations for re<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ayment of<span class=\"_ _5\"></span> collateral rec<span class=\"_ _5\"></span>eived\u2019<span class=\"_ _5\"></span>. The \u2018<span class=\"_ _5\"></span>obligations for<span class=\"_ _5\"></span> repayment of coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>\u2019 are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4.<span class=\"_ _37b\"> </span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is dis<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>led o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on on<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is a leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in an a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. Hedge accounting<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>, alo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s strategy for<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>taking various hedge transactions. Furthermore,<span class=\"_ _5\"></span> at the inception of<span class=\"_ _5\"></span> the hedge an<span class=\"_ _1\"></span>d on an o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ly eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>et investment income.<span class=\"_ _5\"></span> Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m. He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d if<span class=\"_ _1\"></span>: th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hedg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e has c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d (ca<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce); th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m or he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r is so<span class=\"_ _1\"></span>ld; t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; or t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o dom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>c rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e is rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>ss ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s or im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er expected to<span class=\"_ _5\"></span> occur<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _1\"></span>. Fair<span class=\"_ _5\"></span> value hierarch<span class=\"_ _5\"></span>y<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>chy o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 1 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _2\"></span>s (suc<span class=\"_ _1\"></span>h as exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d end p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d nar<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer b<span class=\"_ _1\"></span>id<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>id p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 2 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, or wi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r bid<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch do n<span class=\"_ _1\"></span>ot m<span class=\"_ _1\"></span>eet t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as Lev<span class=\"_ _1\"></span>el 1 inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s, a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>evel 2. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> brok<span class=\"_ _5\"></span>er quotes or v<span class=\"_ _5\"></span>aluation techniques with observable mark<span class=\"_ _5\"></span>et input<span class=\"_ _1\"></span>s. Financial instruments valued us<span class=\"_ _5\"></span>ing broker<span class=\"_ _5\"></span> quotes are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2, on<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ere is a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of ov<span class=\"_ _1\"></span>er-t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s is est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s or dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are no<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to be L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h have a m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin r<span class=\"_ _1\"></span>eal e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te/p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Wher<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019s be<span class=\"_ _1\"></span>st es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s a mar<span class=\"_ _1\"></span>ket rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>o cover t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e Le<span class=\"_ _1\"></span>vel 2 i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ed mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span> for t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s may be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h cou<span class=\"_ _1\"></span>ld n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>s Lev<span class=\"_ _1\"></span>el 3. Fo<span class=\"_ _1\"></span>r a sma<span class=\"_ _1\"></span>ll nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, as d<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have n<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nto suc<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ngs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span>For fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e on a rec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>het<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy by rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t leve<span class=\"_ _1\"></span>l inp<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s a wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e) dur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs45f\">Fair valu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te G<span class=\"_ _1\"></span>3 for ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs460\">an<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote G<span class=\"_ _1\"></span>4 fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. </div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs461\">E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy of fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs462\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is bu<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs463\">fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs464\"><table class=\"s w204 h1d2\" id=\"_bdfd6091-3b25-4e76-be14-1fdbb070cb22\"><tr><td></td><td class=\"c n x691 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y6052 w206 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6053 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6054 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6055 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6056 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69a y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69c y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6057 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6057 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6057 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,198<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6057 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6057 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6058 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a1 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">107,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a2 y6058 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a3 y6058 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a4 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6059 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">51,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a6 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31,989<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a7 y6059 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a8 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y605a w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a9 y605a w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">79,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6aa y605a w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ab y605a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ac y605a w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5fa6 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ad y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ae y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6af y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b0 y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f32 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b2 y5f32 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">40,442<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b3 y5f32 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b4 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,020<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y605c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f34 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5f34 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b6 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b7 y5f34 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b8 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ba y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">40,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bb y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bc y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs465\"><table class=\"s w20a h1d3\" id=\"_61236a62-08af-4e18-97fa-fb31e069f45d\"><tr><td></td><td class=\"c n x691 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y605d w206 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y605e w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6060 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6061 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6061 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6061 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,663<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6061 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6061 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6062 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6063 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6be y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bf y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c0 y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6064 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6064 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c2 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c3 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c4 y6064 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6065 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c6 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c7 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c8 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6066 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6066 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ca y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">198,932<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cb y6066 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cc y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">201,386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6067 ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6068 ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f32 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ce y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cf y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d0 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6069 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d2 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d3 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y606a ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y606b w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y606b w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d5 y606b w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d6 y606b wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d7 y606b w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d8 y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">203,080<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d9 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6da y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w20f h1d4\" id=\"_98e71a28-7b44-4daa-b6ea-ff102aba09e9\"><tr><td></td><td class=\"c n x6db y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y606c w211 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y606c w212 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y606d w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y606e ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y606f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6070 w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e3 y6070 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e4 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e5 y6070 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6071 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e6 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e7 y6071 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,321<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e8 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e9 y6071 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6072 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ea y6072 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">93,708<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6eb y6072 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ec y6072 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ed y6072 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6073 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49,624<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ee y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24,531<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ef y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f0 y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6074 w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f1 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79,921<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f2 y6074 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,292<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f3 y6074 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f4 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6075 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f5 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f6 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f7 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f8 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6076 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232,664<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f9 y6076 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,474<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fa y6076 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fb y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,512<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6078 w213 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6077 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fd y6079 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,283)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fe y6079 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ff y6079 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x700 y6079 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y607a w214 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x701 y607a w215 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x702 y607a w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x703 y607a w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x704 y607a wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,527<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y607c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x705 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x706 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x708 y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x709 y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70a y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs467\"><table class=\"s w216 h1d5\" id=\"_36ce79d6-e4c2-4a9b-bcbc-eaa443aa26d1\"><tr><td></td><td class=\"c n x6db y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y607d w211 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y607d w212 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y607e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6080 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6081 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6081 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">70<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70b y6081 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,882<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70c y6081 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70d y6081 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6082 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6083 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70e y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70f y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x710 y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6084 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6084 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x711 y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x712 y6084 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6085 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x713 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x714 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x715 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6086 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6086 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x716 y6086 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,804<span class=\"_ _37b\"> </span></div></td><td class=\"c n x717 y6086 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x718 y6086 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">180,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6088 w213 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6087 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x719 y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71a y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71b y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y608a w217 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71c y608a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71d y608a wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">174,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71e y608a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y608a w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,349<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y608b ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y608c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y608d w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x720 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td><td class=\"c n x721 y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x722 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y608e w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x723 y608e w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x724 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y608e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y608f ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edb w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x725 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e2 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x726 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x727 y5edc wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">179,077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x728 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x729 y5edc w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs468\">1 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1), \u00a332 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1), \u00a396<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs469\">inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es (\u00a3<span class=\"_ _1\"></span>956 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d \u00a34 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2) a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>979 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (\u00a3281 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1; \u00a31<span class=\"_ _5\"></span>43 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2; an<span class=\"_ _1\"></span>d \u00a35<span class=\"_ _1\"></span>55 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs46a\">2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs46c\">E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>3 S<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"gs46d\"><table class=\"s w218 h1d6\" id=\"_2647c24b-949f-4951-aba1-0c04e083b0f8\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x3f1 hd y6090 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6091 w1f9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Description<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72a y6091 w219 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">Valuation technique<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72b y6091 w21a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Significant<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>puts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72c y6091 w21b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72d y6091 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6092 w21c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72e y6092 w21d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws0\">Net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72f y6092 w21e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 ws4\">Net<span class=\"_ _0\"></span> asset sta<span class=\"_ _1\"></span>tement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x730 y6092 w21f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a32<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>872m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x731 y6092 w220 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">\u00a3<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _1\"></span>76<span class=\"_ _2\"></span>m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6093 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"ls9 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6094 ff2 fs2 fc3 sc0 ls14 ws12\">(see E2.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 for further details)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6095 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c x733 y6096 w221 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y6097 w222 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y6097 w223 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>3bps<span class=\"_ _37b\"> </span></div></td><td class=\"c x737 y6097 w224 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls86 ws87\">10<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x736 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6098 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x738 hc y6099 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y6099 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609a wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c x73a y609a w225 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x739 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609a w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609a w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609a w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsae wsb1\">16<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609b ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y609c ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609d w228 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x73f y609d w229 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DC<span class=\"_ _1\"></span>F mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x73e h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609e w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609e w22a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609e w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">174<span class=\"_ _2\"></span>b<span class=\"_ _a\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609f ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a0 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a1 w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c x741 y60a1 w22c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x740 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a2 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a2 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a2 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse1 wse5\">161b<span class=\"_ _a\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a3 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a4 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a5 w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x743 y60a5 w22e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x742 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a5 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a5 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">14<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a5 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1<span class=\"_ _5\"></span>42b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a6 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a7 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a8 w22f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tga<span class=\"_ _1\"></span>ge lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x744 y60a8 w230 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">DC<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x745 y60a8 w231 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x746 y60a8 w232 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">18<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r SO<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>IA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x747 y60a8 w233 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _4\"></span>95bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r S<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60a9 ff3 fs2 fc3 sc0 ls33 wsb\">Black-Schol<span class=\"_ _5\"></span>es </td><td class=\"t m0 x4b3 h7 y60aa ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x749 hc y60aa ff2 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75b<span class=\"_ _1\"></span>ps a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt to </td><td class=\"t m0 x74a h7 y60ab ff3 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75bps ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to </td></tr><tr><td></td><td class=\"c x74c y60ac w234 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsa ws1a\">model</div><div class=\"t m0 x74b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x74d h7 y60ad ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x749 hc y60ad ffa fs2 fc3 sc0 ls9 ws0\">a fl<span class=\"_ _1\"></span>at R<span class=\"_ _1\"></span>PI c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed </td><td class=\"t m0 x74e h7 y60ae ff3 fs2 fc3 sc0 ls33 wsb\">RPI<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x74f hc y60af ff2 fs2 fc3 sc0 ls9 ws0\">on a 2<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c n x750 y60b0 w235 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x751 y60b0 w236 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">\u00a3396,<span class=\"_ _5\"></span>168 (<span class=\"_ _5\"></span>average)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x752 y60b0 w237 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">\u00a3385,838 (average)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x753 y60b1 w238 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x754 y60b1 w239 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls4c wsb\">Average<span class=\"_ _5\"></span> life</div></td><td class=\"t m0 x755 h7 y60b2 ff3 fs2 fc3 sc0 ls61 ws6\">Average<span class=\"_ _5\"></span> life expectanc<span class=\"_ _1\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b3 ff2 fs2 fc3 sc0 ls4c wsb\">expectancy of a mal<span class=\"_ _5\"></span>e </td><td class=\"t m0 x756 h7 y60b4 ff3 fs2 fc3 sc0 lsad ws0\">of a ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b5 ff2 fs2 fc3 sc0 ls4c wsb\">and female<span class=\"_ _5\"></span> currently </td><td class=\"t m0 x757 h7 y60b6 ff3 fs2 fc3 sc0 lsad ws0\">cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 75 is 1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60b7 ff2 fs2 fc3 sc0 lsad ws0\">ag<span class=\"_ _1\"></span>ed 75 i<span class=\"_ _1\"></span>s 14.7 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s </td><td class=\"t m0 x44f h7 y60b8 ff3 fs2 fc3 sc0 lsad ws0\">yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5.<span class=\"_ _1\"></span>8 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x758 hc y60b9 ff2 fs2 fc3 sc0 ls8 ws43\">and 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.0 years </td><td class=\"t m0 x759 h7 y60ba ff3 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75a hc y60bb ff2 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x75b h7 y60bc ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>luntar<span class=\"_ _1\"></span>y </td><td class=\"c n x75c y60bd w23a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">190<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x75d y60bd w23b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>90<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x32d h7 y60be ff3 fs2 fc3 sc0 ls1c ws6\">redemption rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60bf w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x75f y60bf w23d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x75e h11 y60c0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60c1 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x760 y60c1 w23e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">229bps<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x761 h7 y60c2 ff3 fs2 fc3 sc0 ls9 ws0\">230<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x738 hc y60c3 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60c3 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y60c4 w23f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips</div><div class=\"t m0 x762 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x763 h7 y60c5 ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e </td><td class=\"c n x734 y60c6 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x764 y60c6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x765 y60c6 w240 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">6<span class=\"_ _1\"></span>74<span class=\"_ _a\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60c7 ff3 fs2 fc3 sc0 ls1e ws2d\">capitalis<span class=\"_ _1\"></span>ation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60c8 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x766 y60c8 w242 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x767 y60c8 w243 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">N<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x768 y60c8 w244 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a346<span class=\"_ _1\"></span>0m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x769 y60c8 w245 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls101 ws1a2\">\u00a34<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7m<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x76a h7 y60c9 ff3 fs2 fc3 sc0 lsf ws4\">statemen<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60ca ff2 fs2 fc3 sc0 lsdc wsde\">Borrowin<span class=\"_ _5\"></span>gs<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60cb w246 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote E<span class=\"_ _1\"></span>5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76b y60cb w247 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">In<span class=\"_ _1\"></span>ternally<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76c y60cb w248 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76d y60cb w249 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">130<span class=\"_ _1\"></span>% I<span class=\"_ _1\"></span>FL<span class=\"_ _1\"></span>92C15<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x76e h7 y60cc ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IF<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 </td></tr><tr><td></td><td class=\"t m0 x76f h7 y60cd ff3 fs2 fc3 sc0 ls1a ws18\">develope<span class=\"_ _1\"></span>d model<span class=\"_ _37b\"> </span></td><td></td><td class=\"c x771 y60cf w24a h1d7\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">(Female<span class=\"_ _5\"></span>)</div><div class=\"t m0 x770 h11 y60ce ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c x773 y60d1 w24b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">(Female)</div><div class=\"t m0 x772 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x774 hc y60d2 ff2 fs2 fc3 sc0 ls9 ws0\">130% I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L92C15 </td><td class=\"c x776 y60d3 w24c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IM<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 (<span class=\"_ _1\"></span>Ma<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x775 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x778 y60d5 w24d h1d8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls7 ws5\">(M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x777 h11 y60d4 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4b3 h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x73d hc y60d6 ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us </td><td class=\"t m0 x44f h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e plu<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td class=\"t m0 x74d h7 y60d7 ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hc y60d7 ff2 fs2 fc3 sc0 ls3c ws3d\">75b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a h7 y60d7 ff3 fs2 fc3 sc0 ls50 ws18c\">75b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x734 y60d8 w24e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Discount rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77b y60d8 w24f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r sw<span class=\"_ _1\"></span>ap r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us</div></td><td class=\"t m0 x5ec h7 y60d9 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ra<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>lus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hc y60da ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>70<span class=\"_ _2\"></span>bps + 1.7<span class=\"_ _1\"></span>% ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 h7 y60da ff3 fs2 fc3 sc0 lse1 wse5\">17<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _a\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x77c h7 y60db ff3 fs2 fc3 sc0 lsf ws4\">Deferred </td><td class=\"c n x778 y60dc w250 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls74 ws74\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77d y60dc w251 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x336 h7 y60dd ff3 fs2 fc3 sc0 ls1c ws6\">possession rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60de ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60df ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </td><td class=\"c x733 y5f8f w221 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y5f8f w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y5f8f w22a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x77a h7 y60e0 ff3 fs2 fc3 sc0 ls14 ws12\">98bps </td></tr><tr><td class=\"c x1e3 y60e1 w252 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans</div><div class=\"t m0 x77e h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"t m0 x738 hc y60e2 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60e2 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x780 y60e3 w253 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws6\">Longevity swaps</div><div class=\"t m0 x77f h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c x782 y5edc w254 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x781 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x783 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x784 y5edc w256 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">sw<span class=\"_ _1\"></span>ap c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x785 y5edc w257 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs46e\">1 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F\u2019<span class=\"_ _2\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>: E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a ri<span class=\"_ _1\"></span>sk-<span class=\"_ _2\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>nd a c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs46f\">an<span class=\"_ gs424\"> </span>a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te g<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d is d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m a ba<span class=\"_ _1\"></span>ske<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs470\">2 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e key o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs471\">3 <span class=\"_ _19\"> </span>E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>: Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a B<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l fo<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G\u2019<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>G c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs472\">in<span class=\"_ gs424\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rm c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>o be n<span class=\"_ _1\"></span>o gr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs473\">mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pu<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d vo<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs474\">pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>EG as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r a re<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l of p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs475\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs476\">a<span class=\"_ gs424\"> </span>sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ER<span class=\"_ _1\"></span>M l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs477\">4 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r of a p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>as s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ld a f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d or l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d a lon<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly 3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>45 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s) </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs478\">or a gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y 45<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>75 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r a no<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>um (u<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly \u00a31). Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs479\">an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs47a\">si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pa<span class=\"_ _1\"></span>rt V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e H2). </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs47b\">5 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C15 and I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L9<span class=\"_ _1\"></span>2C15 rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e 92 s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n (\u2018<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>MI<span class=\"_ _2\"></span>\u2019)<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs47c\">6 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a31 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>33 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n) wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e a com<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fo<span class=\"_ _1\"></span>r fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s at </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls6c ws6d gs47d\">specified future<span class=\"_ _5\"></span> dates.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs47e\">7 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>th c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a3<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>l (20<span class=\"_ _1\"></span>24: \u00a3165 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d \u00a3n<span class=\"_ _1\"></span>il (<span class=\"_ _1\"></span>2024: \u00a363 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) </div><div class=\"t m0 h20 ff4 fs6 fc3 sc0 lse ws1b gs47f\">respecti<span class=\"_ _1\"></span>vely.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs481\">E2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3.<span class=\"_ _4\"></span>1 Debt securities<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff2 fs6 fc3 sc0 lsbe wsc5 gs482\">2025<span class=\"_ _73\"> </span><span class=\"ff12 ls9 ws0\">2024<span class=\"_ _37b\"> </span></span></div><div class=\"gs483\"><table class=\"s w258 h1d9\" id=\"_531667ef-8630-4ef1-b3a8-3b090c58ec2e\"><tr><td class=\"c n x1e3 y60e4 w259 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x786 y60e4 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x787 y60e4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60e5 ff3 fs2 fc3 sc0 ls1c ws6\">Unquoted corporate<span class=\"_ _5\"></span> bonds:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y60e6 w25a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> agencies &amp; supranationals<span class=\"_ _37b\"> </span></div></td><td class=\"c n x788 y60e6 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x789 y60e6 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">461<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y60e7 wb2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78a y60e7 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,641<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78b y60e7 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,046<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w25b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>\u2013<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78c y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,028<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78d y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,011<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602c w25c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Infrastructure loans\u2013<span class=\"_ _1\"></span>corporate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78e y602c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,179<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78f y602c wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,613<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x790 y602d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,202<span class=\"_ _37b\"> </span></div></td><td class=\"c n x791 y602d w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,172<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602e w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x792 y602e w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x793 y602e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">823<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e8 w25d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y60e8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,957<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y60e8 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,795<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e9 w23c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y60e9 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,317<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y60e9 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,170<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ea w25e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27a y60ea wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57d y60ea w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">555<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60eb w25f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bridging loans to private equity funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20d y60eb w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">304<span class=\"_ _37b\"> </span></div></td><td class=\"c n x794 y60eb w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">498<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ec w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y60ec w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y60ec we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ed w260 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal Level 3<span class=\"_ _5\"></span> debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x796 y60ed w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x797 y60ed w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60ee ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y5eee w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x799 y5eee w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w261 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79a y5eef w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79b y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,591<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs484\">E2<span class=\"_ _1\"></span>.4 Sensitivities of Level<span class=\"_ _5\"></span> 3 instrument<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"gs485\"><table class=\"s w262 h1da\" id=\"_327891cd-dbfb-40de-9cb8-976c57f2d4d9\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x79c y60ef w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x79d y60ef w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x79e hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x79f hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x46b hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td><td class=\"t m0 x7a0 hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td></tr><tr><td></td><td></td><td class=\"t m0 x7a1 hd y60f1 ff12 fs6 fc3 sc0 ls54 ws50\">Reasonable </td><td class=\"t m0 x7a2 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x7a3 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y60f2 ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y60f2 ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x7a4 y60f3 w263 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x7a1 hd y60f4 ff12 fs6 fc3 sc0 lsbe wsc5\">alternative<span class=\"_ _37b\"> </span></td><td class=\"c n x7a5 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a6 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a7 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a8 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w21c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a9 y60f5 w264 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7aa y60f5 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ab y60f5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">287<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ac y60f5 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(287)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ad y60f5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ae y60f5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(258)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y60f6 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60f7 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c n x7a4 y60f8 w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y60f8 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b0 y60f8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b1 y60f8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b2 y60f8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b3 y60f8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60f9 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60fa wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b4 y60fa w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cre<span class=\"_ _1\"></span>dit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b5 y60fa w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b6 y60fa w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(183)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b7 y60fa w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b8 y60fa w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(169)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b9 y60fa w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fb w228 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ba y60fb w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bb y60fb w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bc y60fb w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(146)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bd y60fb w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y60fb w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bf y60fb w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fc w22b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c0 y60fc w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cred<span class=\"_ _1\"></span>it spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c1 y60fc w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c2 y60fc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c3 y60fc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c4 y60fc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(97)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c5 y60fc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">106<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fd w22d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c6 y60fd w26a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c7 y60fd w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c8 y60fd w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c9 y60fd w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ca y60fd w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cb y60fd w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fe w25d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cc y60fe w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cd y60fe w26b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ce y60fe w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(442)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cf y60fe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">520<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d0 y60fe w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(416)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d1 y60fe w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">457<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y60ff w26c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d2 y60ff w26d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 1%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y60ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y60ff w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(89)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y60ff w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y60ff w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(80)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6100 w235 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d7 y6100 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y6100 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y6100 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y6100 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y6100 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6101 w238 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d8 y6101 w26e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d9 y6101 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7da y6101 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7db y6101 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dc y6101 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6102 w26f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">V<span class=\"_ _5\"></span>olunt<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>y redemption r<span class=\"_ _0\"></span>ate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dd y6102 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 15%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7de y6102 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7df y6102 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e0 y6102 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e1 y6102 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e2 y6103 w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e3 y6103 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e4 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e5 y6103 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e6 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e7 y6103 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6104 w25e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e8 y6104 w270 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e9 y6104 w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ea y6104 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y6104 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ec y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(64)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3cb y6104 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ed y6105 w271 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ee y6105 w272 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ef y6105 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">46<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f0 y6105 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(46)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f1 y6105 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f2 y6105 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6106 ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1e3 y6107 w273 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a4 y5f8f w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y5f8f w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f3 y5f8f wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f4 y5f8f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f5 y5f8f wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f6 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w274 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Longevity swap contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f7 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f8 y5edc w275 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y5edc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fa y5edc w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fb y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fc y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs486\">For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ate e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>o rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bly p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs487\">uno<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch wo<span class=\"_ _1\"></span>uld r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt in a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t mov<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs489\">E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>5 T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rs o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wee<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 and L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div><div class=\"gs48a\"><table class=\"s w276 h1db\" id=\"_00abdd3e-bede-4439-8abf-14742e266a2f\"><tr><td></td><td class=\"t m0 x607 hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x7fd hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x46b hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x632 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x633 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610a ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y610b ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f17 w11f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ff y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edb w122 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x500 y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x800 y5edc we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x801 y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs48b\"><table class=\"s w277 h1dc\" id=\"_6e35932a-739d-4239-907d-d803938bf527\"><tr><td></td><td class=\"t m0 x802 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x803 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x756 hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y610e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fc y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fd y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610f ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6110 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed9 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x804 y5ed9 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x805 y5ed9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f17 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x806 y5f17 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f4c w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x807 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,319<span class=\"_ _37b\"> </span></div></td><td class=\"c n x808 y5f4c w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">244<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x809 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x80a y5edc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs48c\">Con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or ye<span class=\"_ _1\"></span>ar, all th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Level 1 a<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2 as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rces<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs48d\">E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t in Le<span class=\"_ _1\"></span>vel 3 fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div><div class=\"gs48e\"><table class=\"s w278 h1dd\" id=\"_358f3ae7-ead0-43bb-9d95-97054b51695c\"><tr><td></td><td></td><td class=\"t m0 x80b hd y6111 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y6111 ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6112 ff2 fs6 fc3 sc0 lsbd wsc4\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80d hd y6112 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80e hd y6112 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x80f hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x810 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 x75a hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\"> fr<span class=\"_ _1\"></span>om </td><td class=\"t m0 x79f hd y6113 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x812 hd y6113 ff2 fs6 fc3 sc0 lsbd wsc4\">assets held<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x748 hd y6114 ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y6114 ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td></td><td class=\"t m0 x814 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6114 ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x761 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6116 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6116 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x817 y6116 w27b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd1 wsd2\">Sa<span class=\"_ _1\"></span>les</div></td><td class=\"t m0 x68b hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x299 hd y6115 ff2 fs6 fc3 sc0 lsc8 wscb\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6117 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6118 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6119 ff3 fs2 fc3 sc0 lsad ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fa6 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fa6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x823 y5fa6 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(164)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x824 y5fa6 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x825 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x826 y5fa6 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x827 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x828 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x829 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f32 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82b y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82c y5f32 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82d y5f32 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82e y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82f y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x830 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x831 y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6069 w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y6069 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x833 y6069 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x834 y6069 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,562<span class=\"_ _37b\"> </span></div></td><td class=\"c n x835 y6069 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,927)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x836 y6069 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x837 y6069 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x838 y6069 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x839 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">148<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f85 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83b y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83c y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83d y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(94)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83e y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83f y5f85 w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x840 y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x841 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y611a ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x843 y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x844 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">7,096<span class=\"_ _37b\"> </span></div></td><td class=\"c n x845 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(6,259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x846 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x847 y5edc wd9 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x848 y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x849 y5edc w55 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">224<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs48f\"><table class=\"s w27e h1de\" id=\"_d59d67b5-3daa-4da5-8f7c-fa949c03b5c6\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y611b ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x3f7 hd y611c ff2 fs6 fc3 sc0 ls10b ws115\">(gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x285 hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x84a hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">losses on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x80f hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x80c hd y611e ff2 fs6 fc3 sc0 lsbd wsc4\">losses in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x80d hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x79f hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84b hd y611e ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities </td></tr><tr><td></td><td class=\"t m0 x748 hd y611f ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y611f ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td class=\"t m0 x84c hd y611f ff2 fs6 fc3 sc0 ls54 ws50\">Sales/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x79e hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y611f ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x812 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>nd </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6121 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6121 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x84d hd y6120 ff2 fs6 fc3 sc0 lsc7 wsf5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x68b hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y6120 ff2 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6122 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6123 ff2 fs2 fc3 sc0 ls7 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6124 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6125 ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6126 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y6126 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84e y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(92)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84f y6126 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x850 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x851 y6126 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x852 y6126 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x853 y6126 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x854 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(35)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6127 w27f h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities design<span class=\"_ _0\"></span>ated at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f85 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f85 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x858 y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x859 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85a y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85b y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85c y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6128 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85e y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85f y5edc wcc h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x860 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x862 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x863 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x864 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td></tr></table></div><table class=\"s w281 h1df\" id=\"_7b41611b-ecff-47ba-93ba-cd71cb8827ad\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6129 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612a ff12 fs6 fc3 sc0 ls10b ws115\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x866 hd y612b ff12 fs6 fc3 sc0 lsd1 wsd2\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612b ff12 fs6 fc3 sc0 lsbe wsc5\">gains on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td></td><td class=\"t m0 x813 hd y612c ff12 fs6 fc3 sc0 lsbe wsc5\">gains in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x867 hd y612c ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x868 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x60d hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x293 hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y612d ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td></td><td class=\"t m0 x86a hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x86b hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y612d ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60f hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x3ee hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y612f w282 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y612f w283 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86e y612f w284 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">Sales<span class=\"_ _37b\"> </span></div></td><td class=\"c x63c y612f w285 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2</div><div class=\"t m0 x86f h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2</div></td><td class=\"t m0 x818 hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"c x871 y612f w286 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024</div><div class=\"t m0 x870 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1</div></td><td class=\"t m0 x299 hd y612e ff12 fs6 fc3 sc0 ls54 ws50\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6132 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6133 ff6 fs2 fc3 sc0 lsc6 wsd5\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly held at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fac w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87b y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87c y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87d y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87e y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87f y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f49 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,495<span class=\"_ _37b\"> </span></div></td><td class=\"c n x880 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x881 y5f49 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x882 y5f49 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(415)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x883 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x884 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x885 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x886 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y608e w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y608e w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13,818<span class=\"_ _37b\"> </span></div></td><td class=\"c n x887 y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(335)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x888 y608e w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,424<span class=\"_ _37b\"> </span></div></td><td class=\"c n x889 y608e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,027)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88a y608e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88b y608e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88c y608e w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88d y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y604e w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">401<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88e y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88f y604e wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n x890 y604e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x891 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x892 y604e w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x893 y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x894 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6134 ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">16,946<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2b0 y5edc w12d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(346)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x895 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8,010<span class=\"_ _37b\"> </span></div></td><td class=\"c n x896 y5edc w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,502)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x897 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x898 y5edc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x899 y5edc w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89a y5edc w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(239)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w288 h1e1\" id=\"_a71a40b9-1381-4342-9385-7f340ee425c2\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6135 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x89b hd y6136 ff12 fs6 fc3 sc0 lsbe wsc5\">(gains)/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x27f hd y6137 ff12 fs6 fc3 sc0 lsbe wsc5\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x867 hd y6137 ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td></td><td></td><td class=\"t m0 x761 hd y6137 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in </td><td></td><td></td><td class=\"t m0 x3f0 hd y6138 ff12 fs6 fc3 sc0 ls76 ws76\">from<span class=\"_ _37b\"> </span></td><td class=\"t m0 x868 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84a hd y6138 ff12 fs6 fc3 sc0 ls54 ws50\">liabilities </td></tr><tr><td></td><td class=\"t m0 x293 hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y6139 ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td class=\"t m0 x429 hd y6139 ff12 fs6 fc3 sc0 ls76 ws76\">Sales/</td><td class=\"t m0 x68b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\"> Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x86b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6139 ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60d hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x3ee hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y613b w282 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y613b w283 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x89c hd y613a ff12 fs6 fc3 sc0 lsbe wsc5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x89d hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76e hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y613a ff12 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y613c w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y613d ff2 fs2 fc3 sc0 ls4f wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613f ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f83 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">206<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89e y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89f y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a0 y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a1 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a2 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6140 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies design<span class=\"_ _5\"></span>ated at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6141 ff3 fs2 fc3 sc0 ls18 ws16\">upon initial recognition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f8f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a3 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a4 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a5 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a6 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a7 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6142 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a8 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a9 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ab y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ac y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ad y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a318,<span class=\"_ _1\"></span>37<span class=\"_ _5\"></span>4 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>555 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g 2024, \u00a3<span class=\"_ _1\"></span>282 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m Le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>el 2 to L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 t<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>A H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>s SL<span class=\"_ _1\"></span>F o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>n 2023<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on Le<span class=\"_ _1\"></span>vel 3 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re were n<span class=\"_ _1\"></span>o ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>E3<span class=\"_ _1\"></span>. Derivatives<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in co<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and e<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly h<span class=\"_ _1\"></span>old d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f sel<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd rep<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e nea<span class=\"_ _1\"></span>r ter<span class=\"_ _1\"></span>m or w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e or ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip<span class=\"_ _1\"></span>s qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 an<span class=\"_ _1\"></span>d are d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d as c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s E<span class=\"_ _0\"></span>1 and D3 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng accounting policy.<span class=\"_ _37b\"> </span>E3.<span class=\"_ _5\"></span>1 Summar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>: <table class=\"s w289 h1e2\" id=\"_d8603718-22a4-4327-bff1-8b08f87cf536\"><tr><td></td><td class=\"c n x6db y6143 w28a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ae y6143 w28b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8af y6143 w28c h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b0 y6143 w28d h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8b1 y6144 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b2 y6144 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b3 y6144 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b4 y6144 w28e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x652 y6145 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y6145 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b6 y6145 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y6145 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w28f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward currenc<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5f11 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b9 y5f11 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ba y5f11 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">130<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y5f11 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed3 w290 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Interest<span class=\"_ _5\"></span> rate swaps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bc y5ed3 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bd y5ed3 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8be y5ed3 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,526<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3af y5ed3 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,605<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w291 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bf y5ed4 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c0 y5ed4 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">457<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c1 y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c2 y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w292 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Swaptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c3 y5ed5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c4 y5ed5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">85<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c5 y5ed5 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c6 y5ed5 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w293 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Inflation swaps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c7 y5f72 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">747<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c8 y5f72 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,822<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c9 y5f72 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">283<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ca y5f72 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">339<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w294 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equity options<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cb y5f16 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b9 y5f16 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cc y5f16 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y5f16 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w295 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>dex a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cd y5ed7 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ce y5ed7 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cf y5ed7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5dc y5ed7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w296 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Fixed inc<span class=\"_ _5\"></span>ome futures<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d0 y5ed8 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d1 y5ed8 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24e y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x585 y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">71<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w274 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Longevity swap contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d2 y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d3 y5f93 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x271 y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w297 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d4 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">391<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d5 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">894<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d6 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d7 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">366<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d8 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d9 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8da y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8db y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8dc y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8dd y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8de y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr></table>E4<span class=\"_ _1\"></span>. Collateral<span class=\"_ _5\"></span> arrangements<span class=\"_ _37b\"> </span>The Group r<span class=\"_ _5\"></span>eceives and pledges<span class=\"_ _5\"></span> collateral in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he form<span class=\"_ _0\"></span> of cash or<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ash assets in respect<span class=\"_ _5\"></span> of stock lending<span class=\"_ _5\"></span> trans<span class=\"_ _1\"></span>actions, derivative contracts and reinsu<span class=\"_ _5\"></span>rance arrangement<span class=\"_ _1\"></span>s in<span class=\"_ _5\"></span> order to reduc<span class=\"_ _5\"></span>e the credit risk<span class=\"_ _5\"></span> of these transactions<span class=\"_ _1\"></span>. The amount<span class=\"_ _5\"></span> and t<span class=\"_ _1\"></span>ype of collate<span class=\"_ _5\"></span>ral req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s on an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, bu<span class=\"_ _1\"></span>t is us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> form of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>ash and m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ketable securities.<span class=\"_ _37b\"> </span>Col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d is ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s repa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d is no<span class=\"_ _1\"></span>t der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y has con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d,<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are no<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n it<span class=\"_ _2\"></span>s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>elev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny ca<span class=\"_ _1\"></span>sh p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d as pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>us in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E4.<span class=\"_ _5\"></span>1 Financial instrument c<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral arrangements<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has no fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>een o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as<span class=\"_ gse8\"> </span>at 31<span class=\"_ gse8\"> </span>Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 (202<span class=\"_ _5\"></span>4: no<span class=\"_ _1\"></span>ne).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o enfo<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r net<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s or sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y enfo<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>re, cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved a<span class=\"_ _1\"></span>s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t be re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t have p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n to se<span class=\"_ _1\"></span>ll or r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e, excep<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>. Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s coll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re provide<span class=\"_ _1\"></span>d below.<span class=\"_ _37b\"> </span><table class=\"s w298 h1e3\" id=\"_306a4b74-b7a9-4cd3-be84-e2f3a68fd32f\"><tr><td></td><td></td><td class=\"c n x8df y6146 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x8e0 y6146 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x8e1 y6147 w29a h1ad\" colspan=\"2\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls186 ws19f\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x8e2 y6147 w29b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y6148 ff2 fs6 fc3 sc0 lsbd wsc4\" colspan=\"2\">Financial </td><td></td><td></td><td class=\"t m0 x4db hd y6148 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Financial </td><td></td></tr><tr><td></td><td class=\"t m0 x8e4 hd y6149 ff2 fs6 fc3 sc0 lsbd wsc4\">Amount of<span class=\"_ _5\"></span> </td><td class=\"t m0 x866 hd y6149 ff2 fs6 fc3 sc0 lsc7 wsf5\" colspan=\"2\">instruments </td><td></td><td class=\"t m0 x774 hd y6149 ff12 fs6 fc3 sc0 lsbe wsc5\">Amount of </td><td class=\"t m0 x868 hd y6149 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">instrument<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y614a ff2 fs6 fc3 sc0 lsbd wsc4\">recognised </td><td class=\"t m0 x8e6 hd y614a ff2 fs6 fc3 sc0 ls10b ws115\" colspan=\"2\">and cash<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x774 hd y614a ff12 fs6 fc3 sc0 lsbd wsc4\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 x60b hd y614a ff12 fs6 fc3 sc0 ls9 ws0\" colspan=\"2\">an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </td><td></td></tr><tr><td></td><td class=\"t m0 x284 hd y614b ffa fs6 fc3 sc0 lsbd wsc4\">financial </td><td class=\"t m0 x8e7 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">collateral </td><td class=\"t m0 x8e8 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td class=\"t m0 x8e9 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">Net<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ea hd y614b ff13 fs6 fc3 sc0 lsc8 wscb\">financial </td><td class=\"t m0 x8eb hd y614b ff12 fs6 fc3 sc0 lsbe wsc5\">collateral </td><td class=\"t m0 x44f hd y614b ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td class=\"t m0 x74e hd y614b ff12 fs6 fc3 sc0 lsd1 wsd2\">Net<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y614c ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x8e6 hd y614c ff2 fs6 fc3 sc0 lsbd wsc4\">received<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ed hd y614c ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities</td><td class=\"t m0 x3f5 hd y614c ff2 fs6 fc3 sc0 lsc8 wscb\"> amount<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ee hd y614c ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x60b hd y614c ff12 fs6 fc3 sc0 lsbd wsc4\">received<span class=\"_ _37b\"> </span></td><td class=\"t m0 x32f hd y614c ff12 fs6 fc3 sc0 ls54 ws50\">liabilities</td><td class=\"t m0 x80e hd y614c ff12 fs6 fc3 sc0 lsbe wsc5\"> amount<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y610e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y610e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y610e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y614d ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w29c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f7 y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,194<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f8 y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">655<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f9 y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fb y5ed8 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fc y5ed8 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fd y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fe y5ed8 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">191<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w29d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exchange traded derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ff y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x900 y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x901 y5f93 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x902 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x903 y5f93 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n x905 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w29e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Stock lend<span class=\"_ _1\"></span>ing<span class=\"_ _37b\"> </span></div></td><td class=\"c n x906 y5f77 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x907 y5f77 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x908 y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x909 y5f77 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90a y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90b y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90c y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x304 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w29f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Reverse repurchase ar<span class=\"_ _1\"></span>rangement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90d y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">603<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90e y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">603<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90f y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x910 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">151<span class=\"_ _37b\"> </span></div></td><td class=\"c n x911 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">151<span class=\"_ _37b\"> </span></div></td><td class=\"c n x912 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x913 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2a0 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x914 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,947<span class=\"_ _37b\"> </span></div></td><td class=\"c n x915 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,360<span class=\"_ _37b\"> </span></div></td><td class=\"c n x916 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,388<span class=\"_ _37b\"> </span></div></td><td class=\"c n x917 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x918 y5edc wa6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,907<span class=\"_ _37b\"> </span></div></td><td class=\"c n x919 y5edc w4b h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,134<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91a y5edc w4b h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y5edc w50 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"gs2de\"><table class=\"s w298 h1e4\" id=\"_5cc8f06a-8586-42cc-bb17-1473b3c5076d\"><tr><td></td><td></td><td class=\"c n x8df y614e w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x8e0 y614e w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x91c y614f w2a1 h19b\" colspan=\"2\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 lsbd wsc4\">Related amounts not<span class=\"_ _5\"></span> offset<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x91d y614f w2a2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y6150 ff2 fs6 fc3 sc0 lsbd wsc4\" colspan=\"2\">Financial </td><td></td><td></td><td class=\"t m0 x4db hd y6150 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Financial </td><td></td></tr><tr><td></td><td class=\"t m0 x8e4 hd y6151 ff2 fs6 fc3 sc0 lsbd wsc4\">Amount of<span class=\"_ _5\"></span> </td><td class=\"t m0 x866 hd y6151 ff2 fs6 fc3 sc0 lsc7 wsf5\" colspan=\"2\">instruments </td><td></td><td class=\"t m0 x774 hd y6151 ff12 fs6 fc3 sc0 lsbe wsc5\">Amount of </td><td class=\"t m0 x868 hd y6151 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">instrument<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6152 ff2 fs6 fc3 sc0 lsbd wsc4\">recognised </td><td class=\"t m0 x8e6 hd y6152 ff2 fs6 fc3 sc0 ls10b ws115\" colspan=\"2\">and cash<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x774 hd y6152 ff12 fs6 fc3 sc0 lsbd wsc4\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 x60b hd y6152 ff12 fs6 fc3 sc0 ls9 ws0\" colspan=\"2\">an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </td><td></td></tr><tr><td></td><td class=\"t m0 x284 hd y6153 ffa fs6 fc3 sc0 lsbd wsc4\">financial </td><td class=\"t m0 x8e7 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">collateral </td><td class=\"t m0 x8e8 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td class=\"t m0 x8e9 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">Net<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ea hd y6153 ff13 fs6 fc3 sc0 lsc8 wscb\">financial </td><td class=\"t m0 x8eb hd y6153 ff12 fs6 fc3 sc0 lsbe wsc5\">collateral </td><td class=\"t m0 x44f hd y6153 ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td class=\"t m0 x74e hd y6153 ff12 fs6 fc3 sc0 lsd1 wsd2\">Net<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x91e hd y6154 ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x80c hd y6154 ff2 fs6 fc3 sc0 ls10b ws115\">pledged<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4b5 hd y6154 ff2 fs6 fc3 sc0 lsbd wsc4\">assets</td><td class=\"t m0 x3f5 hd y6154 ff2 fs6 fc3 sc0 lsc8 wscb\"> amount<span class=\"_ _37b\"> </span></td><td class=\"t m0 x867 hd y6154 ff12 fs6 fc3 sc0 ls54 ws50\">liabilities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x91f hd y6154 ff12 fs6 fc3 sc0 lsbd wsc4\">pledged<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y6154 ff12 fs6 fc3 sc0 ls10b ws115\">assets</td><td class=\"t m0 x80e hd y6154 ff12 fs6 fc3 sc0 lsbe wsc5\"> amount<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y6015 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y6015 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y6015 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6155 ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w29c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f7 y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,664<span class=\"_ _37b\"> </span></div></td><td class=\"c n x920 y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,170<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2cf y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x921 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x922 y5f77 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,983<span class=\"_ _37b\"> </span></div></td><td class=\"c n x923 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,305<span class=\"_ _37b\"> </span></div></td><td class=\"c n x924 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">141<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w29d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exchange traded derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ff y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">97<span class=\"_ _37b\"> </span></div></td><td class=\"c n x926 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n x927 y5f4c wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x928 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x929 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">102<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92a y5f4c w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92b y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92c y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2a0 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x914 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x915 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,224<span class=\"_ _37b\"> </span></div></td><td class=\"c n x916 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,388<span class=\"_ _37b\"> </span></div></td><td class=\"c n x917 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">149<span class=\"_ _37b\"> </span></div></td><td class=\"c n x918 y5edc wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x919 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,312<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91a y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs4b9\">E4.<span class=\"_ _1\"></span>2 Derivative co<span class=\"_ _5\"></span>ll<span class=\"_ _1\"></span>ateral arrangements<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs4ba\">Asset<span class=\"_ _1\"></span>s accept<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4bb\">It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o mit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o ove<span class=\"_ _1\"></span>r-t<span class=\"_ _1\"></span>he<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r (\u2018OTC<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4bc\">in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh o<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4bd\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l for OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s but n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4be\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s to \u00a344 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>377 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4bf\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r are s<span class=\"_ _1\"></span>et<span class=\"_ gse8\"> </span>o<span class=\"_ _1\"></span>ut<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w.<span class=\"_ _37b\"> </span></div><div class=\"gs4c0\"><table class=\"s w2a3 h1e5\" id=\"_0372f4d6-13be-4ec1-8f61-c6eacd76a6d7\"><tr><td></td><td class=\"t m0 x469 hd y6156 ff12 fs6 fc3 sc0 ls13d ws146\">OTC deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w99 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Financial asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">794<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">790<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wb8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Financial liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20b y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(794)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20c y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(790)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4c1\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s is \u00a34,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>9<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>2,487 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) of w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4c2\">\u00a34,036 mill<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a32,<span class=\"_ _1\"></span>296 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is mit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s (w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f any </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4c3\">OTC der<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>wed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4c4\">Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of \u00a349 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion) is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4c5\">pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs4c6\">Asset<span class=\"_ _1\"></span>s pledged </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4c7\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of it<span class=\"_ _2\"></span>s OTC deri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d at 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 in<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4c8\">of OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>,6<span class=\"_ _1\"></span>64 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3,983 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to \u00a31<span class=\"_ _5\"></span>,3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>527 milli<span class=\"_ _1\"></span>on) fo<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4c9\">collateral<span class=\"_ _5\"></span> pledged and \u00a33,0<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>7 million<span class=\"_ _5\"></span> (20<span class=\"_ _5\"></span>24<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>90 million<span class=\"_ _5\"></span>) for non-<span class=\"_ _1\"></span>cash collateral pl<span class=\"_ _5\"></span>edged<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs4ca\">E4.<span class=\"_ _1\"></span>3 Stock lending<span class=\"_ _5\"></span> collateral arrangements<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4cb\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p len<span class=\"_ _1\"></span>ds li<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io to o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4cc\">The Group c<span class=\"_ _5\"></span>onduct<span class=\"_ _1\"></span>s stock lending<span class=\"_ _5\"></span> only with well-est<span class=\"_ _1\"></span>ablished, reputable<span class=\"_ _5\"></span> institutions in acc<span class=\"_ _5\"></span>ordance with established m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4cd\">conv<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s do n<span class=\"_ _1\"></span>ot q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns al<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4ce\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>ept f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls62 ws10d gs4cf\">It is th<span class=\"_ _1\"></span>e Grou<span class=\"_ _1\"></span>p\u2019s prac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ce to obt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al in sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k lend<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, usu<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y in the for<span class=\"_ _1\"></span>m of ca<span class=\"_ _1\"></span>sh or mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e finan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4d0\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as su<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4d1\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>95 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>284 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4d2\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck le<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s is \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _5\"></span>101 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>56 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4d3\">ri<span class=\"_ _1\"></span>sk of<span class=\"_ gse8\"> </span>\u00a31<span class=\"_ _5\"></span>,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>01 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>56 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) is mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs4d4\">E4.<span class=\"_ _1\"></span>4 Other c<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral arrangements </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4d5\">At 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4d6\">ta<span class=\"_ _1\"></span>ken on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to res<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ral i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4d7\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, but n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, is \u00a3603 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _5\"></span>1 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4d8\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is \u00a36<span class=\"_ _1\"></span>03 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3 1<span class=\"_ _5\"></span>5<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) of w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4d9\">ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f \u00a3603 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3 1<span class=\"_ _5\"></span>51 milli<span class=\"_ _1\"></span>on) is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4da\">Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ven i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F8<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs4db\">Collateral<span class=\"_ _5\"></span> has also been pledged and<span class=\"_ _5\"></span> charges have<span class=\"_ _5\"></span> been granted in<span class=\"_ _5\"></span> respect of certain Group<span class=\"_ _5\"></span> bor<span class=\"_ _1\"></span>rowings. The details of these </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4dc\">ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>se<span class=\"_ _1\"></span>t out i<span class=\"_ _1\"></span>n not<span class=\"_ _1\"></span>e E5<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>E5. Borro<span class=\"_ _5\"></span>wings<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>bea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> interest method<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s are desi<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d upo<span class=\"_ _1\"></span>n init<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e thro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s and mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e whe<span class=\"_ _1\"></span>re doin<span class=\"_ _1\"></span>g so<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s more me<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l info<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on due to th<span class=\"_ _1\"></span>e reas<span class=\"_ _1\"></span>ons st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in the fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee not<span class=\"_ _1\"></span>e E<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>). T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to borr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at fair val<span class=\"_ _1\"></span>ue th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s are exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as incu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>ere is e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no or l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E5.<span class=\"_ _5\"></span>1 Analysis of<span class=\"_ _5\"></span> borrowings<span class=\"_ _37b\"> </span><table class=\"s w2a4 h1e6\" id=\"_a7d56ef3-b08b-437a-ab9d-7d3ec2322988\"><tr><td></td><td class=\"c n x92d y6157 w2a5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x92e y6157 w2a6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x8b1 y6158 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92f y6158 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x930 y6158 w2a7 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2<span class=\"_ _1\"></span>025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x931 y6158 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x652 y6159 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y6159 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x932 y6159 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y6159 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615a w2a8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">\u00a3<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>00 million multi-<span class=\"_ _2\"></span>currenc<span class=\"_ _1\"></span>y revolving<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>redit facility<span class=\"_ _37b\"> </span></div></td><td class=\"c n x933 y615a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">162<span class=\"_ _37b\"> </span></div></td><td class=\"c n x934 y615a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71e y615a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">162<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y615a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615b w2a9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Property reversions loan<span class=\"_ _37b\"> </span></div></td><td class=\"c n x935 y615b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x936 y615b w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x937 y615b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cb y615b w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615c w2aa h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal policyholder borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x938 y615c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x939 y615c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26c y615c w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26d y615c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615d w2ab h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a342<span class=\"_ _5\"></span>8 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y615d wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93a y615d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">197<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93b y615d wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y615d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615e w2ac h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93c y615e w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">371<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93d y615e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93e y615e w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">376<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93f y615e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615f w2ad h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u20ac<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x940 y615f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">435<span class=\"_ _37b\"> </span></div></td><td class=\"c n x941 y615f w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">411<span class=\"_ _37b\"> </span></div></td><td class=\"c n x942 y615f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">456<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y615f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">423<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6160 w2ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $750 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x943 y6160 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x944 y6160 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x945 y6160 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x248 y6160 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">200<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6161 w2af h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.62<span class=\"_ _1\"></span>5% Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x946 y6161 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">492<span class=\"_ _37b\"> </span></div></td><td class=\"c n x947 y6161 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">490<span class=\"_ _37b\"> </span></div></td><td class=\"c n x582 y6161 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">506<span class=\"_ _37b\"> </span></div></td><td class=\"c n x583 y6161 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">485<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600e w2b0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on F<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d R<span class=\"_ _1\"></span>ate R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>et C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x948 y600e w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td><td class=\"c n x949 y600e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">279<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94a y600e w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94b y600e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">275<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600f w2b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.<span class=\"_ _1\"></span>867% T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94c y600f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94d y600f w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">529<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94e y600f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">516<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y600f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">500<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6010 w2b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3250 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 3 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y6010 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94f y6010 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">252<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ca y6010 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n x950 y6010 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">246<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6044 w2b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t Ca<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">348<span class=\"_ _37b\"> </span></div></td><td class=\"c n x951 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e2 y6044 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">385<span class=\"_ _37b\"> </span></div></td><td class=\"c n x952 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">367<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6045 w2b4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt C<span class=\"_ _1\"></span>onv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x953 y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">371<span class=\"_ _37b\"> </span></div></td><td class=\"c n x954 y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">398<span class=\"_ _37b\"> </span></div></td><td class=\"c n x955 y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">398<span class=\"_ _37b\"> </span></div></td><td class=\"c n x956 y6045 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">415<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w2b5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal shareholder subor<span class=\"_ _0\"></span>dinated borro<span class=\"_ _5\"></span>wings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x957 y6046 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,050<span class=\"_ _37b\"> </span></div></td><td class=\"c n x958 y6046 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,501<span class=\"_ _37b\"> </span></div></td><td class=\"c n x959 y6046 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ac y6046 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,509<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w2b6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95a y5ffa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95b y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95c y5ffa w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,331<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95d y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,630<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ue f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95e y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,821<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95f y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,335<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce a \u00a31<span class=\"_ _5\"></span>.5 b<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n un<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>red r<span class=\"_ _1\"></span>evo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018revo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y dat<span class=\"_ _1\"></span>e was<span class=\"_ _1\"></span> exte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m No<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2029 to Nov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2030. Th<span class=\"_ _1\"></span>is fa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ins u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025.<span class=\"_ _37b\"> </span>Policyh<span class=\"_ _1\"></span>older borrowings<span class=\"_ _37b\"> </span>Pat<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust p<span class=\"_ _1\"></span>lc (<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) h<span class=\"_ _1\"></span>as in p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y, of wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h \u00a3<span class=\"_ _5\"></span>162 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a390 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) ha<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>en dr<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>n do<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025. D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar, the fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y was e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 to Feb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2028 and t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y lim<span class=\"_ _1\"></span>it in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to \u00a340<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fro<span class=\"_ _1\"></span>m \u00a3<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s at a ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in of 2<span class=\"_ _1\"></span>.6% over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>raw<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s loa<span class=\"_ _1\"></span>n fr<span class=\"_ _1\"></span>om S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er U<span class=\"_ _1\"></span>K plc (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>) is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. It rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f NP<span class=\"_ _1\"></span>I E<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t Sa<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he H<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifa<span class=\"_ _1\"></span>x H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>emn<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y S<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>der a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 2025, rep<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng \u00a31<span class=\"_ _4\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on we<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>de (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>16<span class=\"_ gse8\"> </span>milli<span class=\"_ _1\"></span>on). No<span class=\"_ _1\"></span>te G<span class=\"_ _1\"></span>4 con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, secu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e len<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y may b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ely t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rowe<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. I<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he eve<span class=\"_ _1\"></span>nt of d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wo<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to off<span class=\"_ _2\"></span>set s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>st du<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s dr<span class=\"_ _1\"></span>awn<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs4e8\">Shareholder subordinated<span class=\"_ _5\"></span> bor<span class=\"_ _1\"></span>rowings<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4e9\">Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le b<span class=\"_ _1\"></span>elow.<span class=\"_ _37b\"> </span></div><div class=\"gs4ea\"><table class=\"s w2b8 h1e7\" id=\"_119eedf4-170c-48a0-92a6-f82b739fb121\"><tr><td class=\"c n x1e3 y6162 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x960 y6162 w2b9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Nom<span class=\"_ _1\"></span>inal amount<span class=\"_ _37b\"> </span></div></td><td class=\"c n x961 y6162 w2ba h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Coupon<span class=\"_ _37b\"> </span></div></td><td class=\"c n x962 y6162 w2bb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Maturity<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6163 w2bc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s</div><div class=\"t m0 x963 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y6163 w2bd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4e wscd\">US<span class=\"_ _1\"></span> $50<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x965 y6163 w2be h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls50 ws18c\">5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>375%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x966 y6163 w2bf h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6 Ju<span class=\"_ _1\"></span>ly 2027<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6164 w2c0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u20ac<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es</div><div class=\"t m0 x967 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y6165 w2c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u20ac50<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x968 y6165 w2c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls50 ws18c\">4.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>75%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x969 y6165 w2c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _5\"></span>4 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6166 w2af h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.62<span class=\"_ _1\"></span>5% Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96a y6166 w2c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u00a3<span class=\"_ _1\"></span>500<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96b y6166 w2c4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">5.6<span class=\"_ _1\"></span>25%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96c y6166 w2c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">28 Apr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l 203<span class=\"_ _5\"></span>1 (wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x96d h7 y6167 ff6 fs2 fc3 sc0 ls9 ws0\">fro<span class=\"_ _1\"></span>m<span class=\"_ gse8\"> </span>28 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 203<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6168 ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on F<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d R<span class=\"_ _1\"></span>ate </td><td class=\"c x964 y60d8 w2c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">US<span class=\"_ _1\"></span> $350<span class=\"_ _2\"></span>m</div><div class=\"t m0 x96e h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96f h7 y6169 ff3 fs2 fc3 sc0 ls9 ws0\">4.7<span class=\"_ _5\"></span>50<span class=\"_ _1\"></span>% up t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e </td><td class=\"t m0 x96d h7 y6169 ff3 fs2 fc3 sc0 ls9 ws0\">4 Se<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 203<span class=\"_ _5\"></span>1 (wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </td></tr><tr><td class=\"t m0 x21d h7 y616a ff3 fs2 fc3 sc0 lsf ws4\">Reset Calla<span class=\"_ _1\"></span>ble Tier 2 notes<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x96f h7 y616b ff3 fs2 fc3 sc0 lsf ws4\">of 4 September 20<span class=\"_ _5\"></span>26<span class=\"_ _37b\"> </span></td><td class=\"t m0 x96d h7 y616b ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 4 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 4 S<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>6)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y616c w2c7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.<span class=\"_ _1\"></span>867% T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s</div><div class=\"t m0 x970 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y616d w2c8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u00a350<span class=\"_ _1\"></span>0m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x971 y616d w2c9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls27 ws27\">5.<span class=\"_ _1\"></span>867<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x972 y616d w2ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>3 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y616e w2c0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3250 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 3 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s</div><div class=\"t m0 x967 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y616e w2cb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls69 wsdf\">\u00a3250<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x973 y616e w2cc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsae wsb1\">4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>16%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x974 y616e w2cd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _4\"></span>3 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2026<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y616f ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t </td><td class=\"c n x964 y6170 w2ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">\u00a3<span class=\"_ _1\"></span>350<span class=\"_ _2\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x975 y6170 w2cf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _4\"></span>.7<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>0% u<span class=\"_ _1\"></span>p to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96d h7 y6171 ff3 fs2 fc3 sc0 ls1c ws6\">6 December<span class=\"_ _5\"></span> 20<span class=\"_ _0\"></span>53<span class=\"_ _5\"></span> (with optional rede<span class=\"_ _5\"></span>mpt<span class=\"_ _1\"></span>ion </td></tr><tr><td class=\"t m0 x21d h7 y6172 ff3 fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td class=\"c x977 y6173 w2d0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">of 6 D<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2033</div><div class=\"t m0 x976 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">4</div></td><td class=\"t m0 x96d h7 y6174 ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 6 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 6 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2033<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6175 ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt </td><td class=\"c n x964 y6176 w2bd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4e wscd\">US<span class=\"_ _1\"></span> $50<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x965 y6176 w2d1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _1\"></span>.50<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% up t<span class=\"_ _1\"></span>o fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96d h7 y6177 ff3 fs2 fc3 sc0 ls18 ws20\">Perpetual (<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith optional r<span class=\"_ _5\"></span>edemption bet<span class=\"_ _1\"></span>ween </td></tr><tr><td class=\"t m0 x21d h7 y6178 ff3 fs2 fc3 sc0 ls9 ws0\">Conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s </td><td></td><td class=\"c x977 y60e3 w2d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">dat<span class=\"_ _1\"></span>e of 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2030</div><div class=\"t m0 x978 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">5</div></td><td class=\"t m0 x96d h7 y6179 ff3 fs2 fc3 sc0 ls21 ws0\">1<span class=\"_ _5\"></span>2 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2029 and 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2030)<span class=\"_ _37b\"> </span></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4eb\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny wa<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>n 12 Dec<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2018.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4ec\">2 <span class=\"_ _19\"> </span>O<span class=\"_ _1\"></span>n 7 De<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _1\"></span>3 th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d US $150 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l US $5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4ed\">3 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny wa<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>n 22 J<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>y 2020 o<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4ee\">4 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4ef\">5 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4f0\">On 4 F<span class=\"_ _1\"></span>ebr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2025, th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l US $750 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4f1\">Conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4f2\">On 18 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng \u00a31<span class=\"_ _4\"></span>97 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nal \u00a3428 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs4f3\">no<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs4f4\">E5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Rec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4f5\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4f6\">(wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f leas<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te G9). Lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e for </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4f7\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws w<span class=\"_ _1\"></span>ere, or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be, cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsd wsc gs4f8\">financing activities<span class=\"_ _1\"></span>. </div><div class=\"gs4f9\"><table class=\"s w2d3 h1e8\" id=\"_70f04ee7-c0fc-4590-a356-a4bd397e23f7\"><tr><td></td><td></td><td></td><td class=\"c n x979 y617a w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x97a y617a w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x97b hd y617b ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x8e7 hd y617b ff2 fs6 fc3 sc0 lsc8 wscb\">Interest </td><td class=\"t m0 x97c hd y617c ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td></td><td class=\"t m0 x423 hd y617c ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x91f hd y617c ff12 fs6 fc3 sc0 lsbe wsc5\">Interest </td><td class=\"t m0 x44f hd y617c ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td></td></tr><tr><td></td><td class=\"t m0 x76f hd y617d ff2 fs6 fc3 sc0 lsbd wsc4\">borrowings<span class=\"_ _37b\"> </span></td><td class=\"c x815 y617e w2d4 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls10b ws115\">payable</div><div class=\"t m0 x97d h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c x97f y617e w2d5 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">assets</div><div class=\"t m0 x97e h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x980 hd y617f ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td><td class=\"t m0 x68b hd y617f ff13 fs6 fc3 sc0 ls76 ws76\">borrowin<span class=\"_ _1\"></span>gs<span class=\"_ _37b\"> </span></td><td class=\"c x982 y617e w2d6 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">payable</div><div class=\"t m0 x981 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c x41a y617e w2d7 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">assets</div><div class=\"t m0 x983 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x333 hd y617f ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x984 y6180 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x985 y6180 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x986 y6180 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x987 y6180 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x988 y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x989 y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98a y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98b y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6042 w2d8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9a ws43\">At 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98c y6042 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98d y6042 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98e y6042 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98f y6042 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x990 y6042 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n x991 y6042 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n x992 y6042 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(118)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x993 y6042 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,837<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6181 ff3 fs2 fc3 sc0 ls1a ws18\">Cash movem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w2d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>w bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x994 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x995 y6044 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x996 y6044 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x997 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x998 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">475<span class=\"_ _37b\"> </span></div></td><td class=\"c n x999 y6044 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99a y6044 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99b y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">475<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w2da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Repayment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99c y6045 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(496)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99d y6045 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(212)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99e y6045 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99f y6045 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(708)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a0 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(739)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a1 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a2 y6045 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a3 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(957)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6182 ff3 fs2 fc3 sc0 ls1a ws18\">Non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cash movemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6183 w2db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a4 y6183 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a5 y6183 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a6 y6183 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">88<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a7 y6183 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a8 y6183 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a9 y6183 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9aa y6183 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ab y6183 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w2dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in fo<span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>gn exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ac y5ffa w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ad y5ffa w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ae y5ffa wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9af y5ffa w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b0 y5ffa w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b1 y5ffa we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b2 y5ffa we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b3 y5ffa w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y60e1 w2dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 x9b4 h11 y6087 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b5 y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b6 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">210<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b7 y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b8 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b9 y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ba y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">215<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bb y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bc y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">208<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bd y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9be y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">58<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bf y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c0 y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c1 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c2 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c3 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f8 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4fa\">1 <span class=\"_ _19\"> </span>O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y on b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4fb\">2 <span class=\"_ _19\"> </span>C<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Eu<span class=\"_ _1\"></span>ro a<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>S Do<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4fc\">de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>3.1.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs4fd\">3 <span class=\"_ _19\"> </span>P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld at a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>. No in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs4ff\">E6<span class=\"_ _2\"></span>. Ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t \u2013 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs500\">Th<span class=\"_ _1\"></span>is no<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s on<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vie<span class=\"_ _1\"></span>w of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs501\">ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote I<span class=\"_ _1\"></span>3 an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F9.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gs502\">E6.<span class=\"_ _5\"></span>1 Financial<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> the Asset Liability Management (\u2018<span class=\"_ _4\"></span>AL<span class=\"_ _1\"></span>M\u2019<span class=\"_ _1\"></span>) framew<span class=\"_ _5\"></span>ork<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs503\">Th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ral<span class=\"_ _1\"></span>ly ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p to th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m, c<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>y mar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs504\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs505\">Res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd of t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, as a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs506\">int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l com<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. In se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le, t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd of e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h Li<span class=\"_ _1\"></span>fe Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any w<span class=\"_ _1\"></span>ill re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs507\">th<span class=\"_ _1\"></span>e Ch<span class=\"_ _1\"></span>ief I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt O<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>unc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r/Chie<span class=\"_ _1\"></span>f Act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs508\">po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>mpl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>hat r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of bo<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ic i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd of f<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs509\">reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y Mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>f Act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y wil<span class=\"_ _1\"></span>l al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t to<span class=\"_ gse8\"> </span>w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs50a\">consistent<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith the Group\u2019<span class=\"_ _5\"></span>s commitment to help<span class=\"_ _5\"></span> pe<span class=\"_ _1\"></span>ople secure a<span class=\"_ _5\"></span> life of possibilities<span class=\"_ _1\"></span>, including meeting the FC<span class=\"_ _1\"></span>A<span class=\"_ _5\"></span>\u2019s<span class=\"_ _5\"></span> expe<span class=\"_ _1\"></span>ctatio<span class=\"_ _1\"></span>ns under </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs50b\">Consumer Dut<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls56 ws0 gs50c\">Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n many o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y gui<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n by </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls9 ws6 gs50d\">investment<span class=\"_ _5\"></span> committees of the<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>oards of<span class=\"_ _5\"></span> each Life Company<span class=\"_ _5\"></span> supported by management<span class=\"_ _5\"></span> oversight committ<span class=\"_ _5\"></span>ees<span class=\"_ _1\"></span>. Derivatives are<span class=\"_ _5\"></span> pr<span class=\"_ _1\"></span>imarily </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls56 ws53 gs50e\">us<span class=\"_ _1\"></span>ed for r<span class=\"_ _1\"></span>isk he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es or for effi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e act<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>y fun<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs50f\">Mo<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s expo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E6.<span class=\"_ _1\"></span>2 b<span class=\"_ _1\"></span>elow.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs510\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e, Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs511\">th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>o ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs512\">var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e in f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs513\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs514\">The Group\u2019<span class=\"_ _5\"></span>s ove<span class=\"_ _5\"></span>rall exposure t<span class=\"_ _5\"></span>o market and<span class=\"_ _5\"></span> credit risk is<span class=\"_ _5\"></span> monitored by<span class=\"_ _5\"></span> appropriate committees, which<span class=\"_ _5\"></span> agree policies f<span class=\"_ _5\"></span>or managing </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs515\">eac<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pe o<span class=\"_ _1\"></span>f ri<span class=\"_ _1\"></span>sk on a<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>on<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy d<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>d to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>eve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s in exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs516\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ue i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s AL<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs517\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs518\">eac<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pe o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d for w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds (w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e al<span class=\"_ _1\"></span>l of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs519\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s), non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>ked no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs51a\">E6.<span class=\"_ _1\"></span>2 Financial risk anal<span class=\"_ _5\"></span>ysis<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs51b\">T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, mar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs51c\">so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>. E<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bel<span class=\"_ _1\"></span>ow, tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th a s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ho<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs51d\">se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>sis d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>rde<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs51e\">for<span class=\"_ gse8\"> </span>e<span class=\"_ _1\"></span>xam<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ere a ma<span class=\"_ _1\"></span>rket m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>y giv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>se to p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s int<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs51f\">Climate risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs520\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket a<span class=\"_ _1\"></span>nd cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>) ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to a lo<span class=\"_ _1\"></span>w ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>my, and<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs521\">the physical impacts resulting<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom clim<span class=\"_ _5\"></span>ate change which c<span class=\"_ _5\"></span>ould result<span class=\"_ _5\"></span> in long-<span class=\"_ _1\"></span>term market, cr<span class=\"_ _5\"></span>edit<span class=\"_ _1\"></span>, insuranc<span class=\"_ _5\"></span>e, reputation, proposition </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs522\">and operational<span class=\"_ _5\"></span> implic<span class=\"_ _1\"></span>ations. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs523\">Id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cli<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Ri<span class=\"_ _1\"></span>sk Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt Fra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s has </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs524\">be<span class=\"_ _1\"></span>en ma<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in d<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>pin<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s and e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ish<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate g<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs525\">Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed a p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h towa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e, wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h key ne<span class=\"_ _1\"></span>t zero t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs526\">ta<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s are p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>as<span class=\"_ _1\"></span>k Fo<span class=\"_ _1\"></span>rce fo<span class=\"_ _1\"></span>r Cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs527\">(\u2018<span class=\"_ _1\"></span>TCFD\u2019) wit<span class=\"_ _1\"></span>hin the Strategi<span class=\"_ _1\"></span>c Report<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs528\">E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Credit<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs529\">Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or valu<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs52a\">of a cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of su<span class=\"_ _1\"></span>ch a co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to a fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>.e. fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure to h<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs52b\">fai<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m in a ti<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er), wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er on o<span class=\"_ _1\"></span>r off ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs52c\">Th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs52d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results from direct inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment activit<span class=\"_ _1\"></span>ies, including investments in debt securities<span class=\"_ _1\"></span>, derivatives counterpart<span class=\"_ _1\"></span>ies, </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs52e\">coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs52f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results indirectly from activities undert<span class=\"_ _1\"></span>aken in<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e normal course of business. Such activit<span class=\"_ _1\"></span>ies include premium<span class=\"_ _5\"></span> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs530\">payment<span class=\"_ _1\"></span>s, out<span class=\"_ _1\"></span>sourcing contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reinsurance<span class=\"_ _5\"></span> agreement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exposure from<span class=\"_ _5\"></span> mater<span class=\"_ _1\"></span>ial suppliers and the lending<span class=\"_ _5\"></span> of secur<span class=\"_ _1\"></span>ities.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs532\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a<span class=\"_ _1\"></span>ll fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r wit<span class=\"_ _1\"></span>h r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs533\">se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ff bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et col<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e min<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs534\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs535\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r on wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o whi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs536\">is<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs537\">Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>ter a<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r is f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs538\">in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds ov<span class=\"_ _1\"></span>er gi<span class=\"_ _1\"></span>lt </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs539\">yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lev<span class=\"_ _1\"></span>el of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y, the va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs53a\">in<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p<span class=\"_ gse8\"> </span>ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs53b\">Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es of co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs53c\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds fa<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lly to s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s), no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs53d\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p hol<span class=\"_ _1\"></span>ds \u00a320,<span class=\"_ _1\"></span>25<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>554 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ba<span class=\"_ _1\"></span>ck a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es in n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs53e\">to<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>al es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs53f\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f \u00a35<span class=\"_ _1\"></span>81 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>330 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs540\">Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th n<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs541\">Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y it is a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd u<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s rema<span class=\"_ _1\"></span>in u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs542\">in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs543\">cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk h<span class=\"_ _1\"></span>eld w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs544\">A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ant a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs545\">res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax in r<span class=\"_ _1\"></span>esp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r of \u00a327 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>4 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n), an inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs546\">of<span class=\"_ gse8\"> </span>\u00a31<span class=\"_ _4\"></span>41 milli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>41 mill<span class=\"_ _1\"></span>ion), an<span class=\"_ _1\"></span>d an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a37 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: a d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs547\">A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps n<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les h<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d no c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs548\">res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of a fu<span class=\"_ _1\"></span>ll fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial y<span class=\"_ _1\"></span>ear o<span class=\"_ _1\"></span>f \u00a37 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of \u00a342 milli<span class=\"_ _1\"></span>on), a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs549\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>4 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>3 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), an<span class=\"_ _1\"></span>d a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a38 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs54a\">Credit risk<span class=\"_ _5\"></span> is managed by<span class=\"_ _5\"></span> the monitoring of aggr<span class=\"_ _5\"></span>egate Group exposur<span class=\"_ _5\"></span>es to individual c<span class=\"_ _5\"></span>ounterpart<span class=\"_ _1\"></span>ies and b<span class=\"_ _5\"></span>y appropriate credit<span class=\"_ _5\"></span> risk </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs54b\">di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng by in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, cred<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y). The<span class=\"_ gse8\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>vel of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k it ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs54c\">through an<span class=\"_ _5\"></span> est<span class=\"_ _1\"></span>ablished Group<span class=\"_ _5\"></span> Credit Limit and C<span class=\"_ _5\"></span>ounterpar<span class=\"_ _1\"></span>ty Framework that<span class=\"_ _5\"></span> includes the use of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>redit risk<span class=\"_ _5\"></span> tolerances and<span class=\"_ _5\"></span> limit<span class=\"_ _1\"></span>s. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs54d\">Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t out v<span class=\"_ _1\"></span>ia sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs54e\">der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies l<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te ha<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs54f\">Credit quality of assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs550\">An i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs551\">following<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>able pro<span class=\"_ _5\"></span>vides information regardi<span class=\"_ _5\"></span>ng the aggregate cr<span class=\"_ _5\"></span>edit exposure split<span class=\"_ _5\"></span> by credit<span class=\"_ _5\"></span> rat<span class=\"_ _1\"></span>ing.<span class=\"_ _37b\"> </span></div><div class=\"gs552\"><table class=\"s w2de h1e9\" id=\"_50b9ed7c-51e5-4474-ab0f-2425049b74ab\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ee hd y6184 ff2 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td class=\"t m0 x32b hd y6184 ff2 fs6 fc3 sc0 ls6a ws6b\">Unit-<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x9c4 y6185 w2df h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c5 y6185 w2e0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c6 y6185 we1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c7 y6185 w2e1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd9 wsdb\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x771 y6185 w2e2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6b ws6c\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c8 y6185 w2e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c9 y6185 w2e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">linked<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ca y6185 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6186 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cb y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cc y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cd y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ce y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x243 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cf y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d0 y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d1 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f62 w1e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x311 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d2 y5f62 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d3 y5f62 w2e6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y5f62 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d6 y5f62 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2db y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d7 y5f62 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f63 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d8 y5f63 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d9 y5f63 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,174<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9da y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,776<span class=\"_ _37b\"> </span></div></td><td class=\"c n x386 y5f63 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9db y5f63 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dc y5f63 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dd y5f63 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9de y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f64 w2e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y600c ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8e1 y5ed8 w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">34,670<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23,282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">10,505<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e5 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,528<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e6 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6187 w9d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e7 y6187 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e8 y6187 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,803<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e9 y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,005<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y6187 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ea y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x39b y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9eb y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,808<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w2e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers\u2019 share<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f investment c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ec y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ed y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x34b y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ee y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ef y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f0 y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f1 y5f65 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f2 y5f65 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f3 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f4 y5f34 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">636<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f5 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,253<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f6 y5f34 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f7 y5f34 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f8 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f9 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,351<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fa y5f34 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,302<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8e1 y5edc w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,235<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">41,284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">31,326<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,493<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">11,044<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fb y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,558<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fc y5edc wa8 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">127,936<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs553\">1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs554\">\u00a35<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,897mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>853 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>B an<span class=\"_ _1\"></span>d \u00a31<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs555\">ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as \u2018n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs556\">2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,95<span class=\"_ _1\"></span>7 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w2e9 h1ea\" id=\"_a64c3953-428d-4e42-8386-0d431862b19b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9fd hd y6188 ff12 fs6 fc3 sc0 ls10b ws115\">Less </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 x9fe hd y6189 ff12 fs6 fc3 sc0 lsbe wsc5\">amounts </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 x290 hd y618a ff13 fs6 fc3 sc0 ls6c ws6d\">classifie<span class=\"_ _1\"></span>d </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9ff hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td></td><td></td><td class=\"t m0 xa00 hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td class=\"c n xa01 y612f w2ea h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa02 y612f w2eb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa03 y612f w2ec h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa04 y612f w2ed h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls102 ws10e\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x601 y612f w2ee h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls7c ws7d\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa05 y612f w2ef h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa06 y612f w2f0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Unit<span class=\"_ _5\"></span>-l<span class=\"_ _1\"></span>inked<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa07 y612f we0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa08 y612f w2f1 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">sale<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa09 y612f w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0a y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0b y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0c y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0d y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0e y6131 w2f3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0f y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa10 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa11 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa12 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa13 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y618c w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa14 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa15 y618c w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ba y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2d9 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa16 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa17 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa18 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa19 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1a y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1b y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w1e8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1c y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1d y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,536<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1e y6103 wdd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">662<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1f y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa20 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa21 y6103 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">335<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa22 y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa24 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa25 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6104 w2e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y5fd3 ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa26 y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,752<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,967<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2c y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,772<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2d y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2e y5fac w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(979)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2f y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">88,322<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f49 w9d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa30 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa31 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa32 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,056<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa33 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa34 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa35 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa36 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa37 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td><td class=\"c n x381 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x993 y5f49 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y618d ff3 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </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 x1e3 y5f77 w2f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x317 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x394 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x395 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x396 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x397 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa38 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa39 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3a y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3b y5f77 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3c y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,265<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3d y5f4c wce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3e y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3f y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,820<span class=\"_ _37b\"> </span></div></td><td class=\"c n x35d y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa40 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa41 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa42 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,130<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa43 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,453<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xa26 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,330<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">39,014<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26,290<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,092<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,665<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa45 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa46 y5edc w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">116,132<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa47 y5edc w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,044)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa48 y5edc wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">115,088<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs558\">1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot h<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e in m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs559\">ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>. \u00a355 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a386<span class=\"_ _1\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,837 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>6 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f BB<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>240 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et is<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs55a\">ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y an e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y no<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>t is c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s \u2018n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs55b\">2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,795 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs55c\">Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er is n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs55d\">exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>s rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs55e\">Un<span class=\"_ _1\"></span>der c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ma<span class=\"_ _1\"></span>y be ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d lin<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs55f\">Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs560\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs561\">bui<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e veh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs562\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o. T<span class=\"_ _1\"></span>his e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs563\">ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and to<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>re cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s all l<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>phi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs564\">is<span class=\"_ gse8\"> </span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y of fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h mar<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs565\">of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. All c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lor<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d upd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs566\">The Group operat<span class=\"_ _5\"></span>es an A<span class=\"_ _1\"></span>sset Management<span class=\"_ _5\"></span> R<span class=\"_ _1\"></span>isk Commi<span class=\"_ _5\"></span>ttee, a Rating<span class=\"_ _5\"></span> Committee and a<span class=\"_ _5\"></span> Port<span class=\"_ _1\"></span>folio Cred<span class=\"_ _5\"></span>it Committee to<span class=\"_ _5\"></span> monitor and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs567\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs f<span class=\"_ _1\"></span>or ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s. A v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs568\">th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs569\">no<span class=\"_ _1\"></span>t have a p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m an e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>rs (<span class=\"_ _1\"></span>wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs56a\">fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>ing C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le). Inst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs56b\">managers<span class=\"_ _1\"></span>, or for<span class=\"_ _5\"></span> cert<span class=\"_ _1\"></span>ain asset<span class=\"_ _1\"></span>s (in particul<span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>, illiquid assets<span class=\"_ _1\"></span>, including internal securitised loan notes securitising holdings in<span class=\"_ _5\"></span> equit<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs56c\">release<span class=\"_ _5\"></span> mor<span class=\"_ _1\"></span>tgages<span class=\"_ _5\"></span>) are determined<span class=\"_ _5\"></span> by the Life C<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>anies. The Committ<span class=\"_ _5\"></span>ees review the policies, pr<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>cesses and practices<span class=\"_ _5\"></span> to ensure<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs56d\">th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs56e\">Th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ll cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of it<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs56f\">mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly, t<span class=\"_ _1\"></span>he key c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs570\">portfolio continues to be the increased<span class=\"_ _5\"></span> investm<span class=\"_ _1\"></span>ent in illiquid<span class=\"_ _5\"></span> credit asset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, including Commercial<span class=\"_ _5\"></span> Real Est<span class=\"_ _1\"></span>ate Loans (\u2018CREL<span class=\"_ _3\"></span>\u2019<span class=\"_ _1\"></span>), Local </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs571\">Aut<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Loa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>sk T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>RT<span class=\"_ _1\"></span>\u2019<span class=\"_ _2\"></span>) tra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>im o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs572\">ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ing g<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Ris<span class=\"_ _1\"></span>k A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ved </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs573\">by t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>. A r<span class=\"_ _1\"></span>ise i<span class=\"_ _1\"></span>n gi<span class=\"_ _1\"></span>lt y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ha<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gi<span class=\"_ _1\"></span>lt ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs574\">pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce. A f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pas<span class=\"_ _1\"></span>t du<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs575\">imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. A<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pa<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ue n<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs576\">Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 330 an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs577\">by cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>bt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs578\">Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs579\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs57a\">pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs57b\">sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ra<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ris<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs57c\">at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L is no<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red to b<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs57e\">Concentration<span class=\"_ _5\"></span> of credit risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs57f\">Con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mig<span class=\"_ _1\"></span>ht ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p or i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s has s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to an in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs580\">cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y or a gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th s<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ gse8\"> </span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wou<span class=\"_ _1\"></span>ld c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs581\">ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to b<span class=\"_ _1\"></span>e si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>st of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs582\">it<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit a<span class=\"_ _1\"></span>nd C<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs583\">Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y. Co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r in in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s, o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs584\">requirements and the monitoring of aggregate c<span class=\"_ _5\"></span>ounter<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>y exposures across the Group against<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>dditional Group counterpart<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs585\">limit<span class=\"_ _1\"></span>s. Counterpart<span class=\"_ _1\"></span>y risk in respect of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>counter derivative counterparties is monitored<span class=\"_ _5\"></span> using a Potential Future<span class=\"_ _5\"></span> E<span class=\"_ _1\"></span>xposure </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs586\">(\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs587\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a<span class=\"_ gse8\"> </span>pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rcer s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs588\">counterparty exposures and<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e impact fr<span class=\"_ _5\"></span>om default is<span class=\"_ _5\"></span> reviewed regularly b<span class=\"_ _5\"></span>y executive c<span class=\"_ _5\"></span>ommittees and measur<span class=\"_ _5\"></span>ed through stress </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs589\">and scenario<span class=\"_ _5\"></span> testing.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls39 ws60 gs58a\">Reinsurance<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs58b\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk as a r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y is to p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs58c\">reinsurance only<span class=\"_ _5\"></span> wit<span class=\"_ _1\"></span>h highly<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>ted counterparties<span class=\"_ _1\"></span>. The Group restricts concentration with individual external reinsure<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s by specif<span class=\"_ _1\"></span>ying </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs58d\">limit<span class=\"_ _1\"></span>s on c<span class=\"_ _0\"></span>eding and minimum<span class=\"_ _5\"></span> condit<span class=\"_ _1\"></span>ions for<span class=\"_ _0\"></span> acceptance and retention<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f reinsur<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>s. The Group has made progress in<span class=\"_ _5\"></span> increasing the </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs58e\">num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, an elem<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs58f\">and the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ricted range of<span class=\"_ _5\"></span> reinsurers av<span class=\"_ _5\"></span>ailable. The Group<span class=\"_ _5\"></span> manages it<span class=\"_ _1\"></span>s exposur<span class=\"_ _5\"></span>e to reins<span class=\"_ _5\"></span>urance credit risk<span class=\"_ _5\"></span> through the operation of<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs590\">a credit<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y, c<span class=\"_ _5\"></span>ollateralisation, and regular monit<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ing of<span class=\"_ _5\"></span> exposures at the R<span class=\"_ _5\"></span>einsurance Management<span class=\"_ _5\"></span> Committee and other<span class=\"_ _5\"></span> credit </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs591\">focused comm<span class=\"_ _5\"></span>ittees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws18 gs592\">Collateral<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs593\">Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, by e<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs594\">of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>n an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Guid<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs595\">acceptability of types of collater<span class=\"_ _5\"></span>al and the valuation<span class=\"_ _5\"></span> parameters<span class=\"_ _1\"></span>. Collateral<span class=\"_ _5\"></span> is mainly obtained in<span class=\"_ _5\"></span> respect of re<span class=\"_ _5\"></span>insurance, O<span class=\"_ _5\"></span>TC </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs596\">derivatives and securities l<span class=\"_ _5\"></span>ending activit<span class=\"_ _1\"></span>y.<span class=\"_ _0\"></span> Management moni<span class=\"_ _0\"></span>tors the mark<span class=\"_ _5\"></span>et value of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral rec<span class=\"_ _5\"></span>eived, requests additional </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs597\">coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n nee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, and p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hen i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs598\">information on<span class=\"_ _5\"></span> collateral arrangements<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls7 ws0 gs599\">E6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs59a\">Ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l sit<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly or i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly, fro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs59b\">fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el an<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs59c\">fro<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs59d\">currency exchange<span class=\"_ _5\"></span> rates<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs59e\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs59f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld to m<span class=\"_ _1\"></span>eet re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y requ<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s yet to b<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5a2\">fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e flow of m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5a4\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f a ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs5a5\">and techniques including:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d/or a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>mit<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs434\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">s<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y mod<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5a8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve us<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s to im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rove t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5a9\">of<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5aa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r mai<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s and m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs5ab\">All operations<span class=\"_ _5\"></span> comply with regulatory requiremen<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>s relating to the<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>aking of mark<span class=\"_ _5\"></span>et risk.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ac\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ad\">ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r are h<span class=\"_ _1\"></span>eld to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs43b\">ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. A co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s by na<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ph<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g are u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5ae\">to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k am<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5b0\">Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5b1\">ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>bo<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hy, cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5b2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and h<span class=\"_ _1\"></span>ow th<span class=\"_ _1\"></span>is va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5b3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e nee<span class=\"_ _1\"></span>d to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n a man<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r cons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5b4\">exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s and P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs5b5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5b6\">In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice, a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s as a co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, i<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5b7\">ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>eir b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5b8\">be u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5b9\">Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s ret<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial t<span class=\"_ _1\"></span>o be vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ile p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en ge<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of reg<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ba\">inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ist p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ab<span class=\"_ _1\"></span>le to re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e to gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5bb\">dis<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ore d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il is c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. </div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs5bc\">In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5bd\">In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5be\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t-b<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5bf\">gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d und<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hs in t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply to i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, but r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5c0\">to fixe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld be r<span class=\"_ _1\"></span>epl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5c1\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5c2\">an<span class=\"_ _1\"></span>d any a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d by </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5c3\">ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5c4\">fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ily b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5c5\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ai<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f (i<span class=\"_ _1\"></span>) e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5c6\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>g eno<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h to ho<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>ur g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to s<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ii<span class=\"_ _1\"></span>) to o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5c7\">ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs ma<span class=\"_ _1\"></span>de to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s as w<span class=\"_ _1\"></span>ell a<span class=\"_ _1\"></span>s leg<span class=\"_ _1\"></span>al an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5c8\">reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate m<span class=\"_ _1\"></span>ix of fi<span class=\"_ _1\"></span>xed a<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le ra<span class=\"_ _1\"></span>te </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5c9\">ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s acco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew t<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>gul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>ter<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ca\">over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is kept w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o req<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>file o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5cb\">to be m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5cc\">Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes h<span class=\"_ _1\"></span>ow ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5cd\">ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ce\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n all a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5cf\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5d0\">Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk as g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5d1\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5d2\">uns<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5d3\">inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed or r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5d4\">of un<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5d5\">1<span class=\"_ _5\"></span>7 are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5d6\">det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ked by s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5d7\">an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ad<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs5d8\">In the non-<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipat<span class=\"_ _1\"></span>ing funds, polic<span class=\"_ _1\"></span>y liabilities\u2019 sensitivit<span class=\"_ _1\"></span>y to interest<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>tes are<span class=\"_ _5\"></span> matc<span class=\"_ _1\"></span>hed primarily with debt securities and hedging if </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5d9\">ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5da\">int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es is v<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y low. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s on a<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S bas<span class=\"_ _1\"></span>is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5db\">to pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5dc\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ma<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be pa<span class=\"_ _1\"></span>id </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5dd\">ta<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>vel o<span class=\"_ _1\"></span>f exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ied i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s cos<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5de\">to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e AL<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5df\">in rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked gi<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5e0\">Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>ep on t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5e1\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e she<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>ate.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5e2\">rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e as a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w12f h1eb\" id=\"_6dd92099-11dd-4c7f-8d04-7000dd8eaba4\"><tr><td></td><td></td><td></td><td class=\"c n x6db y618e w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y618e w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y618f ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y618f ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y6190 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y6190 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x28c hd y6191 ff12 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e in </td><td class=\"t m0 xa4d hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y6192 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y6192 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y6192 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y6192 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x866 hd y6193 ff12 fs6 fc3 sc0 lsbe wsc5\">interest rate<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y6194 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y6194 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y6194 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6195 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y6195 w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa57 y6195 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa58 y6195 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa59 y6195 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5a y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5b y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5c y6195 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6196 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y6196 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5e y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5f y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa60 y6196 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa61 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa62 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa63 y6196 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6197 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6198 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y6198 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y6198 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y6198 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y6198 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y6198 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y6198 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y6198 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6199 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619a w2fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619a w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6c y619a w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6d y619a w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6e y619a w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6f y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa70 y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa71 y619a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w2fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa72 y619b w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa73 y619b w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa74 y619b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa75 y619b w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa76 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa77 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa78 y619b we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619c w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7b y619c w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7c y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7e y619c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">127<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w2fc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y619d w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(472)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y619d w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa82 y619d w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa83 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(440)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa84 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(313)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa85 y619d w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619e w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y619e w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa87 y619e w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa88 y619e w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y619e w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8a y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8b y619e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8c w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f8c w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8d y5f8c w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8e y5f8c w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8f y5f8c wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa90 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa91 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa92 y5f8c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y619f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6104 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y6104 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa94 y6104 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa95 y6104 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa96 y6104 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa97 y6104 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa98 y6104 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa99 y6104 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61a0 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f93 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y5f93 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y5f93 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9c y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9d y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9e y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f93 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w2fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa0 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa1 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa2 y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa3 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa4 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa5 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa6 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa9 y5f4c w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(137)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaa y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaab y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaac y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(155)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fe h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xaad y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaae y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">406<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaf y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab0 y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">558<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">403<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5e4\">Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>tep o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cur<span class=\"_ _2\"></span>ve, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs5e5\">the risk-free interest rate<span class=\"_ _5\"></span> cur<span class=\"_ _2\"></span>ve.<span class=\"_ _5\"></span> T<span class=\"_ _1\"></span>he illiquidity premium used in the measur<span class=\"_ _5\"></span>ement of insurance contracts<span class=\"_ _1\"></span>, and associated reinsurance </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5e6\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs5e7\">included within the refer<span class=\"_ _5\"></span>ence port<span class=\"_ _1\"></span>folio used to<span class=\"_ _5\"></span> deter<span class=\"_ _1\"></span>mine the illiquidity premium.<span class=\"_ _37b\"> </span></div><div class=\"gs5e8\"><table class=\"s w12c h1ec\" id=\"_e0474467-1b12-430f-b6e6-8fa0448112a2\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61a1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61a1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61a2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61a2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y61a3 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61a3 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61a4 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4d hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61a5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61a5 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61a5 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61a5 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e6 hd y61a6 ffa fs6 fc3 sc0 lsbd wsc4\">inflation<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y61a8 w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab3 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab4 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab5 y61a8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab6 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab7 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x463 y61a8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a9 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y61a9 w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab8 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab9 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaba y61a9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabb y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabd y61a9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61aa ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y61ab w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabf y61ab w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y61ab w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac1 y61ab wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac2 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d1 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ac ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619c w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619c w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac3 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x454 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac4 y619c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac5 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac6 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac7 y619c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619d w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac8 y619d w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac9 y619d wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaca y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacb y619d w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(114)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacc y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y61ad wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">417<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y61ad w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y61ad w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">489<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">375<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y61ad w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y61ae w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y61ae w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad3 y61ae w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad4 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad5 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad6 y61ae w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f48 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f48 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad7 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad8 y5f48 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad9 y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xada y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y5f48 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61af ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y5f49 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadc y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadd y5f49 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5f49 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadf y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae0 y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae1 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b0 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae2 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae3 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae4 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae5 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae6 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae7 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>abilit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae8 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaea y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaeb y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaec y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(292)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(199)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(256)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls7 ws0 gs5ea\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5eb\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y) o<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5ec\">cou<span class=\"_ _1\"></span>ld re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s or s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>his co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ext<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs5ed\">to incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de shares, equ<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>y derivatives, equit<span class=\"_ _1\"></span>y coll<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ives and<span class=\"_ _0\"></span> unlisted<span class=\"_ _5\"></span> equities<span class=\"_ _1\"></span>. Property asset<span class=\"_ _1\"></span>s include dir<span class=\"_ _5\"></span>ect propert<span class=\"_ _1\"></span>y inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs5ee\">shares<span class=\"_ _0\"></span> in property companies, property collectives<span class=\"_ _5\"></span> and structured property asset<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ef\">Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o of ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f0\">po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is to ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns by<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs5f1\">investing<span class=\"_ _5\"></span> in a diverse portfolio of<span class=\"_ _5\"></span> equities and properties. Portfolio characteristics are<span class=\"_ _5\"></span> analysed regularly,<span class=\"_ _5\"></span> and price risks are actively<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f2\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in an<span class=\"_ _1\"></span>y one<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs5f3\">company<span class=\"_ _5\"></span> or industr<span class=\"_ _1\"></span>y are limit<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f4\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y bo<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held in w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, uni<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s or eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f5\">mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne by p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f6\">uni<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d he<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y valu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll be i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f7\">ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd he<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so ha<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f8\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>ddi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5f9\">ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>rom e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es is b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ai<span class=\"_ _1\"></span>m of a<span class=\"_ _1\"></span>chi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5fa\">con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up as a w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5fb\">imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e flow o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f all f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>; th<span class=\"_ _1\"></span>is is pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5fc\">us<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5fd\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te for<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs5fe\">eac<span class=\"_ _1\"></span>h o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s life f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d Co<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er Du<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs5ff\">th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>M fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs600\">in<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>ere ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs601\">Th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs602\">po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t on an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs603\">Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k illu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s how a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs604\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s on al<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs605\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs606\">Th<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>% cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s at th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>eet d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ gse8\"> </span>Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs607\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs608\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs609\">us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"gs60a\"><table class=\"s w300 h1ed\" id=\"_f97f4395-e0a3-4e83-8f8b-5b3b9d4277b3\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61b1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61b1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61b2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61b2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61b3 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61b4 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61b4 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x428 hd y61b5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity </td><td class=\"t m0 xa4d hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61b6 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61b6 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61b6 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61b6 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61b7 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61a8 w301 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf2 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf3 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf4 y61a8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf5 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf6 y61a8 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61a8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61b8 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61b8 w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf8 y61b8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf9 y61b8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafa y61b8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafb y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61b8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ab w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaff y61ab w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb00 y61ab wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb01 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb02 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb03 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61bb w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61bb w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb04 y61bb w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb05 y61bb w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y61bb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb06 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb07 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb08 y61bb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb09 y619d w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0a y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0b y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0c y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0d y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0e y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0f y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y61ad w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y61ad w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y61ad w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61ad w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y61ae w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb11 y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb12 y61ae w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb13 y61ae w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb14 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb15 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb16 y61ae w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bc w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61bc w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb18 y61bc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb19 y61bc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1a y61bc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1b y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1c y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1d y61bc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61bd ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f49 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1f y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb20 y5f49 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb21 y5f49 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb22 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb23 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61be ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5f17 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y5f17 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y5f17 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y5f17 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y5f17 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f4c w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb25 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb26 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb28 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb29 y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y5edc w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs60b\">Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _0\"></span>0% c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs60c\">lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs60d\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs60e\">pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs60f\">of p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>elea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w305 h1ee\" id=\"_aca553ee-3b7b-45b8-ba82-d66b96c01246\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61bf w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61bf w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61c0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61c0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61c1 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61c2 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61c2 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e3 hd y61c3 ff2 fs6 fc3 sc0 lsbd wsc4\">property </td><td class=\"t m0 xa4d hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61c4 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61c4 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61c4 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61c4 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61c5 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61c6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61c6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61c6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c7 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61c7 w301 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2a y61c7 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2b y61c7 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y61c7 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2c y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2d y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2e y61c7 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c8 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61c8 w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2f y61c8 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb30 y61c8 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb31 y61c8 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb32 y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb33 y61c8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61c9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ca w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ca w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb34 y61ca wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb35 y61ca w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb36 y61ca wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb37 y61ca w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb38 y61ca w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61ca we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cb ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61cc w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61cc w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb39 y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3a y61cc w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3d y61cc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61cd w306 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb3e y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3f y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb40 y61cd w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb41 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb42 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb43 y61cd w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6079 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y6079 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb44 y6079 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb45 y6079 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb46 y6079 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb47 y6079 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ce w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61ce w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb48 y61ce wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb49 y61ce w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n x368 y61ce w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4a y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4b y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y61ce we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cf ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61d0 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y61d0 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4c y61d0 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4d y61d0 w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y61d0 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4f y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb50 y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb51 y61d0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61d1 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5eee w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb52 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb53 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb54 y5eee wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb55 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb56 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb57 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w307 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal decrease<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb58 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb59 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5a y5eef wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5b y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5c y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y5eef w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs611\">Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs612\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls7 ws0 gs613\">Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs614\">Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>ld le<span class=\"_ _1\"></span>ad to r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs615\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>n Ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>many a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Rep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs616\">Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic o<span class=\"_ _1\"></span>f Irel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s prin<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t in st<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs617\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y held i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y den<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re, any<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs618\">fore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y, the f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>is b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs619\">th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nto s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs61a\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y den<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>s it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs61b\">mai<span class=\"_ _1\"></span>n for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>eno<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs61c\">insurance<span class=\"_ _5\"></span> and investment li<span class=\"_ _5\"></span>abilities are expected<span class=\"_ _5\"></span> to be settled and,<span class=\"_ _5\"></span> indirectly<span class=\"_ _0\"></span>, from<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he non-<span class=\"_ _1\"></span>UK earnings of UK<span class=\"_ _5\"></span> companies.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs61d\">Bo<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is n<span class=\"_ _1\"></span>ot dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven b<span class=\"_ _1\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs61e\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is to red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ce over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>hil<span class=\"_ _2\"></span>st max<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s by di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re is li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs61f\">managed through<span class=\"_ _5\"></span> investment mandates<span class=\"_ _5\"></span> which are sub<span class=\"_ _5\"></span>ject to the ov<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>sight of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment commi<span class=\"_ _0\"></span>ttees of<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e Boards<span class=\"_ _5\"></span> of each </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs620\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, and in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs621\">Flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs622\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch we<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs623\">hedges of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _5\"></span>\u2019s E<span class=\"_ _0\"></span>uro and<span class=\"_ _5\"></span> US Dollar denominated<span class=\"_ _5\"></span> borrowings. </div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs624\">E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Financial soundness risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs625\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk is a b<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y enc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs626\">Capital management risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs627\">Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs628\">a<span class=\"_ gse8\"> </span>fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et al<span class=\"_ _1\"></span>l reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs629\">whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs62a\">req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te I3.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls18c ws179 gs62b\">Ta<span class=\"_ _2\"></span>x<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs62c\">T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>gh fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to an u<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>ax </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs62d\">cos<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _5\"></span>ax r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs62e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, or o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng a ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al er<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>r in it<span class=\"_ _2\"></span>s ta<span class=\"_ _1\"></span>x rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs62f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>; </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs630\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lure t<span class=\"_ _1\"></span>o imp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>n a comm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on; a<span class=\"_ _1\"></span>nd </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs631\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">incorrect operation of<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicyholder tax requirements.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs633\">T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed by m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ffed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x tea<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>o have t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o make </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs634\">jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, au<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ad<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs635\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out it<span class=\"_ _2\"></span>s ris<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, and w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s in pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs636\">to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs637\">Liquidity and funding risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs638\">Li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te le<span class=\"_ _1\"></span>vel<span class=\"_ _2\"></span>s of fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s to me<span class=\"_ _1\"></span>et ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s as th<span class=\"_ _1\"></span>ey f<span class=\"_ _1\"></span>all d<span class=\"_ _1\"></span>ue. Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ris<span class=\"_ _1\"></span>k </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs639\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y to ra<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l or l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y wh<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sil<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs63a\">she<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs63b\">requirements of its subsidiaries<span class=\"_ _1\"></span>. The Group\u2019<span class=\"_ _5\"></span>s subsidiaries have<span class=\"_ _5\"></span> exp<span class=\"_ _1\"></span>osure to<span class=\"_ _5\"></span> liquidit<span class=\"_ _1\"></span>y risk as a resul<span class=\"_ _5\"></span>t of normal business activ<span class=\"_ _1\"></span>ities<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs63c\">sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om an i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs63d\">Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d of St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Li<span class=\"_ _1\"></span>fe plc h<span class=\"_ _1\"></span>as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d a num<span class=\"_ _1\"></span>ber o<span class=\"_ _1\"></span>f go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs63e\">eac<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat<span class=\"_ _2\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs63f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d in a man<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d PP<span class=\"_ _1\"></span>FM;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs640\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e repu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>feg<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rde<span class=\"_ _1\"></span>d; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs641\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">appropriate information on<span class=\"_ _5\"></span> liquidit<span class=\"_ _1\"></span>y risk is<span class=\"_ _5\"></span> available to<span class=\"_ _5\"></span> thos<span class=\"_ _1\"></span>e making<span class=\"_ _5\"></span> dec<span class=\"_ _1\"></span>isions.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs642\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s liqu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e of le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n a 1 in 200 c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>uffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs643\">or t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to<span class=\"_ gse8\"> </span>me<span class=\"_ _1\"></span>et fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>bli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>hey f<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l due a<span class=\"_ _1\"></span>nd is s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs644\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to me<span class=\"_ _1\"></span>et li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>uff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs645\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g hig<span class=\"_ _1\"></span>h qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t day to d<span class=\"_ _1\"></span>ay op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs646\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re sur<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>al ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>izon<span class=\"_ _1\"></span>s are m<span class=\"_ _1\"></span>et un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>re, bu<span class=\"_ _1\"></span>t pl<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs647\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng E<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y Warn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g In<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs648\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">liquidit<span class=\"_ _1\"></span>y risk contingenc<span class=\"_ _1\"></span>y planning.<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs649\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s fun<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y aim<span class=\"_ _1\"></span>s to m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>n ord<span class=\"_ _1\"></span>er to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s orga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs64a\">ino<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>c gro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h am<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ile ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt he<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>roo<span class=\"_ _1\"></span>m for hy<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs64b\">Li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s show<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g he<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>roo<span class=\"_ _1\"></span>m ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y buff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e prep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>red re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly to p<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y leve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>th </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs64c\">th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ium<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y to c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ev<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f a li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs64d\">sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fal<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>st </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs64e\">available<span class=\"_ _5\"></span> contingenc<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>ctions would<span class=\"_ _5\"></span> be considered. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs64f\">In ex<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>ld o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e a hig<span class=\"_ _1\"></span>h vo<span class=\"_ _1\"></span>lum<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs650\">of su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s coi<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a t<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g of l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y in a un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>ve to b<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ld t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs651\">me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hd<span class=\"_ _1\"></span>raw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f les<span class=\"_ _1\"></span>s li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s suc<span class=\"_ _1\"></span>h as pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, it c<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>ake s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs652\">com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te a s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>his w<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e si<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk to b<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>w </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs653\">sin<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e are st<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>ken fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>elv<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f all i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs654\">fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s own r<span class=\"_ _1\"></span>isk e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs655\">Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d OTC and h<span class=\"_ _1\"></span>ave a t<span class=\"_ _2\"></span>wo<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>day co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs656\">der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ly, via an e<span class=\"_ _1\"></span>nd<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ay val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>roc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds to cov<span class=\"_ _1\"></span>er ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs657\">or collateral call<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs658\">So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs659\">Th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>ve th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>wer t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d/or su<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>awa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h wo<span class=\"_ _1\"></span>uld<span class=\"_ _1\"></span>, in tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs65a\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>sis s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s und<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs65b\">liabilities and<span class=\"_ _5\"></span> asso<span class=\"_ _1\"></span>ciated int<span class=\"_ _5\"></span>erest<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs65c\"><table class=\"s w308 h1ef\" id=\"_85ef94cd-248c-4bd5-ac35-05c77a398817\"><tr><td></td><td class=\"t m0 xb5e hd y61d2 ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar o<span class=\"_ _1\"></span>r </td><td></td><td></td><td class=\"t m0 x91f hd y61d2 ff2 fs6 fc3 sc0 lsbd wsc4\">Greater </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8ed hd y61d3 ff2 fs6 fc3 sc0 ls9 ws0\">le<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>r o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 x603 hd y61d3 ff2 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 10 </td><td class=\"t m0 xb5f hd y61d3 ffa fs6 fc3 sc0 ls9 ws0\">No fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n xb60 y5ff6 w309 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">demand<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb61 y5ff6 w30a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb62 y5ff6 w30b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls17d ws194\">6<span class=\"_ _1\"></span>\u201310 y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x802 hd y61d4 ff2 fs6 fc3 sc0 ls6b ws6c\">years<span class=\"_ _37b\"> </span></td><td class=\"c n xb63 y5ff6 w30c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">te<span class=\"_ _1\"></span>rm<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb64 y5ff6 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff7 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb65 y5ff7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb66 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb67 y5ff7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb68 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb69 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w30d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6a y5ff8 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6b y5ff8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6c y5ff8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6d y5ff8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y5ff8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6f y5ff8 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fbf w30e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings</div><div class=\"t m0 xb70 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb71 y61d5 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb72 y61d5 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,172<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb73 y61d5 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb74 y61d5 wc2 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb75 y61d5 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb76 y61d5 w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">3,989<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w30f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives</div><div class=\"t m0 xb77 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb71 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb78 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb79 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">983<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7a y61d6 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23,205<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7b y61d6 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7c y61d6 w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24,708<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7d y5ff9 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7e y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7f y5ff9 w310 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws60\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb80 y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5ff9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3af y5ff9 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb82 y5f93 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb83 y5f93 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb84 y5f93 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb85 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb86 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb87 y5f93 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f77 w311 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Lease liabilities</div><div class=\"t m0 x9df h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb88 y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb89 y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8a y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8b y61d7 w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8c y61d7 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8d y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wbd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ual<span class=\"_ _2\"></span>s and d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8e y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">526<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8f y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb90 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb91 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x956 y5f4c w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">565<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wbf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Other payables<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb92 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb93 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb94 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x4d6 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,429<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w312 h1f0\" id=\"_7a259c73-f51b-4d50-b15a-cc49526ef781\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xb95 hd y61d8 ff12 fs6 fc3 sc0 ls25 ws25\">Less </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xb5f hd y61d9 ff12 fs6 fc3 sc0 ls13d ws146\">amounts </td><td></td></tr><tr><td></td><td class=\"t m0 xb96 hd y61da ff12 fs6 fc3 sc0 ls9 wsd3\">1 ye<span class=\"_ _1\"></span>ar o<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x756 hd y61da ff13 fs6 fc3 sc0 lse ws1b\">classified <span class=\"_ _5\"></span>as </td><td></td></tr><tr><td></td><td class=\"t m0 x3ee hd y61db ff12 fs6 fc3 sc0 ls9 ws0\">or o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xb97 hd y61db ff13 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n </td><td class=\"t m0 x8ea hd y61db ff13 fs6 fc3 sc0 ls9 ws0\">No fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x46b hd y61db ff12 fs6 fc3 sc0 lsfd ws0\">he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> </td><td></td></tr><tr><td></td><td class=\"c n xb98 y61dc w313 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">demand<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb99 y61dc w314 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">1<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9a y61dc w315 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsad wsee\">6<span class=\"_ _2\"> </span>\u20131<span class=\"_ _1\"></span>0 y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xb9b hd y61dd ff12 fs6 fc3 sc0 ls31 ws32\">10 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"c n xb9c y61dc w316 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">term<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9d y61dc w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9e y61dc w317 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsfd wsd3\">(s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te H<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9f y61dc w318 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61de w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61df w30d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba0 y61df w215 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba1 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x460 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa60 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba3 y61df w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba4 y61df w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba5 y61df w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">170,747<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y61e0 w30e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings</div><div class=\"t m0 xb70 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y61e0 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">483<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba6 y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,767<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba7 y61e0 w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,303<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba8 y61e0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba9 y61e0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbaa y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,584<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbab y61e0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbac y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,584<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y61e1 w30f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives</div><div class=\"t m0 xb77 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">641<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbad y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbae y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">745<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbaf y6103 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8,372<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb0 y6103 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb1 y6103 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10,003<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb2 y6103 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb3 y6103 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10,003<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61e2 w20b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb4 y61e2 w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb6 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb7 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb8 y61e2 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb9 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ad y61e2 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61e3 ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6183 w319 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">of col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral r<span class=\"_ _0\"></span>eceived<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbba y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb6 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb7 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c3 y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbb y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ffa w311 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Lease liabilities</div><div class=\"t m0 x9df h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ef y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbc y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbd y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbe y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbf y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc0 y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc1 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc2 y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wbd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ual<span class=\"_ _2\"></span>s and d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc3 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">545<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc4 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc5 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7e y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc6 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc7 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e9 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wbf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Other payables<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc9 y5edc w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbca y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcb y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcc y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcd y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbce y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd0 y5edc wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs65e\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs65f\">th<span class=\"_ _1\"></span>e<span class=\"_ gs424\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7d ws0 gs660\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t any t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7d ws7e gs661\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>eir<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Alt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>ble o<span class=\"_ _1\"></span>n dema<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d are th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e incl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7d ws7e gs662\">ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s as due wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin on<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>es no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t all th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to be p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in on<span class=\"_ _1\"></span>e year o<span class=\"_ _1\"></span>f the re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs663\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs664\">insurance contract liabilities. </div><div class=\"gs665\"><table class=\"s w31a h1b1\" id=\"_c0ad9209-eb93-4e10-9a01-2c8bf4abfeeb\"><tr><td></td><td class=\"c n xbd1 y5f7a w31b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Up t<span class=\"_ _1\"></span>o 1 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd2 y5f7a w31c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>2 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd3 y5f7a w31d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>-3 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd4 y5f7a w31e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd5 y5f7a w31e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd6 y5f7a w31f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">&gt;5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd7 y5f7a w320 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f7b w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd8 y5f7b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd9 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbda y5f7b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdb y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdc y5f7b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdd y5f7b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbde y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w321 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Insurance contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdf y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,640<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe0 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,255<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe1 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe2 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe3 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,391<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe4 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">84,171<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe5 y5edc w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113,423<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs666\"><table class=\"s w322 h1b1\" id=\"_54e01e98-32b8-4679-89dd-f8b2e3921717\"><tr><td></td><td class=\"c n xbd1 y5f7a w323 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Up t<span class=\"_ _1\"></span>o 1 ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe6 y5f7a w324 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe7 y5f7a w325 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">2-3 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe8 y5f7a w326 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe9 y5f7a w327 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbea y5f7a w328 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">&gt;<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbeb y5f7a w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f7b w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbec y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbed y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbee y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbef y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf0 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf1 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf2 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w321 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Insurance contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf3 y5edc w157 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,054<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf4 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,183<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf5 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,585<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf6 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,916<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf7 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,282<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf8 y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">81,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf9 y5edc wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109,354<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs667\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n dem<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs668\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>sho<span class=\"_ _1\"></span>wn n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e).<span class=\"_ _37b\"> </span></div><div class=\"gs669\"><table class=\"s w27e h1f1\" id=\"_18dbd282-2237-4470-b1ab-561fe5fcfb3e\"><tr><td></td><td></td><td class=\"c n xbfa y61e4 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y61e4 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5ed hd y61e5 ff2 fs6 fc3 sc0 lsbd ws113\">Amounts payable<span class=\"_ _5\"></span> </td><td class=\"t m0 x79e hd y61e5 ff2 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x603 hd y61e5 ff12 fs6 fc3 sc0 lsbe wsc5\">Amounts payable </td><td class=\"t m0 xbfc hd y61e5 ff12 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 xbfd hd y61e6 ff2 fs6 fc3 sc0 lsc7 wsf5\">on demand<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61e6 ff2 fs6 fc3 sc0 lsbd wsc4\">portfolio<span class=\"_ _37b\"> </span></td><td class=\"t m0 x757 hd y61e6 ff12 fs6 fc3 sc0 lsc8 wscb\">on demand<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y61e6 ff12 fs6 fc3 sc0 lsd1 wsd2\">portfolio<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x652 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b6 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w329 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbfe y5ed7 w32a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(42,990)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x929 y5ed7 w32b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(49,852)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbff y5ed7 w32c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(42,695)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc00 y5ed7 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(49,233)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w32d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc01 y5ed8 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7,781)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc02 y5ed8 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(36,560)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc03 y5ed8 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6,564)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc04 y5ed8 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(36,513)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w32e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>linked<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc05 y5ed9 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18,975)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc06 y5ed9 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18,673)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc07 y5ed9 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17,773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc08 y5ed9 w32c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17,016)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w32f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Protection<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc09 y5f77 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(375)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y5f77 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(910)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0b y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(384)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0c y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(975)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w330 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws6\">Short<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>term payables and<span class=\"_ _5\"></span> receivables (including<span class=\"_ _5\"></span> deposit<span class=\"_ _1\"></span>s from r<span class=\"_ _5\"></span>einsurers)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0d y5f4c w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,462)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0e y5f4c w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,462)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0f y5f4c w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,248)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc10 y5f4c w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,248)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc11 y5edc w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(74,583)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc12 y5edc w331 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(110,457)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc13 y5edc w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(70,664)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc14 y5edc w332 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106,985)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs66a\">A sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld in gi<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s, c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h, s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t gra<span class=\"_ _1\"></span>de s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs66b\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll du<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ily re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs66c\">imm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y sin<span class=\"_ _1\"></span>ce mo<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>em ar<span class=\"_ _1\"></span>e quo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs66d\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs66e\">economic environment, business developments and funding changes. Where liquidity risk is heightened, such<span class=\"_ _5\"></span> as during perio<span class=\"_ _1\"></span>ds of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs66f\">sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>rket v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, tri<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in pl<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e to enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>req<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y of liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd to im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs670\">con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs671\">E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.4 Strategic risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs672\">Strategic risks threaten<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he achieveme<span class=\"_ _5\"></span>nt of the Group s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rategy through<span class=\"_ _5\"></span> poor strategic decision-<span class=\"_ _1\"></span>making, implementation or<span class=\"_ _5\"></span> response </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs673\">to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at co<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>, th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs674\">Gro<span class=\"_ _1\"></span>up s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs675\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s stra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an ar<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t or im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y;<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs676\">eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to how t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n are exe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d; an<span class=\"_ _1\"></span>d even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e as a con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs677\">st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y ch<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f st<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s is an i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs679\">St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ri<span class=\"_ _1\"></span>sk sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>l wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Ri<span class=\"_ _1\"></span>sk U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs67a\">Group\u2019<span class=\"_ _5\"></span>s strategy<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs67b\">A St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Ri<span class=\"_ _1\"></span>sk Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly, wi<span class=\"_ _1\"></span>th a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>akeh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs67c\">management, corporate<span class=\"_ _5\"></span> act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y and o<span class=\"_ _5\"></span>verall reporting against<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s strategic ambitions.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs67d\">E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5 Operational<span class=\"_ _0\"></span> risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs67e\">Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or val<span class=\"_ _1\"></span>ue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fro<span class=\"_ _1\"></span>m ina<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>e or fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs67f\">int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or fr<span class=\"_ _1\"></span>om p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d or ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es du<span class=\"_ _1\"></span>e to fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s in on<span class=\"_ _1\"></span>e or m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs680\">th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of o<span class=\"_ _1\"></span>ur bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs681\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs682\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or o<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs683\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>eat<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>idu<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s or gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or o<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ _1\"></span> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs684\">no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s cont<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs685\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">negligence, m<span class=\"_ _5\"></span>alpra<span class=\"_ _1\"></span>ctice or<span class=\"_ _5\"></span> failure of<span class=\"_ _5\"></span> employees to<span class=\"_ _0\"></span> follow<span class=\"_ _5\"></span> good practice in del<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>vering operational<span class=\"_ _5\"></span> processes and practices. </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs686\">It is a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s nei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te no<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs687\">op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is i<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n any o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nvi<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs688\">operates. As such the Group wil<span class=\"_ _5\"></span>l tolerate a<span class=\"_ _5\"></span> degree of operational<span class=\"_ _5\"></span> risk subject to<span class=\"_ _5\"></span> appropriate and pr<span class=\"_ _5\"></span>op<span class=\"_ _1\"></span>ortionate leve<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>s of control<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs689\">aro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t and r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. A set o<span class=\"_ _1\"></span>f op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs68a\">nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d key con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce to m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs68b\">E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.6 Customer<span class=\"_ _5\"></span> risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs68c\">Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e, repu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d/or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or po<span class=\"_ _1\"></span>or c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs68d\">tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce). It c<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs68e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er O<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at o<span class=\"_ _1\"></span>ur d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ind<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y or co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>re to a<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs68f\">good outcomes<span class=\"_ _5\"></span> for our custome<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs690\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th a C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d a Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>o foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs691\">achieving good cus<span class=\"_ _0\"></span>tomer outc<span class=\"_ _5\"></span>omes in accor<span class=\"_ _5\"></span>dance with Consumer<span class=\"_ _5\"></span> Dut<span class=\"_ _1\"></span>y regulatory requirements. The behaviours and standards<span class=\"_ _5\"></span> all </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs692\">colleagues<span class=\"_ _5\"></span> are expected t<span class=\"_ _5\"></span>o achieve are<span class=\"_ _5\"></span> det<span class=\"_ _1\"></span>ailed in<span class=\"_ _5\"></span> our Group Code<span class=\"_ _5\"></span> of Conduct. For our cust<span class=\"_ _5\"></span>omer<span class=\"_ _1\"></span>s, what repr<span class=\"_ _0\"></span>esents a good outcome<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs693\">is articulated in<span class=\"_ _5\"></span> our Customer<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>tandards and su<span class=\"_ _5\"></span>pp<span class=\"_ _1\"></span>orting Business Unit pr<span class=\"_ _5\"></span>ocesses<span class=\"_ _1\"></span>. In addition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup Conduct<span class=\"_ _5\"></span> Strategy, which </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs694\">over<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ur R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ll r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ai<span class=\"_ _1\"></span>m of h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re a li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs695\">po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. It s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>his b<span class=\"_ _1\"></span>y pu<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of o<span class=\"_ _1\"></span>ur st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g go<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs696\">outcomes and<span class=\"_ _5\"></span> preventing for<span class=\"_ _5\"></span>eseeable harm. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs697\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ite o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut h<span class=\"_ _1\"></span>ow g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs698\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s for<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "Financial assets<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are to b<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s: Fair va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>), fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s bus<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at gi<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d dat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>lel<span class=\"_ _1\"></span>y pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </span>pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>del w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve is a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng to co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pai<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Al<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, deb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey are m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd ev<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de da<span class=\"_ _1\"></span>te, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e or sel<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd is re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any g<span class=\"_ _1\"></span>ain o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of<span class=\"_ _1\"></span> the hedge re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ationship.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fore a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e disclosed under Reinsur<span class=\"_ _0\"></span>ers\u2019 share of in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment contact liabilities.<span class=\"_ _37b\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span>The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rket p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bid p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od end d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s are us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r similar instrument<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d bi<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd fl<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ght d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fixed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st-b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Associates<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 <span class=\"ffa9 ls21 ws21\">Financial Instruments</span><span class=\"lsd ws16\"> as permitted </span>by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 <span class=\"ffa9 ws5\">Investment<span class=\"_ _1\"></span>s in Asso<span class=\"_ _1\"></span>ciates and Joint Ventures<span class=\"ff6\">. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t (or par<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f a grou<span class=\"_ _1\"></span>p of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s) is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t have e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>hem i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut </span>mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l del<span class=\"_ _1\"></span>ay to a t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y und<span class=\"_ _1\"></span>er a \u2018p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _2\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh\u2019 ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d has ei<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </span>rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r ha<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>or re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "Financial assets<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are to b<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s: Fair va<span class=\"_ _1\"></span>lue t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>), fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ehe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>VOC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is ma<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>\u2019s bus<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at gi<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s on sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d dat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t so<span class=\"_ _1\"></span>lel<span class=\"_ _1\"></span>y pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </span>pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>del w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve is a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng to co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pai<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Al<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, deb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>ey are m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd ev<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de da<span class=\"_ _1\"></span>te, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s to pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e or sel<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any ga<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd is re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any g<span class=\"_ _1\"></span>ain o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>s on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of<span class=\"_ _1\"></span> the hedge re<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ationship.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fore a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e disclosed under Reinsur<span class=\"_ _0\"></span>ers\u2019 share of in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment contact liabilities.<span class=\"_ _37b\"> </span>Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span>The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rket p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bid p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od end d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s are us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r similar instrument<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d bi<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd fl<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ght d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fixed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st-b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Associates<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 <span class=\"ffa9 ls21 ws21\">Financial Instruments</span><span class=\"lsd ws16\"> as permitted </span>by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 <span class=\"ffa9 ws5\">Investment<span class=\"_ _1\"></span>s in Asso<span class=\"_ _1\"></span>ciates and Joint Ventures<span class=\"ff6\">. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t (or par<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f a grou<span class=\"_ _1\"></span>p of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s) is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t have e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>hem i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut </span>mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l del<span class=\"_ _1\"></span>ay to a t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y und<span class=\"_ _1\"></span>er a \u2018p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _2\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh\u2019 ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d has ei<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </span>rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r ha<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>or re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Financial liabilities<span class=\"_ _37b\"> </span>On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d les<span class=\"_ _1\"></span>s directly<span class=\"_ _5\"></span> att<span class=\"_ _1\"></span>ributable transaction costs (with the e<span class=\"_ _5\"></span>xception of li<span class=\"_ _5\"></span>abilities at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>TP<span class=\"_ _1\"></span>L for<span class=\"_ _5\"></span> which all transaction costs are<span class=\"_ _5\"></span> expensed<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span>Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t for l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>) are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cost u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies are<span class=\"_ _5\"></span> designated upon in<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _5\"></span>ecognition at FV<span class=\"_ _2\"></span>TPL where doing<span class=\"_ _5\"></span> so results in more<span class=\"_ _5\"></span> meaningful information because either:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at wo<span class=\"_ _1\"></span>uld o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> </span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>em on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s or b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce is ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d on a fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue </span>basis, in ac<span class=\"_ _5\"></span>cordance with a<span class=\"_ _5\"></span> documented risk management<span class=\"_ _5\"></span> or investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategy<span class=\"_ _5\"></span>, and information about<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ments is pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s key mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Investment c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntracts without DPF<span class=\"_ _37b\"> </span>Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k to th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is no<span class=\"_ _1\"></span>t si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span> inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Rec<span class=\"_ _1\"></span>eip<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, und<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er.<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le estimate of<span class=\"_ _5\"></span> the amount for wh<span class=\"_ _5\"></span>ich the liability could<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>e transferred<span class=\"_ _5\"></span> in an orderly<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction between market<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipant<span class=\"_ _1\"></span>s at the mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e, su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to cove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re included in Change in<span class=\"_ _5\"></span> investment contract liabilities in the consolidated income<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>atement<span class=\"_ _1\"></span>. Investment contract policy<span class=\"_ _1\"></span>holders are charged for<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y administrat<span class=\"_ _1\"></span>ion ser<span class=\"_ _1\"></span>vices, investment management ser<span class=\"_ _1\"></span>vices, surrenders and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fee<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es are fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. \u2018<span class=\"_ _1\"></span>Fro<span class=\"_ _1\"></span>nt en<span class=\"_ _1\"></span>d\u2019 f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d on<span class=\"_ _1\"></span> some non-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment contracts. Where the non-p<span class=\"_ _1\"></span>articipating investment c<span class=\"_ _5\"></span>ontract is measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue, such fees<span class=\"_ _5\"></span> whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Net asset<span class=\"_ _5\"></span> value attributable to<span class=\"_ _5\"></span> unitholders<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st is cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L and m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e bid v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span>Obligations for repa<span class=\"_ _5\"></span>ym<span class=\"_ _1\"></span>ent of<span class=\"_ _5\"></span> coll<span class=\"_ _1\"></span>ateral receiv<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span>It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>n sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k len<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, us<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h or ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved i<span class=\"_ _1\"></span>s avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, it is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a \u2018fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 and the c<span class=\"_ _5\"></span>ollateral repayable<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>sed as \u2018<span class=\"_ _5\"></span>obligations for re<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ayment of<span class=\"_ _5\"></span> collateral rec<span class=\"_ _5\"></span>eived\u2019<span class=\"_ _5\"></span>. The \u2018<span class=\"_ _5\"></span>obligations for<span class=\"_ _5\"></span> repayment of coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>\u2019 are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4.<span class=\"_ _37b\"> </span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is dis<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>led o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on on<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is a leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in an a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. Hedge accounting<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>, alo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s strategy for<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>taking various hedge transactions. Furthermore,<span class=\"_ _5\"></span> at the inception of<span class=\"_ _5\"></span> the hedge an<span class=\"_ _1\"></span>d on an o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ly eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>et investment income.<span class=\"_ _5\"></span> Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m. He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d if<span class=\"_ _1\"></span>: th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hedg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e has c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d (ca<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce); th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m or he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r is so<span class=\"_ _1\"></span>ld; t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; or t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o dom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>c rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e is rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>ss ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s or im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er expected to<span class=\"_ _5\"></span> occur<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span>The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "Impairment of<span class=\"_ _5\"></span> financial assets<span class=\"_ _37b\"> </span>The Group assesses the e<span class=\"_ _5\"></span>xp<span class=\"_ _1\"></span>ected credi<span class=\"_ _5\"></span>t losses associated with its loans<span class=\"_ _5\"></span> and deposit<span class=\"_ _1\"></span>s, receivables, cash<span class=\"_ _5\"></span> and cash equivalents and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it Lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l and d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds up<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s los<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s at a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 1<span class=\"_ _5\"></span>2 mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e (\u20181<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ha<span class=\"_ _1\"></span>s bee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span> since i<span class=\"_ _5\"></span>nitial recognition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup mea<span class=\"_ _5\"></span>sures and rec<span class=\"_ _5\"></span>ognises an allow<span class=\"_ _5\"></span>ance at an amoun<span class=\"_ _5\"></span>t equal to the<span class=\"_ _5\"></span> expected credit lo<span class=\"_ _0\"></span>sses over<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lif<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, ir<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). If t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es \u2018cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t-<span class=\"_ _37b\"> </span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d\u2019 (fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial d<span class=\"_ _1\"></span>iffi<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>y of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er/b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer, or a defa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f a coven<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e a<span class=\"_ gse8\"> </span>Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. ECL<span class=\"_ _2\"></span>s are de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om un<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d is rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te. EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he EC<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "Fair<span class=\"_ _5\"></span> value estimation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rket p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bid p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od end d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s are us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r similar instrument<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s and s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res i<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d bi<span class=\"_ _1\"></span>d val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd fl<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ght d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fixed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st-b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 1 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _2\"></span>s (suc<span class=\"_ _1\"></span>h as exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d end p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d nar<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer b<span class=\"_ _1\"></span>id<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>id p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 2 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, or wi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r bid<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch do n<span class=\"_ _1\"></span>ot m<span class=\"_ _1\"></span>eet t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as Lev<span class=\"_ _1\"></span>el 1 inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s, a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>evel 2. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> brok<span class=\"_ _5\"></span>er quotes or v<span class=\"_ _5\"></span>aluation techniques with observable mark<span class=\"_ _5\"></span>et input<span class=\"_ _1\"></span>s. Financial instruments valued us<span class=\"_ _5\"></span>ing broker<span class=\"_ _5\"></span> quotes are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2, on<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ere is a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of ov<span class=\"_ _1\"></span>er-t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s is est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s or dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are no<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to be L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h have a m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin r<span class=\"_ _1\"></span>eal e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te/p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Wher<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019s be<span class=\"_ _1\"></span>st es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s a mar<span class=\"_ _1\"></span>ket rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>o cover t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e Le<span class=\"_ _1\"></span>vel 2 i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ed mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span> for t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s may be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h cou<span class=\"_ _1\"></span>ld n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>s Lev<span class=\"_ _1\"></span>el 3. Fo<span class=\"_ _1\"></span>r a sma<span class=\"_ _1\"></span>ll nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, as d<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have n<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nto suc<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ngs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span>For fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e on a rec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>het<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy by rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t leve<span class=\"_ _1\"></span>l inp<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s a wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e) dur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "Associates<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9 <span class=\"ffa9 ls21 ws21\">Financial Instruments</span><span class=\"lsd ws16\"> as permitted </span>by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 <span class=\"ffa9 ws5\">Investment<span class=\"_ _1\"></span>s in Asso<span class=\"_ _1\"></span>ciates and Joint Ventures<span class=\"ff6\">. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce, b<span class=\"_ _1\"></span>ut w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>t is pre<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>ce if i<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>lds b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n 20% an<span class=\"_ _1\"></span>d 50% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Inves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>or u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd J<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>t Ventu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, on i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>tia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n an as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>. The c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is th<span class=\"_ _1\"></span>en u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s shar<span class=\"_ _1\"></span>e of pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd that share<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidat<span class=\"_ _5\"></span>ed income statement.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t (or par<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f a grou<span class=\"_ _1\"></span>p of si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s) is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t have e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>hem i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut </span>mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l del<span class=\"_ _1\"></span>ay to a t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y und<span class=\"_ _1\"></span>er a \u2018p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _2\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh\u2019 ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>ght<span class=\"_ _2\"></span>s to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d has ei<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </span>rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r ha<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>or re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ll t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ut ha<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is dis<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>led o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "Financial liabilities<span class=\"_ _37b\"> </span>On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>ue an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d les<span class=\"_ _1\"></span>s directly<span class=\"_ _5\"></span> att<span class=\"_ _1\"></span>ributable transaction costs (with the e<span class=\"_ _5\"></span>xception of li<span class=\"_ _5\"></span>abilities at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>TP<span class=\"_ _1\"></span>L for<span class=\"_ _5\"></span> which all transaction costs are<span class=\"_ _5\"></span> expensed<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span>Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (excep<span class=\"_ _1\"></span>t for l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F and o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>) are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cost u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies are<span class=\"_ _5\"></span> designated upon in<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _5\"></span>ecognition at FV<span class=\"_ _2\"></span>TPL where doing<span class=\"_ _5\"></span> so results in more<span class=\"_ _5\"></span> meaningful information because either:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at wo<span class=\"_ _1\"></span>uld o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> </span>reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>em on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s or b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce is ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d on a fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue </span>basis, in ac<span class=\"_ _5\"></span>cordance with a<span class=\"_ _5\"></span> documented risk management<span class=\"_ _5\"></span> or investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategy<span class=\"_ _5\"></span>, and information about<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ments is pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s key mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Investment c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntracts without DPF<span class=\"_ _37b\"> </span>Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k to th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is no<span class=\"_ _1\"></span>t si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span> inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Rec<span class=\"_ _1\"></span>eip<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, und<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er.<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le estimate of<span class=\"_ _5\"></span> the amount for wh<span class=\"_ _5\"></span>ich the liability could<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>e transferred<span class=\"_ _5\"></span> in an orderly<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ransaction between market<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipant<span class=\"_ _1\"></span>s at the mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e, su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld at t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to cove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re included in Change in<span class=\"_ _5\"></span> investment contract liabilities in the consolidated income<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>atement<span class=\"_ _1\"></span>. Investment contract policy<span class=\"_ _1\"></span>holders are charged for<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y administrat<span class=\"_ _1\"></span>ion ser<span class=\"_ _1\"></span>vices, investment management ser<span class=\"_ _1\"></span>vices, surrenders and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fee<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fe<span class=\"_ _1\"></span>es are fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. \u2018<span class=\"_ _1\"></span>Fro<span class=\"_ _1\"></span>nt en<span class=\"_ _1\"></span>d\u2019 f<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d on<span class=\"_ _1\"></span> some non-<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icipating inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment contracts. Where the non-p<span class=\"_ _1\"></span>articipating investment c<span class=\"_ _5\"></span>ontract is measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue, such fees<span class=\"_ _5\"></span> whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Net asset<span class=\"_ _5\"></span> value attributable to<span class=\"_ _5\"></span> unitholders<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st is cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L and m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e bid v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p.<span class=\"_ _37b\"> </span>Obligations for repa<span class=\"_ _5\"></span>ym<span class=\"_ _1\"></span>ent of<span class=\"_ _5\"></span> coll<span class=\"_ _1\"></span>ateral receiv<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span>It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>n sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k len<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, us<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h or ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved i<span class=\"_ _1\"></span>s avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, it is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as a \u2018fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 and the c<span class=\"_ _5\"></span>ollateral repayable<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>sed as \u2018<span class=\"_ _5\"></span>obligations for re<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ayment of<span class=\"_ _5\"></span> collateral rec<span class=\"_ _5\"></span>eived\u2019<span class=\"_ _5\"></span>. The \u2018<span class=\"_ _5\"></span>obligations for<span class=\"_ _5\"></span> repayment of coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>\u2019 are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h is eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4.<span class=\"_ _37b\"> </span>Derecognition <span class=\"_ _0\"></span>of financial<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>A fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is dis<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>led o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on on<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is a leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in an a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. Hedge accounting<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>es ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>, alo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s strategy for<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>taking various hedge transactions. Furthermore,<span class=\"_ _5\"></span> at the inception of<span class=\"_ _5\"></span> the hedge an<span class=\"_ _1\"></span>d on an o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ly eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere a c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e hea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve. Th<span class=\"_ _1\"></span>e ga<span class=\"_ _1\"></span>in or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in n<span class=\"_ _1\"></span>et investment income.<span class=\"_ _5\"></span> Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e and a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m affe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ne a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m. He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d if<span class=\"_ _1\"></span>: th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hedg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g obj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e has c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d (ca<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce); th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m or he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt no l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ger e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r is so<span class=\"_ _1\"></span>ld; t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mic re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed it<span class=\"_ _1\"></span>em an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; or t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o dom<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>c rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p. A<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e is rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or lo<span class=\"_ _1\"></span>ss ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>tem i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s or im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er expected to<span class=\"_ _5\"></span> occur<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "Off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on on<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere is a leg<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly enf<span class=\"_ _1\"></span>orc<span class=\"_ _1\"></span>eab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht to o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is an in<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e on a ne<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>o real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et an<span class=\"_ _1\"></span>d set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y si<span class=\"_ _1\"></span>mul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ly. Rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y an IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d or in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, as s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in an a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "<div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs41d\">E1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 F<span class=\"_ _5\"></span>air value analysis<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs41e\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out a com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs41f\"><table class=\"s w1e2 h1cf\" id=\"_62cfd140-decd-4efd-8ab9-4a8b7f09ff32\"><tr><td></td><td></td><td class=\"c n x636 y6023 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6023 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6024 w1e3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6024 w1e4 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6024 w1e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6024 w1e6 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y6025 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y6025 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6026 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6027 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6028 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x640 y6028 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x641 y6028 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x642 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x643 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602b w1e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities</div><div class=\"t m0 x648 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64b y602c w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64c y602c w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64d y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64e y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64f y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x650 y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602e w1ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes</div><div class=\"t m0 x651 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x654 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n x655 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6031 w1eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities</div><div class=\"t m0 x656 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x657 y6031 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x658 y6031 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6032 ff3 fs2 fc3 sc0 ls1c ws6\">Financial assets measured<span class=\"_ _5\"></span> at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6033 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x659 y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65a y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65b y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6034 w1ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65c y6034 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65d y6034 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65e y6034 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65f y6034 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6035 w1ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x660 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6037 w1ee h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td class=\"c n x665 y6037 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x666 y6037 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x667 y6037 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x668 y6037 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w1ef h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5eef w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">91,167<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x66a y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81,145<span class=\"_ _37b\"> </span></div></td><td></td></tr></table></div><div class=\"gs420\"><table class=\"s w1e2 h1d0\" id=\"_bc2e2972-988e-42f2-89b5-9e4151b9a7d6\"><tr><td></td><td></td><td class=\"c n x636 y6038 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6038 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6039 w1e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6039 w1e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6039 w1e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6039 w1e6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y603a wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y603a w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y603b ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y603c ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily held<span class=\"_ _5\"></span> at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603d w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y603e ff3 fs2 fc3 sc0 ls18 ws16\">Financial liabilities designated at FV<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66b y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66c y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66d y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66e y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6041 w1f1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div><div class=\"t m0 x66f h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x670 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x671 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x672 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6042 w1f2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities</div><div class=\"t m0 x673 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x674 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x675 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6043 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities measur<span class=\"_ _5\"></span>ed at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x676 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n x677 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x678 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,591<span class=\"_ _37b\"> </span></div></td><td class=\"c n x679 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67a y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67b y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67c y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67d y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w1f4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al financial liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67e y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67f y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x680 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,964<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,972<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6047 w1f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x682 h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x683 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x684 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x685 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,789<span class=\"_ _37b\"> </span></div></td><td class=\"c n x686 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ef h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,363<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x687 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,778<span class=\"_ _37b\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs421\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve n<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs422\">2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a397<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs423\">\u00a39<span class=\"_ _1\"></span>60<span class=\"_ gs424\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>32 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs425\">3 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>E2<span class=\"_ _1\"></span>. Fair<span class=\"_ _5\"></span> value hierarch<span class=\"_ _5\"></span>y<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>chy o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 1 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _2\"></span>s (suc<span class=\"_ _1\"></span>h as exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d end p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d nar<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer b<span class=\"_ _1\"></span>id<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>id p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 2 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, or wi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r bid<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch do n<span class=\"_ _1\"></span>ot m<span class=\"_ _1\"></span>eet t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as Lev<span class=\"_ _1\"></span>el 1 inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s, a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>evel 2. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> brok<span class=\"_ _5\"></span>er quotes or v<span class=\"_ _5\"></span>aluation techniques with observable mark<span class=\"_ _5\"></span>et input<span class=\"_ _1\"></span>s. Financial instruments valued us<span class=\"_ _5\"></span>ing broker<span class=\"_ _5\"></span> quotes are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2, on<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ere is a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of ov<span class=\"_ _1\"></span>er-t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s is est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s or dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are no<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to be L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h have a m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin r<span class=\"_ _1\"></span>eal e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te/p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Wher<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019s be<span class=\"_ _1\"></span>st es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s a mar<span class=\"_ _1\"></span>ket rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>o cover t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e Le<span class=\"_ _1\"></span>vel 2 i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ed mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span> for t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s may be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h cou<span class=\"_ _1\"></span>ld n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>s Lev<span class=\"_ _1\"></span>el 3. Fo<span class=\"_ _1\"></span>r a sma<span class=\"_ _1\"></span>ll nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, as d<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have n<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nto suc<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ngs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span>For fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e on a rec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>het<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy by rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t leve<span class=\"_ _1\"></span>l inp<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s a wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e) dur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fair valu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te G<span class=\"_ _1\"></span>3 for ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote G<span class=\"_ _1\"></span>4 fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy of fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is bu<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w204 h1d2\" id=\"_bdfd6091-3b25-4e76-be14-1fdbb070cb22\"><tr><td></td><td class=\"c n x691 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y6052 w206 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6053 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6054 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6055 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6056 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69a y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69c y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6057 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6057 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6057 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,198<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6057 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6057 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6058 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a1 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">107,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a2 y6058 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a3 y6058 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a4 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6059 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">51,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a6 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31,989<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a7 y6059 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a8 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y605a w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a9 y605a w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">79,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6aa y605a w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ab y605a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ac y605a w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5fa6 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ad y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ae y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6af y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b0 y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f32 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b2 y5f32 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">40,442<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b3 y5f32 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b4 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,020<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y605c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f34 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5f34 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b6 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b7 y5f34 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b8 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ba y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">40,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bb y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bc y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w20a h1d3\" id=\"_61236a62-08af-4e18-97fa-fb31e069f45d\"><tr><td></td><td class=\"c n x691 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y605d w206 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y605e w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6060 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6061 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6061 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6061 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,663<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6061 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6061 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6062 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6063 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6be y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bf y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c0 y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6064 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6064 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c2 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c3 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c4 y6064 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6065 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c6 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c7 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c8 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6066 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6066 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ca y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">198,932<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cb y6066 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cc y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">201,386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6067 ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6068 ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f32 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ce y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cf y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d0 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6069 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d2 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d3 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y606a ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y606b w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y606b w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d5 y606b w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d6 y606b wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d7 y606b w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d8 y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">203,080<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d9 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6da y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w20f h1d4\" id=\"_98e71a28-7b44-4daa-b6ea-ff102aba09e9\"><tr><td></td><td class=\"c n x6db y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y606c w211 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y606c w212 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y606d w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y606e ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y606f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6070 w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e3 y6070 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e4 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e5 y6070 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6071 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e6 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e7 y6071 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,321<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e8 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e9 y6071 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6072 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ea y6072 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">93,708<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6eb y6072 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ec y6072 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ed y6072 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6073 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49,624<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ee y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24,531<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ef y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f0 y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6074 w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f1 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79,921<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f2 y6074 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,292<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f3 y6074 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f4 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6075 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f5 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f6 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f7 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f8 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6076 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232,664<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f9 y6076 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,474<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fa y6076 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fb y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,512<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6078 w213 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6077 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fd y6079 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,283)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fe y6079 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ff y6079 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x700 y6079 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y607a w214 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x701 y607a w215 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x702 y607a w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x703 y607a w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x704 y607a wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,527<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y607c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x705 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x706 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x708 y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x709 y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70a y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w216 h1d5\" id=\"_36ce79d6-e4c2-4a9b-bcbc-eaa443aa26d1\"><tr><td></td><td class=\"c n x6db y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y607d w211 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y607d w212 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y607e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6080 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6081 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6081 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">70<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70b y6081 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,882<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70c y6081 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70d y6081 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6082 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6083 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70e y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70f y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x710 y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6084 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6084 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x711 y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x712 y6084 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6085 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x713 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x714 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x715 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6086 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6086 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x716 y6086 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,804<span class=\"_ _37b\"> </span></div></td><td class=\"c n x717 y6086 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x718 y6086 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">180,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6088 w213 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6087 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x719 y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71a y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71b y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y608a w217 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71c y608a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71d y608a wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">174,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71e y608a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y608a w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,349<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y608b ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y608c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y608d w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x720 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td><td class=\"c n x721 y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x722 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y608e w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x723 y608e w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x724 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y608e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y608f ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edb w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x725 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e2 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x726 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x727 y5edc wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">179,077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x728 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x729 y5edc w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1), \u00a332 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1), \u00a396<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es (\u00a3<span class=\"_ _1\"></span>956 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d \u00a34 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2) a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>979 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (\u00a3281 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1; \u00a31<span class=\"_ _5\"></span>43 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2; an<span class=\"_ _1\"></span>d \u00a35<span class=\"_ _1\"></span>55 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3).<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>3 S<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span><table class=\"s w218 h1d6\" id=\"_2647c24b-949f-4951-aba1-0c04e083b0f8\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x3f1 hd y6090 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6091 w1f9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Description<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72a y6091 w219 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">Valuation technique<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72b y6091 w21a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Significant<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>puts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72c y6091 w21b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72d y6091 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6092 w21c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72e y6092 w21d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws0\">Net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72f y6092 w21e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 ws4\">Net<span class=\"_ _0\"></span> asset sta<span class=\"_ _1\"></span>tement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x730 y6092 w21f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a32<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>872m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x731 y6092 w220 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">\u00a3<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _1\"></span>76<span class=\"_ _2\"></span>m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6093 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"ls9 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6094 ff2 fs2 fc3 sc0 ls14 ws12\">(see E2.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 for further details)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6095 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c x733 y6096 w221 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y6097 w222 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y6097 w223 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>3bps<span class=\"_ _37b\"> </span></div></td><td class=\"c x737 y6097 w224 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls86 ws87\">10<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x736 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6098 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x738 hc y6099 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y6099 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609a wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c x73a y609a w225 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x739 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609a w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609a w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609a w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsae wsb1\">16<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609b ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y609c ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609d w228 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x73f y609d w229 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DC<span class=\"_ _1\"></span>F mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x73e h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609e w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609e w22a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609e w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">174<span class=\"_ _2\"></span>b<span class=\"_ _a\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609f ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a0 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a1 w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c x741 y60a1 w22c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x740 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a2 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a2 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a2 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse1 wse5\">161b<span class=\"_ _a\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a3 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a4 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a5 w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x743 y60a5 w22e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x742 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a5 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a5 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">14<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a5 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1<span class=\"_ _5\"></span>42b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a6 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a7 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a8 w22f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tga<span class=\"_ _1\"></span>ge lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x744 y60a8 w230 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">DC<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x745 y60a8 w231 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x746 y60a8 w232 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">18<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r SO<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>IA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x747 y60a8 w233 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _4\"></span>95bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r S<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60a9 ff3 fs2 fc3 sc0 ls33 wsb\">Black-Schol<span class=\"_ _5\"></span>es </td><td class=\"t m0 x4b3 h7 y60aa ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x749 hc y60aa ff2 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75b<span class=\"_ _1\"></span>ps a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt to </td><td class=\"t m0 x74a h7 y60ab ff3 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75bps ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to </td></tr><tr><td></td><td class=\"c x74c y60ac w234 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsa ws1a\">model</div><div class=\"t m0 x74b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x74d h7 y60ad ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x749 hc y60ad ffa fs2 fc3 sc0 ls9 ws0\">a fl<span class=\"_ _1\"></span>at R<span class=\"_ _1\"></span>PI c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed </td><td class=\"t m0 x74e h7 y60ae ff3 fs2 fc3 sc0 ls33 wsb\">RPI<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x74f hc y60af ff2 fs2 fc3 sc0 ls9 ws0\">on a 2<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c n x750 y60b0 w235 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x751 y60b0 w236 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">\u00a3396,<span class=\"_ _5\"></span>168 (<span class=\"_ _5\"></span>average)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x752 y60b0 w237 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">\u00a3385,838 (average)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x753 y60b1 w238 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x754 y60b1 w239 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls4c wsb\">Average<span class=\"_ _5\"></span> life</div></td><td class=\"t m0 x755 h7 y60b2 ff3 fs2 fc3 sc0 ls61 ws6\">Average<span class=\"_ _5\"></span> life expectanc<span class=\"_ _1\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b3 ff2 fs2 fc3 sc0 ls4c wsb\">expectancy of a mal<span class=\"_ _5\"></span>e </td><td class=\"t m0 x756 h7 y60b4 ff3 fs2 fc3 sc0 lsad ws0\">of a ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b5 ff2 fs2 fc3 sc0 ls4c wsb\">and female<span class=\"_ _5\"></span> currently </td><td class=\"t m0 x757 h7 y60b6 ff3 fs2 fc3 sc0 lsad ws0\">cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 75 is 1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60b7 ff2 fs2 fc3 sc0 lsad ws0\">ag<span class=\"_ _1\"></span>ed 75 i<span class=\"_ _1\"></span>s 14.7 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s </td><td class=\"t m0 x44f h7 y60b8 ff3 fs2 fc3 sc0 lsad ws0\">yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5.<span class=\"_ _1\"></span>8 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x758 hc y60b9 ff2 fs2 fc3 sc0 ls8 ws43\">and 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.0 years </td><td class=\"t m0 x759 h7 y60ba ff3 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75a hc y60bb ff2 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x75b h7 y60bc ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>luntar<span class=\"_ _1\"></span>y </td><td class=\"c n x75c y60bd w23a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">190<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x75d y60bd w23b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>90<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x32d h7 y60be ff3 fs2 fc3 sc0 ls1c ws6\">redemption rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60bf w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x75f y60bf w23d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x75e h11 y60c0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60c1 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x760 y60c1 w23e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">229bps<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x761 h7 y60c2 ff3 fs2 fc3 sc0 ls9 ws0\">230<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x738 hc y60c3 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60c3 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y60c4 w23f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips</div><div class=\"t m0 x762 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x763 h7 y60c5 ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e </td><td class=\"c n x734 y60c6 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x764 y60c6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x765 y60c6 w240 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">6<span class=\"_ _1\"></span>74<span class=\"_ _a\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60c7 ff3 fs2 fc3 sc0 ls1e ws2d\">capitalis<span class=\"_ _1\"></span>ation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60c8 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x766 y60c8 w242 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x767 y60c8 w243 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">N<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x768 y60c8 w244 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a346<span class=\"_ _1\"></span>0m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x769 y60c8 w245 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls101 ws1a2\">\u00a34<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7m<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x76a h7 y60c9 ff3 fs2 fc3 sc0 lsf ws4\">statemen<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60ca ff2 fs2 fc3 sc0 lsdc wsde\">Borrowin<span class=\"_ _5\"></span>gs<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60cb w246 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote E<span class=\"_ _1\"></span>5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76b y60cb w247 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">In<span class=\"_ _1\"></span>ternally<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76c y60cb w248 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76d y60cb w249 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">130<span class=\"_ _1\"></span>% I<span class=\"_ _1\"></span>FL<span class=\"_ _1\"></span>92C15<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x76e h7 y60cc ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IF<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 </td></tr><tr><td></td><td class=\"t m0 x76f h7 y60cd ff3 fs2 fc3 sc0 ls1a ws18\">develope<span class=\"_ _1\"></span>d model<span class=\"_ _37b\"> </span></td><td></td><td class=\"c x771 y60cf w24a h1d7\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">(Female<span class=\"_ _5\"></span>)</div><div class=\"t m0 x770 h11 y60ce ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c x773 y60d1 w24b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">(Female)</div><div class=\"t m0 x772 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x774 hc y60d2 ff2 fs2 fc3 sc0 ls9 ws0\">130% I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L92C15 </td><td class=\"c x776 y60d3 w24c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IM<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 (<span class=\"_ _1\"></span>Ma<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x775 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x778 y60d5 w24d h1d8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls7 ws5\">(M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x777 h11 y60d4 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4b3 h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x73d hc y60d6 ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us </td><td class=\"t m0 x44f h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e plu<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td class=\"t m0 x74d h7 y60d7 ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hc y60d7 ff2 fs2 fc3 sc0 ls3c ws3d\">75b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a h7 y60d7 ff3 fs2 fc3 sc0 ls50 ws18c\">75b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x734 y60d8 w24e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Discount rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77b y60d8 w24f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r sw<span class=\"_ _1\"></span>ap r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us</div></td><td class=\"t m0 x5ec h7 y60d9 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ra<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>lus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hc y60da ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>70<span class=\"_ _2\"></span>bps + 1.7<span class=\"_ _1\"></span>% ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 h7 y60da ff3 fs2 fc3 sc0 lse1 wse5\">17<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _a\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x77c h7 y60db ff3 fs2 fc3 sc0 lsf ws4\">Deferred </td><td class=\"c n x778 y60dc w250 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls74 ws74\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77d y60dc w251 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x336 h7 y60dd ff3 fs2 fc3 sc0 ls1c ws6\">possession rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60de ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60df ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </td><td class=\"c x733 y5f8f w221 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y5f8f w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y5f8f w22a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x77a h7 y60e0 ff3 fs2 fc3 sc0 ls14 ws12\">98bps </td></tr><tr><td class=\"c x1e3 y60e1 w252 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans</div><div class=\"t m0 x77e h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"t m0 x738 hc y60e2 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60e2 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x780 y60e3 w253 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws6\">Longevity swaps</div><div class=\"t m0 x77f h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c x782 y5edc w254 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x781 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x783 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x784 y5edc w256 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">sw<span class=\"_ _1\"></span>ap c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x785 y5edc w257 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F\u2019<span class=\"_ _2\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>: E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a ri<span class=\"_ _1\"></span>sk-<span class=\"_ _2\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>nd a c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m an<span class=\"_ gs424\"> </span>a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te g<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d is d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m a ba<span class=\"_ _1\"></span>ske<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e key o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>: Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a B<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l fo<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G\u2019<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>G c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ gs424\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rm c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>o be n<span class=\"_ _1\"></span>o gr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pu<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d vo<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>EG as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r a re<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l of p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us a<span class=\"_ gs424\"> </span>sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ER<span class=\"_ _1\"></span>M l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>4 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r of a p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>as s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ld a f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d or l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d a lon<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly 3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>45 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s) or a gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y 45<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>75 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r a no<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>um (u<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly \u00a31). Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pa<span class=\"_ _1\"></span>rt V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e H2). 5 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C15 and I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L9<span class=\"_ _1\"></span>2C15 rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e 92 s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n (\u2018<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>MI<span class=\"_ _2\"></span>\u2019)<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>6 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a31 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>33 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n) wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e a com<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fo<span class=\"_ _1\"></span>r fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s at specified future<span class=\"_ _5\"></span> dates.<span class=\"_ _37b\"> </span>7 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>th c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a3<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>l (20<span class=\"_ _1\"></span>24: \u00a3165 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d \u00a3n<span class=\"_ _1\"></span>il (<span class=\"_ _1\"></span>2024: \u00a363 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) respecti<span class=\"_ _1\"></span>vely.<span class=\"_ _37b\"> </span>E2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3.<span class=\"_ _4\"></span>1 Debt securities<span class=\"_ _37b\"> </span>2025<span class=\"_ _73\"> </span><span class=\"ff12 ls9 ws0\">2024<span class=\"_ _37b\"> </span></span><table class=\"s w258 h1d9\" id=\"_531667ef-8630-4ef1-b3a8-3b090c58ec2e\"><tr><td class=\"c n x1e3 y60e4 w259 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x786 y60e4 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x787 y60e4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60e5 ff3 fs2 fc3 sc0 ls1c ws6\">Unquoted corporate<span class=\"_ _5\"></span> bonds:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y60e6 w25a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> agencies &amp; supranationals<span class=\"_ _37b\"> </span></div></td><td class=\"c n x788 y60e6 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x789 y60e6 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">461<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y60e7 wb2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78a y60e7 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,641<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78b y60e7 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,046<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w25b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>\u2013<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78c y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,028<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78d y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,011<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602c w25c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Infrastructure loans\u2013<span class=\"_ _1\"></span>corporate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78e y602c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,179<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78f y602c wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,613<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x790 y602d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,202<span class=\"_ _37b\"> </span></div></td><td class=\"c n x791 y602d w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,172<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602e w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x792 y602e w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x793 y602e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">823<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e8 w25d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y60e8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,957<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y60e8 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,795<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e9 w23c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y60e9 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,317<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y60e9 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,170<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ea w25e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27a y60ea wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57d y60ea w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">555<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60eb w25f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bridging loans to private equity funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20d y60eb w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">304<span class=\"_ _37b\"> </span></div></td><td class=\"c n x794 y60eb w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">498<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ec w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y60ec w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y60ec we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ed w260 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal Level 3<span class=\"_ _5\"></span> debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x796 y60ed w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x797 y60ed w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60ee ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y5eee w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x799 y5eee w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w261 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79a y5eef w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79b y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,591<span class=\"_ _37b\"> </span></div></td></tr></table>E2<span class=\"_ _1\"></span>.4 Sensitivities of Level<span class=\"_ _5\"></span> 3 instrument<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span><table class=\"s w262 h1da\" id=\"_327891cd-dbfb-40de-9cb8-976c57f2d4d9\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x79c y60ef w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x79d y60ef w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x79e hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x79f hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x46b hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td><td class=\"t m0 x7a0 hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td></tr><tr><td></td><td></td><td class=\"t m0 x7a1 hd y60f1 ff12 fs6 fc3 sc0 ls54 ws50\">Reasonable </td><td class=\"t m0 x7a2 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x7a3 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y60f2 ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y60f2 ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x7a4 y60f3 w263 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x7a1 hd y60f4 ff12 fs6 fc3 sc0 lsbe wsc5\">alternative<span class=\"_ _37b\"> </span></td><td class=\"c n x7a5 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a6 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a7 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a8 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w21c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a9 y60f5 w264 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7aa y60f5 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ab y60f5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">287<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ac y60f5 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(287)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ad y60f5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ae y60f5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(258)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y60f6 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60f7 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c n x7a4 y60f8 w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y60f8 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b0 y60f8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b1 y60f8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b2 y60f8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b3 y60f8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60f9 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60fa wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b4 y60fa w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cre<span class=\"_ _1\"></span>dit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b5 y60fa w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b6 y60fa w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(183)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b7 y60fa w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b8 y60fa w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(169)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b9 y60fa w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fb w228 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ba y60fb w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bb y60fb w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bc y60fb w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(146)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bd y60fb w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y60fb w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bf y60fb w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fc w22b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c0 y60fc w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cred<span class=\"_ _1\"></span>it spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c1 y60fc w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c2 y60fc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c3 y60fc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c4 y60fc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(97)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c5 y60fc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">106<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fd w22d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c6 y60fd w26a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c7 y60fd w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c8 y60fd w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c9 y60fd w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ca y60fd w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cb y60fd w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fe w25d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cc y60fe w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cd y60fe w26b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ce y60fe w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(442)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cf y60fe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">520<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d0 y60fe w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(416)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d1 y60fe w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">457<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y60ff w26c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d2 y60ff w26d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 1%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y60ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y60ff w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(89)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y60ff w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y60ff w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(80)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6100 w235 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d7 y6100 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y6100 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y6100 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y6100 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y6100 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6101 w238 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d8 y6101 w26e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d9 y6101 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7da y6101 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7db y6101 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dc y6101 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6102 w26f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">V<span class=\"_ _5\"></span>olunt<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>y redemption r<span class=\"_ _0\"></span>ate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dd y6102 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 15%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7de y6102 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7df y6102 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e0 y6102 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e1 y6102 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e2 y6103 w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e3 y6103 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e4 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e5 y6103 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e6 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e7 y6103 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6104 w25e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e8 y6104 w270 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e9 y6104 w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ea y6104 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y6104 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ec y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(64)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3cb y6104 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ed y6105 w271 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ee y6105 w272 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ef y6105 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">46<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f0 y6105 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(46)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f1 y6105 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f2 y6105 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6106 ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1e3 y6107 w273 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a4 y5f8f w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y5f8f w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f3 y5f8f wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f4 y5f8f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f5 y5f8f wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f6 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w274 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Longevity swap contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f7 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f8 y5edc w275 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y5edc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fa y5edc w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fb y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fc y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr></table>For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ate e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>o rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bly p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n uno<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch wo<span class=\"_ _1\"></span>uld r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt in a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t mov<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>5 T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rs o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wee<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 and L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span><table class=\"s w276 h1db\" id=\"_00abdd3e-bede-4439-8abf-14742e266a2f\"><tr><td></td><td class=\"t m0 x607 hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x7fd hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x46b hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x632 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x633 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610a ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y610b ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f17 w11f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ff y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edb w122 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x500 y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x800 y5edc we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x801 y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w277 h1dc\" id=\"_6e35932a-739d-4239-907d-d803938bf527\"><tr><td></td><td class=\"t m0 x802 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x803 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x756 hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y610e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fc y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fd y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610f ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6110 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed9 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x804 y5ed9 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x805 y5ed9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f17 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x806 y5f17 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f4c w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x807 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,319<span class=\"_ _37b\"> </span></div></td><td class=\"c n x808 y5f4c w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">244<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x809 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x80a y5edc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr></table>Con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or ye<span class=\"_ _1\"></span>ar, all th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Level 1 a<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2 as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rces<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t in Le<span class=\"_ _1\"></span>vel 3 fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span><table class=\"s w278 h1dd\" id=\"_358f3ae7-ead0-43bb-9d95-97054b51695c\"><tr><td></td><td></td><td class=\"t m0 x80b hd y6111 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y6111 ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6112 ff2 fs6 fc3 sc0 lsbd wsc4\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80d hd y6112 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80e hd y6112 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x80f hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x810 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 x75a hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\"> fr<span class=\"_ _1\"></span>om </td><td class=\"t m0 x79f hd y6113 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x812 hd y6113 ff2 fs6 fc3 sc0 lsbd wsc4\">assets held<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x748 hd y6114 ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y6114 ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td></td><td class=\"t m0 x814 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6114 ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x761 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6116 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6116 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x817 y6116 w27b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd1 wsd2\">Sa<span class=\"_ _1\"></span>les</div></td><td class=\"t m0 x68b hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x299 hd y6115 ff2 fs6 fc3 sc0 lsc8 wscb\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6117 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6118 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6119 ff3 fs2 fc3 sc0 lsad ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fa6 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fa6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x823 y5fa6 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(164)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x824 y5fa6 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x825 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x826 y5fa6 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x827 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x828 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x829 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f32 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82b y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82c y5f32 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82d y5f32 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82e y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82f y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x830 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x831 y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6069 w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y6069 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x833 y6069 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x834 y6069 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,562<span class=\"_ _37b\"> </span></div></td><td class=\"c n x835 y6069 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,927)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x836 y6069 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x837 y6069 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x838 y6069 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x839 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">148<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f85 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83b y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83c y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83d y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(94)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83e y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83f y5f85 w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x840 y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x841 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y611a ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x843 y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x844 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">7,096<span class=\"_ _37b\"> </span></div></td><td class=\"c n x845 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(6,259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x846 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x847 y5edc wd9 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x848 y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x849 y5edc w55 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">224<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w27e h1de\" id=\"_d59d67b5-3daa-4da5-8f7c-fa949c03b5c6\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y611b ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x3f7 hd y611c ff2 fs6 fc3 sc0 ls10b ws115\">(gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x285 hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x84a hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">losses on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x80f hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x80c hd y611e ff2 fs6 fc3 sc0 lsbd wsc4\">losses in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x80d hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x79f hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84b hd y611e ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities </td></tr><tr><td></td><td class=\"t m0 x748 hd y611f ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y611f ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td class=\"t m0 x84c hd y611f ff2 fs6 fc3 sc0 ls54 ws50\">Sales/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x79e hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y611f ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x812 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>nd </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6121 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6121 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x84d hd y6120 ff2 fs6 fc3 sc0 lsc7 wsf5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x68b hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y6120 ff2 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6122 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6123 ff2 fs2 fc3 sc0 ls7 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6124 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6125 ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6126 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y6126 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84e y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(92)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84f y6126 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x850 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x851 y6126 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x852 y6126 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x853 y6126 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x854 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(35)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6127 w27f h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities design<span class=\"_ _0\"></span>ated at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f85 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f85 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x858 y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x859 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85a y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85b y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85c y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6128 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85e y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85f y5edc wcc h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x860 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x862 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x863 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x864 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"gs2de\"><table class=\"s w281 h1df\" id=\"_7b41611b-ecff-47ba-93ba-cd71cb8827ad\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6129 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612a ff12 fs6 fc3 sc0 ls10b ws115\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x866 hd y612b ff12 fs6 fc3 sc0 lsd1 wsd2\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612b ff12 fs6 fc3 sc0 lsbe wsc5\">gains on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td></td><td class=\"t m0 x813 hd y612c ff12 fs6 fc3 sc0 lsbe wsc5\">gains in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x867 hd y612c ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x868 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x60d hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x293 hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y612d ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td></td><td class=\"t m0 x86a hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x86b hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y612d ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60f hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x3ee hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y612f w282 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y612f w283 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86e y612f w284 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">Sales<span class=\"_ _37b\"> </span></div></td><td class=\"c x63c y612f w285 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2</div><div class=\"t m0 x86f h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2</div></td><td class=\"t m0 x818 hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"c x871 y612f w286 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024</div><div class=\"t m0 x870 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1</div></td><td class=\"t m0 x299 hd y612e ff12 fs6 fc3 sc0 ls54 ws50\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6132 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6133 ff6 fs2 fc3 sc0 lsc6 wsd5\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly held at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fac w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87b y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87c y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87d y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87e y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87f y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f49 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,495<span class=\"_ _37b\"> </span></div></td><td class=\"c n x880 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x881 y5f49 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x882 y5f49 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(415)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x883 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x884 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x885 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x886 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y608e w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y608e w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13,818<span class=\"_ _37b\"> </span></div></td><td class=\"c n x887 y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(335)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x888 y608e w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,424<span class=\"_ _37b\"> </span></div></td><td class=\"c n x889 y608e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,027)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88a y608e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88b y608e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88c y608e w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88d y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y604e w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">401<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88e y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88f y604e wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n x890 y604e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x891 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x892 y604e w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x893 y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x894 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6134 ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">16,946<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2b0 y5edc w12d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(346)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x895 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8,010<span class=\"_ _37b\"> </span></div></td><td class=\"c n x896 y5edc w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,502)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x897 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x898 y5edc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x899 y5edc w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89a y5edc w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(239)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs491\"><table class=\"s w288 h1e1\" id=\"_a71a40b9-1381-4342-9385-7f340ee425c2\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6135 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x89b hd y6136 ff12 fs6 fc3 sc0 lsbe wsc5\">(gains)/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x27f hd y6137 ff12 fs6 fc3 sc0 lsbe wsc5\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x867 hd y6137 ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td></td><td></td><td class=\"t m0 x761 hd y6137 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in </td><td></td><td></td><td class=\"t m0 x3f0 hd y6138 ff12 fs6 fc3 sc0 ls76 ws76\">from<span class=\"_ _37b\"> </span></td><td class=\"t m0 x868 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84a hd y6138 ff12 fs6 fc3 sc0 ls54 ws50\">liabilities </td></tr><tr><td></td><td class=\"t m0 x293 hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y6139 ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td class=\"t m0 x429 hd y6139 ff12 fs6 fc3 sc0 ls76 ws76\">Sales/</td><td class=\"t m0 x68b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\"> Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x86b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6139 ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60d hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x3ee hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y613b w282 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y613b w283 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x89c hd y613a ff12 fs6 fc3 sc0 lsbe wsc5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x89d hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76e hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y613a ff12 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y613c w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y613d ff2 fs2 fc3 sc0 ls4f wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613f ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f83 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">206<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89e y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89f y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a0 y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a1 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a2 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6140 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies design<span class=\"_ _5\"></span>ated at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6141 ff3 fs2 fc3 sc0 ls18 ws16\">upon initial recognition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f8f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a3 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a4 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a5 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a6 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a7 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6142 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a8 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a9 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ab y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ac y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ad y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs492\">1 <span class=\"_ _19\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a318,<span class=\"_ _1\"></span>37<span class=\"_ _5\"></span>4 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>555 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs493\">2 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g 2024, \u00a3<span class=\"_ _1\"></span>282 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m Le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>el 2 to L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 t<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs494\">th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>A H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>s SL<span class=\"_ _1\"></span>F o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>n 2023<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs495\">Ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on Le<span class=\"_ _1\"></span>vel 3 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs496\">were n<span class=\"_ _1\"></span>o ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "E1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 F<span class=\"_ _5\"></span>air value analysis<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out a com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1e2 h1cf\" id=\"_62cfd140-decd-4efd-8ab9-4a8b7f09ff32\"><tr><td></td><td></td><td class=\"c n x636 y6023 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6023 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6024 w1e3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6024 w1e4 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6024 w1e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6024 w1e6 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y6025 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y6025 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6026 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6027 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6028 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x640 y6028 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x641 y6028 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x642 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x643 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602b w1e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities</div><div class=\"t m0 x648 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64b y602c w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64c y602c w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64d y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64e y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64f y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x650 y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602e w1ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes</div><div class=\"t m0 x651 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x654 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n x655 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6031 w1eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities</div><div class=\"t m0 x656 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x657 y6031 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x658 y6031 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6032 ff3 fs2 fc3 sc0 ls1c ws6\">Financial assets measured<span class=\"_ _5\"></span> at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6033 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x659 y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65a y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65b y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6034 w1ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65c y6034 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65d y6034 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65e y6034 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65f y6034 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6035 w1ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x660 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6037 w1ee h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td class=\"c n x665 y6037 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x666 y6037 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x667 y6037 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x668 y6037 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w1ef h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5eef w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">91,167<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x66a y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81,145<span class=\"_ _37b\"> </span></div></td><td></td></tr></table><table class=\"s w1e2 h1d0\" id=\"_bc2e2972-988e-42f2-89b5-9e4151b9a7d6\"><tr><td></td><td></td><td class=\"c n x636 y6038 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6038 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6039 w1e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6039 w1e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6039 w1e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6039 w1e6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y603a wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y603a w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y603b ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y603c ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily held<span class=\"_ _5\"></span> at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603d w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y603e ff3 fs2 fc3 sc0 ls18 ws16\">Financial liabilities designated at FV<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66b y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66c y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66d y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66e y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6041 w1f1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div><div class=\"t m0 x66f h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x670 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x671 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x672 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6042 w1f2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities</div><div class=\"t m0 x673 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x674 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x675 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6043 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities measur<span class=\"_ _5\"></span>ed at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x676 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n x677 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x678 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,591<span class=\"_ _37b\"> </span></div></td><td class=\"c n x679 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67a y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67b y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67c y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67d y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w1f4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al financial liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67e y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67f y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x680 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,964<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,972<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6047 w1f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x682 h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x683 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x684 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x685 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,789<span class=\"_ _37b\"> </span></div></td><td class=\"c n x686 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ef h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,363<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x687 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,778<span class=\"_ _37b\"> </span></div></td><td></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve n<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a397<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> \u00a39<span class=\"_ _1\"></span>60<span class=\"_ gs424\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>32 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "E1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 F<span class=\"_ _5\"></span>air value analysis<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out a com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1e2 h1cf\" id=\"_62cfd140-decd-4efd-8ab9-4a8b7f09ff32\"><tr><td></td><td></td><td class=\"c n x636 y6023 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6023 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6024 w1e3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6024 w1e4 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6024 w1e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6024 w1e6 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y6025 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y6025 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6026 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6027 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6028 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x640 y6028 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x641 y6028 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x642 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x643 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602b w1e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities</div><div class=\"t m0 x648 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64b y602c w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64c y602c w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64d y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64e y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64f y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x650 y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602e w1ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes</div><div class=\"t m0 x651 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x654 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n x655 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6031 w1eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities</div><div class=\"t m0 x656 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x657 y6031 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x658 y6031 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6032 ff3 fs2 fc3 sc0 ls1c ws6\">Financial assets measured<span class=\"_ _5\"></span> at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6033 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x659 y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65a y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65b y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6034 w1ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65c y6034 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65d y6034 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65e y6034 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65f y6034 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6035 w1ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x660 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6037 w1ee h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td class=\"c n x665 y6037 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x666 y6037 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x667 y6037 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x668 y6037 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w1ef h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5eef w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">91,167<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x66a y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81,145<span class=\"_ _37b\"> </span></div></td><td></td></tr></table><table class=\"s w1e2 h1d0\" id=\"_bc2e2972-988e-42f2-89b5-9e4151b9a7d6\"><tr><td></td><td></td><td class=\"c n x636 y6038 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6038 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6039 w1e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6039 w1e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6039 w1e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6039 w1e6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y603a wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y603a w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y603b ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y603c ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily held<span class=\"_ _5\"></span> at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603d w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y603e ff3 fs2 fc3 sc0 ls18 ws16\">Financial liabilities designated at FV<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66b y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66c y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66d y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66e y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6041 w1f1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div><div class=\"t m0 x66f h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x670 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x671 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x672 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6042 w1f2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities</div><div class=\"t m0 x673 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x674 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x675 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6043 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities measur<span class=\"_ _5\"></span>ed at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x676 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n x677 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x678 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,591<span class=\"_ _37b\"> </span></div></td><td class=\"c n x679 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67a y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67b y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67c y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67d y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w1f4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al financial liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67e y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67f y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x680 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,964<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,972<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6047 w1f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x682 h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x683 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x684 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x685 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,789<span class=\"_ _37b\"> </span></div></td><td class=\"c n x686 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ef h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,363<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x687 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,778<span class=\"_ _37b\"> </span></div></td><td></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve n<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a397<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> \u00a39<span class=\"_ _1\"></span>60<span class=\"_ gs424\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>32 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "E1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 F<span class=\"_ _5\"></span>air value analysis<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out a com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w1e2 h1cf\" id=\"_62cfd140-decd-4efd-8ab9-4a8b7f09ff32\"><tr><td></td><td></td><td class=\"c n x636 y6023 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6023 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6024 w1e3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6024 w1e4 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6024 w1e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6024 w1e6 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y6025 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y6025 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y6025 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6026 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6027 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>):<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6028 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x640 y6028 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x641 y6028 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x642 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x643 y6028 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602b w1e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities</div><div class=\"t m0 x648 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y602c w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64b y602c w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64c y602c w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64d y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64e y602d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64f y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x650 y602d w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y602e w1ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes</div><div class=\"t m0 x651 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y602f w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x654 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n x655 y602f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6031 w1eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities</div><div class=\"t m0 x656 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x652 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x653 y6031 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x657 y6031 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x658 y6031 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6032 ff3 fs2 fc3 sc0 ls1c ws6\">Financial assets measured<span class=\"_ _5\"></span> at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6033 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x659 y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65a y6033 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65b y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y6033 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6034 w1ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65c y6034 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65d y6034 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65e y6034 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td><td class=\"c n x65f y6034 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6035 w1ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x660 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y6036 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y6036 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6037 w1ee h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td class=\"c n x665 y6037 wa8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x666 y6037 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td><td class=\"c n x667 y6037 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td><td class=\"c n x668 y6037 w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w1ef h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5eef w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">91,167<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x66a y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81,145<span class=\"_ _37b\"> </span></div></td><td></td></tr></table><table class=\"s w1e2 h1d0\" id=\"_bc2e2972-988e-42f2-89b5-9e4151b9a7d6\"><tr><td></td><td></td><td class=\"c n x636 y6038 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x637 y6038 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x638 y6039 w1e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x639 y6039 w1e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63a y6039 w1e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Car<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span>ing value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63b y6039 w1e6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x63c y603a wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63d y603a w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63e y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x63f y603a w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y603b ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y603c ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily held<span class=\"_ _5\"></span> at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603d w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x644 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x645 y603d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x646 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x647 y603d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y603e ff3 fs2 fc3 sc0 ls18 ws16\">Financial liabilities designated at FV<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y603f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66b y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66c y603f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66d y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x66e y603f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6041 w1f1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div><div class=\"t m0 x66f h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x670 y600d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x671 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x672 y600d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y6042 w1f2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities</div><div class=\"t m0 x673 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x649 y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x64a y6042 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x674 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x675 y6042 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6043 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities measur<span class=\"_ _5\"></span>ed at amortised cost:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x676 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n x677 y6044 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x678 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,591<span class=\"_ _37b\"> </span></div></td><td class=\"c n x679 y6044 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67a y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67b y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67c y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67d y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w1f4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al financial liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67e y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x67f y6046 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x680 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,964<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y6046 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">184,972<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6047 w1f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)</div><div class=\"t m0 x682 h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x661 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x662 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x663 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x664 y5f93 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>ss fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x683 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,437<span class=\"_ _37b\"> </span></div></td><td class=\"c n x684 y5f77 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td><td class=\"c n x685 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,789<span class=\"_ _37b\"> </span></div></td><td class=\"c n x686 y5f77 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1ef h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Amounts due for settlement<span class=\"_ _5\"></span> after 1<span class=\"_ _5\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,363<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x687 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,778<span class=\"_ _37b\"> </span></div></td><td></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve n<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a397<span class=\"_ _1\"></span>9 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> \u00a39<span class=\"_ _1\"></span>60<span class=\"_ gs424\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>32 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _1\"></span>. Fair<span class=\"_ _5\"></span> value hierarch<span class=\"_ _5\"></span>y<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>1 De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>chy o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 1 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mar<span class=\"_ _1\"></span>ket<span class=\"_ _2\"></span>s (suc<span class=\"_ _1\"></span>h as exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es) is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on qu<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d end p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r an i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d nar<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wer b<span class=\"_ _1\"></span>id<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>id p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 2 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, or wi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r bid<span class=\"_ _2\"></span>-a<span class=\"_ _1\"></span>sk sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch do n<span class=\"_ _1\"></span>ot m<span class=\"_ _1\"></span>eet t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as Lev<span class=\"_ _1\"></span>el 1 inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s, a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as L<span class=\"_ _1\"></span>evel 2. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> brok<span class=\"_ _5\"></span>er quotes or v<span class=\"_ _5\"></span>aluation techniques with observable mark<span class=\"_ _5\"></span>et input<span class=\"_ _1\"></span>s. Financial instruments valued us<span class=\"_ _5\"></span>ing broker<span class=\"_ _5\"></span> quotes are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as Le<span class=\"_ _1\"></span>vel 2, on<span class=\"_ _1\"></span>ly wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ere is a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of ov<span class=\"_ _1\"></span>er-t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s is est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>del<span class=\"_ _2\"></span>s or dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are no<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to be L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h have a m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin r<span class=\"_ _1\"></span>eal e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te/p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Wher<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>rket<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a at th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d end<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019s be<span class=\"_ _1\"></span>st es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s a mar<span class=\"_ _1\"></span>ket rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>o cover t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e Le<span class=\"_ _1\"></span>vel 2 i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s are ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ed mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y evi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span> for t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s may be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g bro<span class=\"_ _1\"></span>ker qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h cou<span class=\"_ _1\"></span>ld n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>s Lev<span class=\"_ _1\"></span>el 3. Fo<span class=\"_ _1\"></span>r a sma<span class=\"_ _1\"></span>ll nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, as d<span class=\"_ _1\"></span>ue to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y have n<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nto suc<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ngs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span>For fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e on a rec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>het<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy by rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t leve<span class=\"_ _1\"></span>l inp<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt to t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s a wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e) dur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fair valu<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te G<span class=\"_ _1\"></span>3 for ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote G<span class=\"_ _1\"></span>4 fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e hie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy of fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is bu<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w204 h1d2\" id=\"_bdfd6091-3b25-4e76-be14-1fdbb070cb22\"><tr><td></td><td class=\"c n x691 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y6052 w205 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y6052 w206 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6053 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y6053 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y6053 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6054 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6055 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6056 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69a y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6056 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69c y6056 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6057 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6057 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6057 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,198<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6057 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6057 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6058 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a1 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">107,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a2 y6058 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a3 y6058 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a4 y6058 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">110,759<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6059 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">51,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a6 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31,989<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a7 y6059 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a8 y6059 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y605a w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a9 y605a w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">79,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6aa y605a w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ab y605a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ac y605a w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5fa6 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ad y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ae y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6af y5fa6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b0 y5fa6 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f32 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b2 y5f32 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">40,442<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b3 y5f32 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b4 y5f32 w9b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309,020<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y605c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f34 w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5f34 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b6 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b7 y5f34 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b8 y5f34 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">248,982<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ba y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">40,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bb y5edc w58 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bc y5edc w9b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">309,031<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w20a h1d3\" id=\"_61236a62-08af-4e18-97fa-fb31e069f45d\"><tr><td></td><td class=\"c n x691 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x692 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x693 y605d w205 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x694 y605d w206 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal fair value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y605e w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x696 y605e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x697 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x698 y605e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y605f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6060 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6061 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6061 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69e y6061 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,663<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69f y6061 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a0 y6061 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6062 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6063 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6be y6063 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bf y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c0 y6063 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6064 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6064 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c2 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c3 y6064 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c4 y6064 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6065 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c6 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c7 y6065 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c8 y6065 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6066 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6066 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ca y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">198,932<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cb y6066 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cc y6066 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">201,386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6067 ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6068 ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f32 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ce y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cf y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d0 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,309<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6069 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d2 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d3 y6069 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y606a ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y606b w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y606b w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d5 y606b w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d6 y606b wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d7 y606b w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,148<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d8 y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">203,080<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d9 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6da y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">205,534<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w20f h1d4\" id=\"_98e71a28-7b44-4daa-b6ea-ff102aba09e9\"><tr><td></td><td class=\"c n x6db y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y606c w210 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y606c w211 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y606c w212 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y606d w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y606d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y606e ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y606f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L (man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6070 w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e3 y6070 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e4 y6070 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e5 y6070 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6071 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e6 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e7 y6071 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,321<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e8 y6071 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e9 y6071 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6072 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ea y6072 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">93,708<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6eb y6072 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ec y6072 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ed y6072 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96,365<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6073 w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6a5 y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49,624<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ee y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24,531<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ef y6073 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f0 y6073 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6074 w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f1 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79,921<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f2 y6074 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,292<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f3 y6074 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f4 y6074 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">83,700<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6075 w208 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers' sh<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re of in<span class=\"_ _5\"></span>vestm<span class=\"_ _1\"></span>ent contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f5 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f6 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f7 y6075 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f8 y6075 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6076 w209 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b1 y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232,664<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6f9 y6076 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,474<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fa y6076 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fb y6076 wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">281,512<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6078 w213 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6077 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fd y6079 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,283)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6fe y6079 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6ff y6079 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x700 y6079 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,985)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y607a w214 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x701 y607a w215 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x702 y607a w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x703 y607a w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x704 y607a wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,527<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607b ff2 fs2 fc3 sc0 ls14 ws12\">Financial assets measured at<span class=\"_ _5\"></span> amor<span class=\"_ _1\"></span>tised cost<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y607c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w1e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x705 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x706 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x6b9 y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x708 y5eef w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x709 y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,819<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70a y5eef wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">279,539<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w216 h1d5\" id=\"_36ce79d6-e4c2-4a9b-bcbc-eaa443aa26d1\"><tr><td></td><td class=\"c n x6db y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dc y607d w210 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6dd y607d w211 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6de y607d w212 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y607e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6df y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e0 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e1 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6e2 y607e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y607f ff2 fs2 fc3 sc0 ls33 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6080 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies at<span class=\"_ _5\"></span> F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>TPL (mandatory)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6081 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69d y6081 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">70<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70b y6081 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,882<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70c y6081 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70d y6081 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6082 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>PL u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6083 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6bd y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70e y6083 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x70f y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x710 y6083 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6084 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c1 y6084 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x711 y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x69b y6084 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x712 y6084 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6085 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c5 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x713 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n x714 y6085 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x715 y6085 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6086 w20d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6c9 y6086 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x716 y6086 w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,804<span class=\"_ _37b\"> </span></div></td><td class=\"c n x717 y6086 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x718 y6086 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">180,524<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6088 w213 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale</div><div class=\"t m0 x6fc h11 y6087 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4b6 y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x719 y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71a y6089 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71b y6089 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y608a w217 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71c y608a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71d y608a wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">174,629<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71e y608a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x681 y608a w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">177,349<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y608b ff2 fs2 fc3 sc0 ls14 ws12\">Financial liabilities measured<span class=\"_ _5\"></span> at amortised cost </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y608c ff2 fs2 fc3 sc0 ls9 ws0\">fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y608d w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x720 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td><td class=\"c n x721 y608d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x722 y608d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,599<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y608e w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d1 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x723 y608e w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n x724 y608e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y608e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y608f ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edb w20e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">cos<span class=\"_ _1\"></span>t for w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x725 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e2 y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x726 y5edb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,448<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,556<span class=\"_ _37b\"> </span></div></td><td class=\"c n x727 y5edc wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">179,077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x728 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x729 y5edc w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181,797<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a314 <span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1), \u00a332 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1), \u00a396<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es (\u00a3<span class=\"_ _1\"></span>956 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d \u00a34 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2) a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>979 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s (\u00a3281 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1; \u00a31<span class=\"_ _5\"></span>43 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2; an<span class=\"_ _1\"></span>d \u00a35<span class=\"_ _1\"></span>55 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3).<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>3,1<span class=\"_ _5\"></span>75 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>3 S<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r Lev<span class=\"_ _1\"></span>el 3 fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span><table class=\"s w218 h1d6\" id=\"_2647c24b-949f-4951-aba1-0c04e083b0f8\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x3f1 hd y6090 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6091 w1f9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Description<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72a y6091 w219 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">Valuation technique<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72b y6091 w21a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Significant<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>puts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72c y6091 w21b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72d y6091 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6092 w21c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72e y6092 w21d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws0\">Net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x72f y6092 w21e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 ws4\">Net<span class=\"_ _0\"></span> asset sta<span class=\"_ _1\"></span>tement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x730 y6092 w21f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a32<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>872m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x731 y6092 w220 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">\u00a3<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>5<span class=\"_ _1\"></span>76<span class=\"_ _2\"></span>m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6093 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"ls9 ws0\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y6094 ff2 fs2 fc3 sc0 ls14 ws12\">(see E2.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 for further details)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6095 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c x733 y6096 w221 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y6097 w222 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y6097 w223 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1e ws2d\">1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>3bps<span class=\"_ _37b\"> </span></div></td><td class=\"c x737 y6097 w224 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls86 ws87\">10<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x736 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6098 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x738 hc y6099 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y6099 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609a wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c x73a y609a w225 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x739 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609a w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609a w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609a w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsae wsb1\">16<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609b ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y609c ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y609d w228 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x73f y609d w229 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DC<span class=\"_ _1\"></span>F mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x73e h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y609e w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y609e w22a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y609e w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">174<span class=\"_ _2\"></span>b<span class=\"_ _a\"></span>p<span class=\"_ _2\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y609f ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a0 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a1 w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c x741 y60a1 w22c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x740 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a2 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a2 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">15<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a2 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse1 wse5\">161b<span class=\"_ _a\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a3 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a4 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a5 w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x743 y60a5 w22e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">DCF model</div><div class=\"t m0 x742 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60a5 w222 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y60a5 w226 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls104 ws110\">14<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c x73c y60a5 w227 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1<span class=\"_ _5\"></span>42b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s</div><div class=\"t m0 x73b h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">2</div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60a6 ff2 fs2 fc3 sc0 ls33 wsb\"> (weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)</td><td class=\"t m0 x475 h7 y60a7 ff3 fs2 fc3 sc0 lsf ws4\"> (weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60a8 w22f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tga<span class=\"_ _1\"></span>ge lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x744 y60a8 w230 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">DC<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x745 y60a8 w231 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">Sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x746 y60a8 w232 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">18<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r SO<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>IA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x747 y60a8 w233 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _4\"></span>95bp<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r S<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>A<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60a9 ff3 fs2 fc3 sc0 ls33 wsb\">Black-Schol<span class=\"_ _5\"></span>es </td><td class=\"t m0 x4b3 h7 y60aa ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x749 hc y60aa ff2 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75b<span class=\"_ _1\"></span>ps a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt to </td><td class=\"t m0 x74a h7 y60ab ff3 fs2 fc3 sc0 ls9 ws0\">+<span class=\"_ _5\"></span>75bps ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to </td></tr><tr><td></td><td class=\"c x74c y60ac w234 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsa ws1a\">model</div><div class=\"t m0 x74b h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x74d h7 y60ad ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x749 hc y60ad ffa fs2 fc3 sc0 ls9 ws0\">a fl<span class=\"_ _1\"></span>at R<span class=\"_ _1\"></span>PI c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed </td><td class=\"t m0 x74e h7 y60ae ff3 fs2 fc3 sc0 ls33 wsb\">RPI<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x74f hc y60af ff2 fs2 fc3 sc0 ls9 ws0\">on a 2<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c n x750 y60b0 w235 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x751 y60b0 w236 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">\u00a3396,<span class=\"_ _5\"></span>168 (<span class=\"_ _5\"></span>average)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x752 y60b0 w237 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">\u00a3385,838 (average)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x753 y60b1 w238 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x754 y60b1 w239 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls4c wsb\">Average<span class=\"_ _5\"></span> life</div></td><td class=\"t m0 x755 h7 y60b2 ff3 fs2 fc3 sc0 ls61 ws6\">Average<span class=\"_ _5\"></span> life expectanc<span class=\"_ _1\"></span>y </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b3 ff2 fs2 fc3 sc0 ls4c wsb\">expectancy of a mal<span class=\"_ _5\"></span>e </td><td class=\"t m0 x756 h7 y60b4 ff3 fs2 fc3 sc0 lsad ws0\">of a ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60e hc y60b5 ff2 fs2 fc3 sc0 ls4c wsb\">and female<span class=\"_ _5\"></span> currently </td><td class=\"t m0 x757 h7 y60b6 ff3 fs2 fc3 sc0 lsad ws0\">cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 75 is 1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x73d hc y60b7 ff2 fs2 fc3 sc0 lsad ws0\">ag<span class=\"_ _1\"></span>ed 75 i<span class=\"_ _1\"></span>s 14.7 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s </td><td class=\"t m0 x44f h7 y60b8 ff3 fs2 fc3 sc0 lsad ws0\">yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5.<span class=\"_ _1\"></span>8 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x758 hc y60b9 ff2 fs2 fc3 sc0 ls8 ws43\">and 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.0 years </td><td class=\"t m0 x759 h7 y60ba ff3 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x75a hc y60bb ff2 fs2 fc3 sc0 ls61 ws7b\">respectively<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x75b h7 y60bc ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>luntar<span class=\"_ _1\"></span>y </td><td class=\"c n x75c y60bd w23a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">190<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x75d y60bd w23b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>90<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps to 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x32d h7 y60be ff3 fs2 fc3 sc0 ls1c ws6\">redemption rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60bf w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c x75f y60bf w23d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x75e h11 y60c0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y60c1 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x760 y60c1 w23e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">229bps<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x761 h7 y60c2 ff3 fs2 fc3 sc0 ls9 ws0\">230<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x738 hc y60c3 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60c3 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y60c4 w23f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips</div><div class=\"t m0 x762 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x763 h7 y60c5 ff3 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e </td><td class=\"c n x734 y60c6 w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x764 y60c6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x765 y60c6 w240 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">6<span class=\"_ _1\"></span>74<span class=\"_ _a\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x748 h7 y60c7 ff3 fs2 fc3 sc0 ls1e ws2d\">capitalis<span class=\"_ _1\"></span>ation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60c8 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x766 y60c8 w242 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x767 y60c8 w243 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">N<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x768 y60c8 w244 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1e ws2d\">\u00a346<span class=\"_ _1\"></span>0m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x769 y60c8 w245 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls101 ws1a2\">\u00a34<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7m<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x76a h7 y60c9 ff3 fs2 fc3 sc0 lsf ws4\">statemen<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60ca ff2 fs2 fc3 sc0 lsdc wsde\">Borrowin<span class=\"_ _5\"></span>gs<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60cb w246 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote E<span class=\"_ _1\"></span>5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76b y60cb w247 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">In<span class=\"_ _1\"></span>ternally<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76c y60cb w248 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x76d y60cb w249 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">130<span class=\"_ _1\"></span>% I<span class=\"_ _1\"></span>FL<span class=\"_ _1\"></span>92C15<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x76e h7 y60cc ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IF<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 </td></tr><tr><td></td><td class=\"t m0 x76f h7 y60cd ff3 fs2 fc3 sc0 ls1a ws18\">develope<span class=\"_ _1\"></span>d model<span class=\"_ _37b\"> </span></td><td></td><td class=\"c x771 y60cf w24a h1d7\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">(Female<span class=\"_ _5\"></span>)</div><div class=\"t m0 x770 h11 y60ce ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c x773 y60d1 w24b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">(Female)</div><div class=\"t m0 x772 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x774 hc y60d2 ff2 fs2 fc3 sc0 ls9 ws0\">130% I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L92C15 </td><td class=\"c x776 y60d3 w24c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>30<span class=\"_ _1\"></span>% IM<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5 (<span class=\"_ _1\"></span>Ma<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x775 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c x778 y60d5 w24d h1d8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls7 ws5\">(M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le)</div><div class=\"t m0 x777 h11 y60d4 ff3 fs8 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4b3 h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td class=\"t m0 x73d hc y60d6 ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us </td><td class=\"t m0 x44f h7 y60d6 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar R<span class=\"_ _1\"></span>PI r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e plu<span class=\"_ _1\"></span>s </td></tr><tr><td></td><td></td><td class=\"t m0 x74d h7 y60d7 ff6 fs2 fc3 sc0 ls18 ws16\">inflatio<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hc y60d7 ff2 fs2 fc3 sc0 ls3c ws3d\">75b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a h7 y60d7 ff3 fs2 fc3 sc0 ls50 ws18c\">75b<span class=\"_ _2\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n x734 y60d8 w24e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Discount rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77b y60d8 w24f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r sw<span class=\"_ _1\"></span>ap r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us</div></td><td class=\"t m0 x5ec h7 y60d9 ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ar s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ra<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>lus </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x749 hc y60da ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>70<span class=\"_ _2\"></span>bps + 1.7<span class=\"_ _1\"></span>% ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 h7 y60da ff3 fs2 fc3 sc0 lse1 wse5\">17<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>p<span class=\"_ _a\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x77c h7 y60db ff3 fs2 fc3 sc0 lsf ws4\">Deferred </td><td class=\"c n x778 y60dc w250 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls74 ws74\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x77d y60dc w251 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">370<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x336 h7 y60dd ff3 fs2 fc3 sc0 ls1c ws6\">possession rate<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d hc y60de ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60df ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, </td><td class=\"c x733 y5f8f w221 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x732 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x734 y5f8f w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x735 y5f8f w22a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls122 ws184\">16<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x77a h7 y60e0 ff3 fs2 fc3 sc0 ls14 ws12\">98bps </td></tr><tr><td class=\"c x1e3 y60e1 w252 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans</div><div class=\"t m0 x77e h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"t m0 x738 hc y60e2 ff2 fs2 fc3 sc0 ls33 wsb\">(weight<span class=\"_ _5\"></span>ed average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44f h7 y60e2 ff3 fs2 fc3 sc0 lsf ws4\">(weighted average<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x780 y60e3 w253 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws6\">Longevity swaps</div><div class=\"t m0 x77f h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c x782 y5edc w254 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">DCF mode<span class=\"_ _5\"></span>l</div><div class=\"t m0 x781 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x783 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x784 y5edc w256 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">sw<span class=\"_ _1\"></span>ap c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x785 y5edc w257 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F\u2019<span class=\"_ _2\"></span>) mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>: E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a ri<span class=\"_ _1\"></span>sk-<span class=\"_ _2\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve a<span class=\"_ _1\"></span>nd a c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m an<span class=\"_ gs424\"> </span>a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te g<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d is d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m a ba<span class=\"_ _1\"></span>ske<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e key o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>: Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng a D<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>F mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a B<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l fo<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G\u2019<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e N<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>G c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ gs424\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rm c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>o be n<span class=\"_ _1\"></span>o gr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pu<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d vo<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>EG as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r a re<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l of p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e NN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>G as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>us a<span class=\"_ gs424\"> </span>sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad i<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ER<span class=\"_ _1\"></span>M l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>4 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>n ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r of a p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>as s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ld a f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d or l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d a lon<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly 3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>45 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s) or a gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y 45<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>75 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r a no<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>um (u<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly \u00a31). Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pa<span class=\"_ _1\"></span>rt V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e H2). 5 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>92C15 and I<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L9<span class=\"_ _1\"></span>2C15 rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e 92 s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n (\u2018<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>MI<span class=\"_ _2\"></span>\u2019)<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>6 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a31 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>33 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n) wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e a com<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fo<span class=\"_ _1\"></span>r fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s at specified future<span class=\"_ _5\"></span> dates.<span class=\"_ _37b\"> </span>7 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>th c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a3<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>l (20<span class=\"_ _1\"></span>24: \u00a3165 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d \u00a3n<span class=\"_ _1\"></span>il (<span class=\"_ _1\"></span>2024: \u00a363 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) respecti<span class=\"_ _1\"></span>vely.<span class=\"_ _37b\"> </span>E2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3.<span class=\"_ _4\"></span>1 Debt securities<span class=\"_ _37b\"> </span>2025<span class=\"_ _73\"> </span><span class=\"ff12 ls9 ws0\">2024<span class=\"_ _37b\"> </span></span><table class=\"s w258 h1d9\" id=\"_531667ef-8630-4ef1-b3a8-3b090c58ec2e\"><tr><td class=\"c n x1e3 y60e4 w259 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x786 y60e4 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x787 y60e4 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60e5 ff3 fs2 fc3 sc0 ls1c ws6\">Unquoted corporate<span class=\"_ _5\"></span> bonds:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y60e6 w25a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> agencies &amp; supranationals<span class=\"_ _37b\"> </span></div></td><td class=\"c n x788 y60e6 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">486<span class=\"_ _37b\"> </span></div></td><td class=\"c n x789 y60e6 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">461<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y60e7 wb2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78a y60e7 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,641<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78b y60e7 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,046<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6029 w25b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>\u2013<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78c y6029 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,028<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78d y6029 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,011<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602c w25c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Infrastructure loans\u2013<span class=\"_ _1\"></span>corporate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78e y602c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,179<span class=\"_ _37b\"> </span></div></td><td class=\"c n x78f y602c wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,613<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602d w22b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x790 y602d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,202<span class=\"_ _37b\"> </span></div></td><td class=\"c n x791 y602d w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,172<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y602e w22d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x792 y602e w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x793 y602e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">823<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e8 w25d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y60e8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,957<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y60e8 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,795<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e9 w23c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y60e9 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,317<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y60e9 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,170<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ea w25e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27a y60ea wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57d y60ea w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">555<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60eb w25f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bridging loans to private equity funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20d y60eb w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">304<span class=\"_ _37b\"> </span></div></td><td class=\"c n x794 y60eb w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">498<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ec w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y60ec w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y60ec we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ed w260 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal Level 3<span class=\"_ _5\"></span> debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x796 y60ed w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x797 y60ed w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60ee ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y5eee w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x799 y5eee w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(555)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w261 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79a y5eef w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x79b y5eef w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,591<span class=\"_ _37b\"> </span></div></td></tr></table>E2<span class=\"_ _1\"></span>.4 Sensitivities of Level<span class=\"_ _5\"></span> 3 instrument<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span><table class=\"s w262 h1da\" id=\"_327891cd-dbfb-40de-9cb8-976c57f2d4d9\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x79c y60ef w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x79d y60ef w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x79e hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x79f hd y60f0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </td><td class=\"t m0 x46b hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td><td class=\"t m0 x7a0 hd y60f0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m </td></tr><tr><td></td><td></td><td class=\"t m0 x7a1 hd y60f1 ff12 fs6 fc3 sc0 ls54 ws50\">Reasonable </td><td class=\"t m0 x7a2 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x7a3 hd y60f2 ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y60f2 ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y60f2 ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x7a4 y60f3 w263 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Key<span class=\"_ _5\"></span> unobser<span class=\"_ _1\"></span>vable input<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x7a1 hd y60f4 ff12 fs6 fc3 sc0 lsbe wsc5\">alternative<span class=\"_ _37b\"> </span></td><td class=\"c n x7a5 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a6 y60f3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a7 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a8 y60f3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w21c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a9 y60f5 w264 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7aa y60f5 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ab y60f5 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">287<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ac y60f5 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(287)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ad y60f5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ae y60f5 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(258)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y60f6 ff2 fs2 fc3 sc0 ls14 ws12\">Debt securities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y60f7 ff3 fs2 fc3 sc0 ls1c ws6\">Loans guarant<span class=\"_ _5\"></span>eed by export credit<span class=\"_ _5\"></span> </td><td class=\"c n x7a4 y60f8 w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y60f8 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b0 y60f8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b1 y60f8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b2 y60f8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b3 y60f8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y60f9 ff3 fs2 fc3 sc0 ls1c ws6\">agencies &amp;<span class=\"_ _5\"></span> supranational<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y60fa wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Private corporate<span class=\"_ _5\"></span> credit<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b4 y60fa w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cre<span class=\"_ _1\"></span>dit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b5 y60fa w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b6 y60fa w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(183)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b7 y60fa w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b8 y60fa w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(169)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7b9 y60fa w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fb w228 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Infrastructure loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ba y60fb w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bb y60fb w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bc y60fb w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(146)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bd y60fb w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y60fb w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7bf y60fb w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fc w22b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Loans to<span class=\"_ _5\"></span> housing associations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c0 y60fc w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Cred<span class=\"_ _1\"></span>it spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c1 y60fc w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c2 y60fc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c3 y60fc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c4 y60fc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(97)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c5 y60fc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">106<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fd w22d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Local authority loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c6 y60fd w26a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit sprea<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c7 y60fd w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c8 y60fd w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c9 y60fd w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ca y60fd w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cb y60fd w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60fe w25d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ERM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cc y60fe w222 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cd y60fe w26b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ce y60fe w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(442)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cf y60fe w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">520<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d0 y60fe w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(416)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d1 y60fe w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">457<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y60ff w26c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d2 y60ff w26d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 1%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y60ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y60ff w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(89)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y60ff w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y60ff w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(80)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6100 w235 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">House prices<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d7 y6100 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d3 y6100 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d4 y6100 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d5 y6100 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d6 y6100 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6101 w238 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d8 y6101 w26e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7d9 y6101 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7da y6101 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7db y6101 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dc y6101 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x7a4 y6102 w26f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">V<span class=\"_ _5\"></span>olunt<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>y redemption r<span class=\"_ _0\"></span>ate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7dd y6102 w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 15%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7de y6102 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7df y6102 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e0 y6102 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e1 y6102 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w23c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Commercial<span class=\"_ _5\"></span> real estate loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e2 y6103 w268 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">C<span class=\"_ _1\"></span>redit sp<span class=\"_ _1\"></span>read<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e3 y6103 w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e4 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(62)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e5 y6103 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e6 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e7 y6103 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6104 w25e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income strips<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e8 y6104 w270 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credit spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e9 y6104 w269 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ea y6104 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y6104 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ec y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(64)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3cb y6104 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w241 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">Collective in<span class=\"_ _5\"></span>vestment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ed y6105 w271 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Net asset value statement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ee y6105 w272 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ef y6105 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">46<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f0 y6105 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(46)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f1 y6105 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f2 y6105 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(49)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6106 ff2 fs2 fc3 sc0 ls1c ws6\">Derivative assets and liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x1e3 y6107 w273 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward priva<span class=\"_ _1\"></span>te placement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">infrastructure and local authorit<span class=\"_ _1\"></span>y loans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7a4 y5f8f w266 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws60\">Credi<span class=\"_ _1\"></span>t spread<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7af y5f8f w267 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 65bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f3 y5f8f wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f4 y5f8f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f5 y5f8f wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f6 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w274 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Longevity swap contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f7 y5edc w255 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Swap cur<span class=\"_ _1\"></span>ve<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f8 y5edc w275 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">+/- 100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y5edc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fa y5edc w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fb y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fc y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr></table>For t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ate e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>o rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bly p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n uno<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch wo<span class=\"_ _1\"></span>uld r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt in a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t mov<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>5 T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rs o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wee<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 1 and L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span><table class=\"s w276 h1db\" id=\"_00abdd3e-bede-4439-8abf-14742e266a2f\"><tr><td></td><td class=\"t m0 x607 hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x7fd hd y6108 ff2 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x46b hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y6109 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x632 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x633 y5f76 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610a ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y610b ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f17 w11f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ff y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edb w122 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ff y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x500 y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">386<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x800 y5edc we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x801 y5edc w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w277 h1dc\" id=\"_6e35932a-739d-4239-907d-d803938bf527\"><tr><td></td><td class=\"t m0 x802 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 1 t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x803 hd y610c ff12 fs6 fc3 sc0 ls9 ws0\">Fro<span class=\"_ _1\"></span>m L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2 t<span class=\"_ _1\"></span>o </td></tr><tr><td></td><td class=\"t m0 x756 hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x77a hd y610d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y610e w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fc y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3fd y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y610f ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6110 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed9 w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x804 y5ed9 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x805 y5ed9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f17 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fe y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x806 y5f17 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f4c w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x807 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,319<span class=\"_ _37b\"> </span></div></td><td class=\"c n x808 y5f4c w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">244<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x809 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x80a y5edc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr></table>Con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or ye<span class=\"_ _1\"></span>ar, all th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Level 1 a<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 2 as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rces<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> E2<span class=\"_ _2\"></span>.6 M<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t in Le<span class=\"_ _1\"></span>vel 3 fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span><table class=\"s w278 h1dd\" id=\"_358f3ae7-ead0-43bb-9d95-97054b51695c\"><tr><td></td><td></td><td class=\"t m0 x80b hd y6111 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y6111 ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6112 ff2 fs6 fc3 sc0 lsbd wsc4\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80d hd y6112 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x80e hd y6112 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x80f hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x810 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">ga<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 x75a hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\"> fr<span class=\"_ _1\"></span>om </td><td class=\"t m0 x79f hd y6113 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y6113 ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x812 hd y6113 ff2 fs6 fc3 sc0 lsbd wsc4\">assets held<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x748 hd y6114 ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y6114 ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td></td><td class=\"t m0 x814 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6114 ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x761 hd y6114 ff2 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d of </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6116 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6116 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x817 y6116 w27b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd1 wsd2\">Sa<span class=\"_ _1\"></span>les</div></td><td class=\"t m0 x68b hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6115 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6115 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x299 hd y6115 ff2 fs6 fc3 sc0 lsc8 wscb\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6117 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6117 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6117 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6117 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6118 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6119 ff3 fs2 fc3 sc0 lsad ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ma<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fa6 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fa6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x823 y5fa6 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(164)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x824 y5fa6 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x825 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x826 y5fa6 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x827 y5fa6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x828 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x829 y5fa6 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f32 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82b y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82c y5f32 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">453<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82d y5f32 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82e y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82f y5f32 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x830 y5f32 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,872<span class=\"_ _37b\"> </span></div></td><td class=\"c n x831 y5f32 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6069 w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y6069 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x833 y6069 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x834 y6069 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,562<span class=\"_ _37b\"> </span></div></td><td class=\"c n x835 y6069 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,927)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x836 y6069 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x837 y6069 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x838 y6069 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16,263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x839 y6069 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">148<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f85 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83b y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83c y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83d y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(94)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83e y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83f y5f85 w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x840 y5f85 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">460<span class=\"_ _37b\"> </span></div></td><td class=\"c n x841 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y611a ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h1a8\"><div class=\"t m0 x1dd hc y5f01 ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x843 y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">334<span class=\"_ _37b\"> </span></div></td><td class=\"c n x844 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">7,096<span class=\"_ _37b\"> </span></div></td><td class=\"c n x845 y5edc w60 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(6,259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x846 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">53<span class=\"_ _37b\"> </span></div></td><td class=\"c n x847 y5edc wd9 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x848 y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n x849 y5edc w55 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">224<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w27e h1de\" id=\"_d59d67b5-3daa-4da5-8f7c-fa949c03b5c6\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x60d hd y611b ff2 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x3f7 hd y611c ff2 fs6 fc3 sc0 ls10b ws115\">(gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x285 hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x84a hd y611d ff2 fs6 fc3 sc0 lsbd wsc4\">losses on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td class=\"t m0 x80f hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 1 </td><td class=\"t m0 x80c hd y611e ff2 fs6 fc3 sc0 lsbd wsc4\">losses in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x80d hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x79f hd y611e ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfers to<span class=\"_ _5\"></span> </td><td class=\"t m0 x811 hd y611e ff2 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84b hd y611e ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities </td></tr><tr><td></td><td class=\"t m0 x748 hd y611f ff2 fs6 fc3 sc0 ls10b ws115\">January </td><td class=\"t m0 x813 hd y611f ff2 fs6 fc3 sc0 lsbd wsc4\">income </td><td></td><td class=\"t m0 x84c hd y611f ff2 fs6 fc3 sc0 ls54 ws50\">Sales/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x79e hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x779 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y611f ff2 fs6 fc3 sc0 lsc7 wsf5\">December </td><td class=\"t m0 x812 hd y611f ff2 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>nd </td></tr><tr><td></td><td class=\"t m0 x3ee hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"c n x815 y6121 w279 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x816 y6121 w27a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x84d hd y6120 ff2 fs6 fc3 sc0 lsc7 wsf5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x68b hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y6120 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x819 hd y6120 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y6120 ff2 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6122 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y6122 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y6122 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y6122 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6123 ff2 fs2 fc3 sc0 ls7 wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6124 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6125 ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6126 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y6126 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84e y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(92)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x84f y6126 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x850 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x851 y6126 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x852 y6126 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x853 y6126 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x854 y6126 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(35)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6127 w27f h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liab<span class=\"_ _0\"></span>ilities design<span class=\"_ _0\"></span>ated at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL upon initial rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnition:<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f85 w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f85 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x858 y5f85 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x859 y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85a y5f85 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85b y5f85 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85c y5f85 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6128 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85e y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85f y5edc wcc h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x860 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x862 y5edc w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x863 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x864 y5edc w83 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w281 h1df\" id=\"_7b41611b-ecff-47ba-93ba-cd71cb8827ad\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6129 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612a ff12 fs6 fc3 sc0 ls10b ws115\">(losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x866 hd y612b ff12 fs6 fc3 sc0 lsd1 wsd2\">Net (losses)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x80e hd y612b ff12 fs6 fc3 sc0 lsbe wsc5\">gains on<span class=\"_ _5\"></span> </td></tr><tr><td></td><td></td><td class=\"t m0 x813 hd y612c ff12 fs6 fc3 sc0 lsbe wsc5\">gains in<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x867 hd y612c ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td class=\"t m0 x868 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x60d hd y612c ff12 fs6 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x293 hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y612d ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td></td><td class=\"t m0 x86a hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">fr<span class=\"_ _1\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 </td><td class=\"t m0 x86b hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y612d ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60f hd y612d ff12 fs6 fc3 sc0 ls9 ws0\">at e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x3ee hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y612f w282 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y612f w283 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86e y612f w284 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">Sales<span class=\"_ _37b\"> </span></div></td><td class=\"c x63c y612f w285 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2</div><div class=\"t m0 x86f h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2</div></td><td class=\"t m0 x818 hd y612e ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"c x871 y612f w286 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024</div><div class=\"t m0 x870 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1</div></td><td class=\"t m0 x299 hd y612e ff12 fs6 fc3 sc0 ls54 ws50\">period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6132 ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets measured<span class=\"_ _5\"></span> at fair val<span class=\"_ _5\"></span>ue<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6133 ff6 fs2 fc3 sc0 lsc6 wsd5\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly held at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5fac w1e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">232<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87b y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87c y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87d y5fac we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87e y5fac w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87f y5fac w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f49 w11f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x82a y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,495<span class=\"_ _37b\"> </span></div></td><td class=\"c n x880 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x881 y5f49 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x882 y5f49 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(415)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x883 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x884 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x885 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x886 y5f49 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y608e w122 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x832 y608e w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13,818<span class=\"_ _37b\"> </span></div></td><td class=\"c n x887 y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(335)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x888 y608e w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,424<span class=\"_ _37b\"> </span></div></td><td class=\"c n x889 y608e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,027)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88a y608e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88b y608e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88c y608e w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88d y608e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y604e w207 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x83a y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">401<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88e y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x88f y604e wdd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n x890 y604e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(60)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x891 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x892 y604e w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x893 y604e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x894 y604e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6134 ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></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 x1e3 y5edc w27d h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir<span class=\"_ gs1a4\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _37b\"> </span></div></td><td class=\"c n x842 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">16,946<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2b0 y5edc w12d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(346)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x895 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8,010<span class=\"_ _37b\"> </span></div></td><td class=\"c n x896 y5edc w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,502)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x897 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x898 y5edc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x899 y5edc w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,374<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89a y5edc w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(239)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w288 h1e1\" id=\"_a71a40b9-1381-4342-9385-7f340ee425c2\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x865 hd y6135 ff12 fs6 fc3 sc0 lsbd wsc4\">Unrealised </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x89b hd y6136 ff12 fs6 fc3 sc0 lsbe wsc5\">(gains)/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x27f hd y6137 ff12 fs6 fc3 sc0 lsbe wsc5\">Net (gains)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x867 hd y6137 ff12 fs6 fc3 sc0 lsd1 wsd2\">T<span class=\"_ _5\"></span>ransfers </td><td></td><td></td><td class=\"t m0 x761 hd y6137 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s on </td></tr><tr><td></td><td></td><td class=\"t m0 x80c hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in </td><td></td><td></td><td class=\"t m0 x3f0 hd y6138 ff12 fs6 fc3 sc0 ls76 ws76\">from<span class=\"_ _37b\"> </span></td><td class=\"t m0 x868 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">Tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o </td><td class=\"t m0 x819 hd y6138 ff12 fs6 fc3 sc0 ls9 ws0\">At 31 </td><td class=\"t m0 x84a hd y6138 ff12 fs6 fc3 sc0 ls54 ws50\">liabilities </td></tr><tr><td></td><td class=\"t m0 x293 hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">At 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y </td><td class=\"t m0 x869 hd y6139 ff12 fs6 fc3 sc0 lsc8 wscb\">income </td><td></td><td class=\"t m0 x429 hd y6139 ff12 fs6 fc3 sc0 ls76 ws76\">Sales/</td><td class=\"t m0 x68b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\"> Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x86b hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 1 an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x44f hd y6139 ff12 fs6 fc3 sc0 lsbe wsc5\">December </td><td class=\"t m0 x60d hd y6139 ff12 fs6 fc3 sc0 ls9 ws0\">he<span class=\"_ _1\"></span>ld a<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x3ee hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"c n x86c y613b w282 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x86d y613b w283 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Purchases</div></td><td class=\"t m0 x89c hd y613a ff12 fs6 fc3 sc0 lsbe wsc5\">repayments<span class=\"_ _37b\"> </span></td><td class=\"t m0 x89d hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x818 hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l 2<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76e hd y613a ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y613a ff12 fs6 fc3 sc0 lsbd wsc4\">of period<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y613c w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y613c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y613d ff2 fs2 fc3 sc0 ls4f wsb\">Financial liabilities<span class=\"_ _5\"></span> measured at fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613e ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies mandat<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ily </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y613f ff6 fs2 fc3 sc0 ls9 ws0\">hel<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>F<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>TP<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f83 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x822 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">206<span class=\"_ _37b\"> </span></div></td><td class=\"c n x879 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87a y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89e y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x89f y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a0 y5f83 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a1 y5f83 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a2 y5f83 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6140 ff3 fs2 fc3 sc0 ls1c ws6\">Financial liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies design<span class=\"_ _5\"></span>ated at F<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6141 ff3 fs2 fc3 sc0 ls18 ws16\">upon initial recognition:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f8f w1f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x855 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x856 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x857 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a3 y5f8f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a4 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a5 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a6 y5f8f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a7 y5f8f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6142 ffa fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>otal financial liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w280 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">measured at<span class=\"_ _5\"></span> fair value<span class=\"_ _37b\"> </span></div></td><td class=\"c n x85d y5edc wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a8 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a9 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ab y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ac y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">164<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ad y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a318,<span class=\"_ _1\"></span>37<span class=\"_ _5\"></span>4 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a3<span class=\"_ _1\"></span>555 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g 2024, \u00a3<span class=\"_ _1\"></span>282 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m Le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>el 2 to L<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>el 3 t<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>hy a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>A H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>s SL<span class=\"_ _1\"></span>F o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>n 2023<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Ga<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on Le<span class=\"_ _1\"></span>vel 3 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re were n<span class=\"_ _1\"></span>o ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "<div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs427\">E1.<span class=\"_ _1\"></span>2 Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs428\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es a fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ard<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ok<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d cost<span class=\"_ _2\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs429\">A<span class=\"_ gse8\"> </span>sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ied a<span class=\"_ _1\"></span>t F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d are t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to EC<span class=\"_ _1\"></span>L as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs42a\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct to EC<span class=\"_ _1\"></span>L ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in lo<span class=\"_ _1\"></span>an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs42b\">cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ash a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs42c\">For t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s at th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>r a 1<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs42d\">is<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d for, depe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ass<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et h<span class=\"_ _1\"></span>as in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs42e\">sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y sin<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k gra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w1f7 h1d1\" id=\"_689d28cd-c2e0-47aa-b31a-bcb495c15b33\"><tr><td class=\"c n x1e3 y6048 w1f8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbd wsc4\">Category<span class=\"_ _37b\"> </span></div></td><td class=\"c n x688 y6048 w1f9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Description<span class=\"_ _37b\"> </span></div></td><td class=\"c n x689 y6048 w1fa h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>is f<span class=\"_ _1\"></span>or r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng E<span class=\"_ _1\"></span>CL<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6049 w1fb h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Performing</div></td><td class=\"c n x68a y6049 w1fc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ha<span class=\"_ _1\"></span>s a low r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x68b h7 y604a ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>2-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h ECL<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x68c h7 y604b ff6 fs2 fc3 sc0 ls9 ws0\">do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot h<span class=\"_ _1\"></span>ave a<span class=\"_ _1\"></span>ny<span class=\"_ gse8\"> </span>pa<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w1fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Doubtful<span class=\"_ _37b\"> </span></div></td><td class=\"c n x68d y5f8d w1fe h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x68b h7 y604c ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e EC<span class=\"_ _1\"></span>L \u2013 no<span class=\"_ _1\"></span>t cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ gse8\"> </span>im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x68c h7 y604d ff3 fs2 fc3 sc0 ls18 ws16\">credit risk since<span class=\"_ _5\"></span> initial recognition<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y604e w1ff h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">In default<span class=\"_ _37b\"> </span></div></td><td class=\"c n x68e y604e w200 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">There is<span class=\"_ _5\"></span> ev<span class=\"_ _1\"></span>idence indicating the asset is credit<span class=\"_ _5\"></span> imp<span class=\"_ _1\"></span>aired<span class=\"_ _37b\"> </span></div></td><td class=\"c n x68f y604e w201 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Life<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>me EC<span class=\"_ _1\"></span>L \u2013 c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y604f w202 h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">Wri<span class=\"_ _1\"></span>te<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ff<span class=\"_ _37b\"> </span></div></td><td class=\"c n x690 y604f w203 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is in s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>re<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x68b h7 y6050 ff6 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n off<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x68c h7 y6051 ff6 fs2 fc3 sc0 ls9 ws0\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s no r<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c pro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f reco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></td><td></td></tr></table></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs430\">Th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t amo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 and 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4 as \u2018pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>\u2019 and t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls4c ws1a gs431\">asses<span class=\"_ _1\"></span>sment is summar<span class=\"_ _1\"></span>ised below. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs432\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s \u2013 th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as l<span class=\"_ _1\"></span>ow du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs433\">rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n low c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g no p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>du<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs434\">Other receiv<span class=\"_ _5\"></span>ables \u2013 these balances r<span class=\"_ _5\"></span>elate to inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment brok<span class=\"_ _5\"></span>er balances, cash c<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral pl<span class=\"_ _5\"></span>edged and other regular<span class=\"_ _5\"></span> receivables due </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs435\">to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. E<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs436\">nature<span class=\"_ _5\"></span> of these balances.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs437\">Ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s \u2013 the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ash e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h hav<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs438\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s of \u2018<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>BB<span class=\"_ _1\"></span>\u2019 o<span class=\"_ _1\"></span>r ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at it<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ave l<span class=\"_ _1\"></span>ow cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs439\">on t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g no h<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y of d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>aul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs43a\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve is t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore n<span class=\"_ _1\"></span>ot co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs43b\">Ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>een d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs43c\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>d hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g low cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "E3<span class=\"_ _1\"></span>. Derivatives<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in co<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and e<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly h<span class=\"_ _1\"></span>old d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f sel<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd rep<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e nea<span class=\"_ _1\"></span>r ter<span class=\"_ _1\"></span>m or w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e or ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip<span class=\"_ _1\"></span>s qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 an<span class=\"_ _1\"></span>d are d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d as c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s E<span class=\"_ _0\"></span>1 and D3 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng accounting policy.<span class=\"_ _37b\"> </span><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs4a5\">E3.<span class=\"_ _5\"></span>1 Summar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs4a6\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>: </div><div class=\"gs41f\"><table class=\"s w289 h1e2\" id=\"_d8603718-22a4-4327-bff1-8b08f87cf536\"><tr><td></td><td class=\"c n x6db y6143 w28a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ae y6143 w28b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8af y6143 w28c h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">Assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b0 y6143 w28d h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8b1 y6144 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b2 y6144 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b3 y6144 w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b4 y6144 w28e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x652 y6145 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y6145 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b6 y6145 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y6145 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w28f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">For<span class=\"_ _1\"></span>ward currenc<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5f11 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b9 y5f11 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ba y5f11 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">130<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y5f11 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed3 w290 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Interest<span class=\"_ _5\"></span> rate swaps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bc y5ed3 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,258<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bd y5ed3 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8be y5ed3 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,526<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3af y5ed3 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,605<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w291 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bf y5ed4 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c0 y5ed4 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">457<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c1 y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c2 y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w292 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Swaptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c3 y5ed5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c4 y5ed5 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">85<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c5 y5ed5 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c6 y5ed5 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w293 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Inflation swaps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c7 y5f72 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">747<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c8 y5f72 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,822<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c9 y5f72 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">283<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ca y5f72 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">339<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w294 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Equity options<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cb y5f16 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b9 y5f16 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cc y5f16 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y5f16 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w295 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>dex a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cd y5ed7 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ce y5ed7 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cf y5ed7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5dc y5ed7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w296 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Fixed inc<span class=\"_ _5\"></span>ome futures<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d0 y5ed8 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d1 y5ed8 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x24e y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x585 y5ed8 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">71<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w274 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Longevity swap contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d2 y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d3 y5f93 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">165<span class=\"_ _37b\"> </span></div></td><td class=\"c n x271 y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w297 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d4 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">391<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d5 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">894<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d6 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d7 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">366<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d8 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d9 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8da y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8db y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x691 y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8dc y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8dd y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8de y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p pur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in co<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and e<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>yp<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly h<span class=\"_ _1\"></span>old d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ves fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f sel<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd rep<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e nea<span class=\"_ _1\"></span>r ter<span class=\"_ _1\"></span>m or w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e or ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Euro an<span class=\"_ _1\"></span>d US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>hip<span class=\"_ _1\"></span>s qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 an<span class=\"_ _1\"></span>d are d<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d as c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d to fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> on re<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld to he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Euro and U<span class=\"_ _1\"></span>S Dol<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny gai<span class=\"_ _1\"></span>n or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s rec<span class=\"_ _2\"></span>ycl<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ite<span class=\"_ _1\"></span>m im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s the p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s E<span class=\"_ _0\"></span>1 and D3 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng accounting policy.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "E4<span class=\"_ _1\"></span>. Collateral<span class=\"_ _5\"></span> arrangements<span class=\"_ _37b\"> </span>The Group r<span class=\"_ _5\"></span>eceives and pledges<span class=\"_ _5\"></span> collateral in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he form<span class=\"_ _0\"></span> of cash or<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ash assets in respect<span class=\"_ _5\"></span> of stock lending<span class=\"_ _5\"></span> trans<span class=\"_ _1\"></span>actions, derivative contracts and reinsu<span class=\"_ _5\"></span>rance arrangement<span class=\"_ _1\"></span>s in<span class=\"_ _5\"></span> order to reduc<span class=\"_ _5\"></span>e the credit risk<span class=\"_ _5\"></span> of these transactions<span class=\"_ _1\"></span>. The amount<span class=\"_ _5\"></span> and t<span class=\"_ _1\"></span>ype of collate<span class=\"_ _5\"></span>ral req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s on an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, bu<span class=\"_ _1\"></span>t is us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> form of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>ash and m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ketable securities.<span class=\"_ _37b\"> </span>Col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d is ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s repa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d is no<span class=\"_ _1\"></span>t der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y has con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d,<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are no<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n it<span class=\"_ _2\"></span>s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>elev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny ca<span class=\"_ _1\"></span>sh p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d as pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>us in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E4.<span class=\"_ _5\"></span>1 Financial instrument c<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral arrangements<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has no fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>een o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as<span class=\"_ gse8\"> </span>at 31<span class=\"_ gse8\"> </span>Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 (202<span class=\"_ _5\"></span>4: no<span class=\"_ _1\"></span>ne).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o enfo<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ma<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r net<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s or sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia fo<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has n<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y enfo<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>re, cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved a<span class=\"_ _1\"></span>s col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t be re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t have p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n to se<span class=\"_ _1\"></span>ll or r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e, excep<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>. Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s coll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re provide<span class=\"_ _1\"></span>d below.<span class=\"_ _37b\"> </span><table class=\"s w298 h1e3\" id=\"_306a4b74-b7a9-4cd3-be84-e2f3a68fd32f\"><tr><td></td><td></td><td class=\"c n x8df y6146 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x8e0 y6146 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x8e1 y6147 w29a h1ad\" colspan=\"2\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls186 ws19f\">Related amounts<span class=\"_ _5\"></span> not offset<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x8e2 y6147 w29b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>ot o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y6148 ff2 fs6 fc3 sc0 lsbd wsc4\" colspan=\"2\">Financial </td><td></td><td></td><td class=\"t m0 x4db hd y6148 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Financial </td><td></td></tr><tr><td></td><td class=\"t m0 x8e4 hd y6149 ff2 fs6 fc3 sc0 lsbd wsc4\">Amount of<span class=\"_ _5\"></span> </td><td class=\"t m0 x866 hd y6149 ff2 fs6 fc3 sc0 lsc7 wsf5\" colspan=\"2\">instruments </td><td></td><td class=\"t m0 x774 hd y6149 ff12 fs6 fc3 sc0 lsbe wsc5\">Amount of </td><td class=\"t m0 x868 hd y6149 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">instrument<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y614a ff2 fs6 fc3 sc0 lsbd wsc4\">recognised </td><td class=\"t m0 x8e6 hd y614a ff2 fs6 fc3 sc0 ls10b ws115\" colspan=\"2\">and cash<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x774 hd y614a ff12 fs6 fc3 sc0 lsbd wsc4\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 x60b hd y614a ff12 fs6 fc3 sc0 ls9 ws0\" colspan=\"2\">an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </td><td></td></tr><tr><td></td><td class=\"t m0 x284 hd y614b ffa fs6 fc3 sc0 lsbd wsc4\">financial </td><td class=\"t m0 x8e7 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">collateral </td><td class=\"t m0 x8e8 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td class=\"t m0 x8e9 hd y614b ff2 fs6 fc3 sc0 lsbd wsc4\">Net<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ea hd y614b ff13 fs6 fc3 sc0 lsc8 wscb\">financial </td><td class=\"t m0 x8eb hd y614b ff12 fs6 fc3 sc0 lsbe wsc5\">collateral </td><td class=\"t m0 x44f hd y614b ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td class=\"t m0 x74e hd y614b ff12 fs6 fc3 sc0 lsd1 wsd2\">Net<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y614c ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x8e6 hd y614c ff2 fs6 fc3 sc0 lsbd wsc4\">received<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ed hd y614c ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities</td><td class=\"t m0 x3f5 hd y614c ff2 fs6 fc3 sc0 lsc8 wscb\"> amount<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ee hd y614c ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x60b hd y614c ff12 fs6 fc3 sc0 lsbd wsc4\">received<span class=\"_ _37b\"> </span></td><td class=\"t m0 x32f hd y614c ff12 fs6 fc3 sc0 ls54 ws50\">liabilities</td><td class=\"t m0 x80e hd y614c ff12 fs6 fc3 sc0 lsbe wsc5\"> amount<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y610e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y610e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y610e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y614d ff2 fs2 fc3 sc0 ls33 wsb\">Financial assets<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w29c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f7 y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,194<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f8 y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">655<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f9 y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fb y5ed8 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fc y5ed8 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">759<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fd y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fe y5ed8 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">191<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w29d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exchange traded derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ff y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x900 y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x901 y5f93 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x902 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x903 y5f93 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n x905 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x707 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w29e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Stock lend<span class=\"_ _1\"></span>ing<span class=\"_ _37b\"> </span></div></td><td class=\"c n x906 y5f77 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x907 y5f77 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,101<span class=\"_ _37b\"> </span></div></td><td class=\"c n x908 y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x909 y5f77 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90a y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90b y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90c y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x304 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w29f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Reverse repurchase ar<span class=\"_ _1\"></span>rangement<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90d y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">603<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90e y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">603<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90f y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x910 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">151<span class=\"_ _37b\"> </span></div></td><td class=\"c n x911 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">151<span class=\"_ _37b\"> </span></div></td><td class=\"c n x912 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x913 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2a0 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x914 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,947<span class=\"_ _37b\"> </span></div></td><td class=\"c n x915 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,360<span class=\"_ _37b\"> </span></div></td><td class=\"c n x916 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,388<span class=\"_ _37b\"> </span></div></td><td class=\"c n x917 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x918 y5edc wa6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,907<span class=\"_ _37b\"> </span></div></td><td class=\"c n x919 y5edc w4b h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,134<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91a y5edc w4b h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y5edc w50 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w298 h1e4\" id=\"_5cc8f06a-8586-42cc-bb17-1473b3c5076d\"><tr><td></td><td></td><td class=\"c n x8df y614e w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x8e0 y614e w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x91c y614f w2a1 h19b\" colspan=\"2\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 lsbd wsc4\">Related amounts not<span class=\"_ _5\"></span> offset<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x91d y614f w2a2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y6150 ff2 fs6 fc3 sc0 lsbd wsc4\" colspan=\"2\">Financial </td><td></td><td></td><td class=\"t m0 x4db hd y6150 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Financial </td><td></td></tr><tr><td></td><td class=\"t m0 x8e4 hd y6151 ff2 fs6 fc3 sc0 lsbd wsc4\">Amount of<span class=\"_ _5\"></span> </td><td class=\"t m0 x866 hd y6151 ff2 fs6 fc3 sc0 lsc7 wsf5\" colspan=\"2\">instruments </td><td></td><td class=\"t m0 x774 hd y6151 ff12 fs6 fc3 sc0 lsbe wsc5\">Amount of </td><td class=\"t m0 x868 hd y6151 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">instrument<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6152 ff2 fs6 fc3 sc0 lsbd wsc4\">recognised </td><td class=\"t m0 x8e6 hd y6152 ff2 fs6 fc3 sc0 ls10b ws115\" colspan=\"2\">and cash<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x774 hd y6152 ff12 fs6 fc3 sc0 lsbd wsc4\">recognised<span class=\"_ _5\"></span> </td><td class=\"t m0 x60b hd y6152 ff12 fs6 fc3 sc0 ls9 ws0\" colspan=\"2\">an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </td><td></td></tr><tr><td></td><td class=\"t m0 x284 hd y6153 ffa fs6 fc3 sc0 lsbd wsc4\">financial </td><td class=\"t m0 x8e7 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">collateral </td><td class=\"t m0 x8e8 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td class=\"t m0 x8e9 hd y6153 ff2 fs6 fc3 sc0 lsbd wsc4\">Net<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ea hd y6153 ff13 fs6 fc3 sc0 lsc8 wscb\">financial </td><td class=\"t m0 x8eb hd y6153 ff12 fs6 fc3 sc0 lsbe wsc5\">collateral </td><td class=\"t m0 x44f hd y6153 ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td class=\"t m0 x74e hd y6153 ff12 fs6 fc3 sc0 lsd1 wsd2\">Net<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x91e hd y6154 ff2 fs6 fc3 sc0 lsc8 wscb\">liabilities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x80c hd y6154 ff2 fs6 fc3 sc0 ls10b ws115\">pledged<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4b5 hd y6154 ff2 fs6 fc3 sc0 lsbd wsc4\">assets</td><td class=\"t m0 x3f5 hd y6154 ff2 fs6 fc3 sc0 lsc8 wscb\"> amount<span class=\"_ _37b\"> </span></td><td class=\"t m0 x867 hd y6154 ff12 fs6 fc3 sc0 ls54 ws50\">liabilities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x91f hd y6154 ff12 fs6 fc3 sc0 lsbd wsc4\">pledged<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y6154 ff12 fs6 fc3 sc0 ls10b ws115\">assets</td><td class=\"t m0 x80e hd y6154 ff12 fs6 fc3 sc0 lsbe wsc5\"> amount<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y6015 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y6015 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y6015 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6155 ff2 fs2 fc3 sc0 ls1c ws6\">Financial liabilities<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w29c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">OT<span class=\"_ _5\"></span>C derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f7 y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,664<span class=\"_ _37b\"> </span></div></td><td class=\"c n x920 y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,170<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2cf y5f77 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,381<span class=\"_ _37b\"> </span></div></td><td class=\"c n x921 y5f77 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">113<span class=\"_ _37b\"> </span></div></td><td class=\"c n x922 y5f77 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,983<span class=\"_ _37b\"> </span></div></td><td class=\"c n x923 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,305<span class=\"_ _37b\"> </span></div></td><td class=\"c n x924 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5f77 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">141<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w29d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exchange traded derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ff y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">97<span class=\"_ _37b\"> </span></div></td><td class=\"c n x926 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n x927 y5f4c wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x928 y5f4c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x929 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">102<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92a y5f4c w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92b y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92c y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2a0 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x914 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,761<span class=\"_ _37b\"> </span></div></td><td class=\"c n x915 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,224<span class=\"_ _37b\"> </span></div></td><td class=\"c n x916 y5edc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,388<span class=\"_ _37b\"> </span></div></td><td class=\"c n x917 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">149<span class=\"_ _37b\"> </span></div></td><td class=\"c n x918 y5edc wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,085<span class=\"_ _37b\"> </span></div></td><td class=\"c n x919 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,312<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91a y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td></tr></table>E4.<span class=\"_ _1\"></span>2 Derivative co<span class=\"_ _5\"></span>ll<span class=\"_ _1\"></span>ateral arrangements<span class=\"_ _37b\"> </span>Asset<span class=\"_ _1\"></span>s accept<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span>It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o mit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o ove<span class=\"_ _1\"></span>r-t<span class=\"_ _1\"></span>he<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r (\u2018OTC<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh o<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l for OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s but n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s to \u00a344 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>377 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r are s<span class=\"_ _1\"></span>et<span class=\"_ gse8\"> </span>o<span class=\"_ _1\"></span>ut<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w.<span class=\"_ _37b\"> </span><table class=\"s w2a3 h1e5\" id=\"_0372f4d6-13be-4ec1-8f61-c6eacd76a6d7\"><tr><td></td><td class=\"t m0 x469 hd y6156 ff12 fs6 fc3 sc0 ls13d ws146\">OTC deri<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w99 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Financial asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">794<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ef y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">790<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wb8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Financial liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20b y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(794)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20c y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(790)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s is \u00a34,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>9<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>2,487 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) of w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of \u00a34,036 mill<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a32,<span class=\"_ _1\"></span>296 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is mit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s (w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f any OTC der<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>wed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y).<span class=\"_ _37b\"> </span>Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of \u00a349 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion) is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n off<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge.<span class=\"_ _37b\"> </span>Asset<span class=\"_ _1\"></span>s pledged Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of it<span class=\"_ _2\"></span>s OTC deri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d at 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 in<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> of OTC der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>,6<span class=\"_ _1\"></span>64 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3,983 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) am<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to \u00a31<span class=\"_ _5\"></span>,3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>527 milli<span class=\"_ _1\"></span>on) fo<span class=\"_ _1\"></span>r c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> collateral<span class=\"_ _5\"></span> pledged and \u00a33,0<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>7 million<span class=\"_ _5\"></span> (20<span class=\"_ _5\"></span>24<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>90 million<span class=\"_ _5\"></span>) for non-<span class=\"_ _1\"></span>cash collateral pl<span class=\"_ _5\"></span>edged<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E4.<span class=\"_ _1\"></span>3 Stock lending<span class=\"_ _5\"></span> collateral arrangements<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p len<span class=\"_ _1\"></span>ds li<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io to o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. The Group c<span class=\"_ _5\"></span>onduct<span class=\"_ _1\"></span>s stock lending<span class=\"_ _5\"></span> only with well-est<span class=\"_ _1\"></span>ablished, reputable<span class=\"_ _5\"></span> institutions in acc<span class=\"_ _5\"></span>ordance with established m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _5\"></span> conv<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s do n<span class=\"_ _1\"></span>ot q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y for d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns al<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>ept f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. It is th<span class=\"_ _1\"></span>e Grou<span class=\"_ _1\"></span>p\u2019s prac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ce to obt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al in sto<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k lend<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, usu<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y in the for<span class=\"_ _1\"></span>m of ca<span class=\"_ _1\"></span>sh or mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e finan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as su<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>95 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>284 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck le<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s is \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _5\"></span>101 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>56 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk of<span class=\"_ gse8\"> </span>\u00a31<span class=\"_ _5\"></span>,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>01 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>56 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) is mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E4.<span class=\"_ _1\"></span>4 Other c<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral arrangements At 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>ken on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to res<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ral i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, but n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, is \u00a3603 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>5<span class=\"_ _5\"></span>1 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is \u00a36<span class=\"_ _1\"></span>03 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3 1<span class=\"_ _5\"></span>5<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) of w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f \u00a3603 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3 1<span class=\"_ _5\"></span>51 milli<span class=\"_ _1\"></span>on) is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ven i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F8<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Collateral<span class=\"_ _5\"></span> has also been pledged and<span class=\"_ _5\"></span> charges have<span class=\"_ _5\"></span> been granted in<span class=\"_ _5\"></span> respect of certain Group<span class=\"_ _5\"></span> bor<span class=\"_ _1\"></span>rowings. The details of these ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>se<span class=\"_ _1\"></span>t out i<span class=\"_ _1\"></span>n not<span class=\"_ _1\"></span>e E5<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 hf ff1 fs2 fc1 sc0 ls18 ws43 gs81d\">F8<span class=\"_ _1\"></span>. C<span class=\"_ _5\"></span>oll<span class=\"_ _1\"></span>ateral arr<span class=\"_ _5\"></span>angements<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs81e\">It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s pra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>o ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>o mit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s usu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs81f\">of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h or<span class=\"_ gse8\"> </span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs820\">Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ves co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h hel<span class=\"_ _1\"></span>d by ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>t is no<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs821\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed is le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>lly s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs822\">con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s not h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot av<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e for </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs823\">investment purposes<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs824\">Th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l for re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns bu<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs825\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o \u00a36,58<span class=\"_ _1\"></span>6 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>558 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "The Group r<span class=\"_ _5\"></span>eceives and pledges<span class=\"_ _5\"></span> collateral in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he form<span class=\"_ _0\"></span> of cash or<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ash assets in respect<span class=\"_ _5\"></span> of stock lending<span class=\"_ _5\"></span> trans<span class=\"_ _1\"></span>actions, derivative contracts and reinsu<span class=\"_ _5\"></span>rance arrangement<span class=\"_ _1\"></span>s in<span class=\"_ _5\"></span> order to reduc<span class=\"_ _5\"></span>e the credit risk<span class=\"_ _5\"></span> of these transactions<span class=\"_ _1\"></span>. The amount<span class=\"_ _5\"></span> and t<span class=\"_ _1\"></span>ype of collate<span class=\"_ _5\"></span>ral req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s on an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, bu<span class=\"_ _1\"></span>t is us<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> form of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>ash and m<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ketable securities.<span class=\"_ _37b\"> </span>Col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m of c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d is ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p for in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s repa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l rece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>No<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d is no<span class=\"_ _1\"></span>t der<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ple<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y has con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d,<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o rev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are no<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n it<span class=\"_ _2\"></span>s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>elev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ny ca<span class=\"_ _1\"></span>sh p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d as pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>us in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "E5. Borro<span class=\"_ _5\"></span>wings<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>bea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> interest method<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s are desi<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d upo<span class=\"_ _1\"></span>n init<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e thro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s and mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e whe<span class=\"_ _1\"></span>re doin<span class=\"_ _1\"></span>g so<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s more me<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l info<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on due to th<span class=\"_ _1\"></span>e reas<span class=\"_ _1\"></span>ons st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in the fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee not<span class=\"_ _1\"></span>e E<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>). T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to borr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at fair val<span class=\"_ _1\"></span>ue th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s are exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as incu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>ere is e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no or l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E5.<span class=\"_ _5\"></span>1 Analysis of<span class=\"_ _5\"></span> borrowings<span class=\"_ _37b\"> </span><table class=\"s w2a4 h1e6\" id=\"_a7d56ef3-b08b-437a-ab9d-7d3ec2322988\"><tr><td></td><td class=\"c n x92d y6157 w2a5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Carr<span class=\"_ _1\"></span>ying value<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x92e y6157 w2a6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair<span class=\"_ _5\"></span> value<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x8b1 y6158 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92f y6158 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x930 y6158 w2a7 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2<span class=\"_ _1\"></span>025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x931 y6158 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x652 y6159 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y6159 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x932 y6159 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y6159 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615a w2a8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">\u00a3<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>00 million multi-<span class=\"_ _2\"></span>currenc<span class=\"_ _1\"></span>y revolving<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>redit facility<span class=\"_ _37b\"> </span></div></td><td class=\"c n x933 y615a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">162<span class=\"_ _37b\"> </span></div></td><td class=\"c n x934 y615a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71e y615a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">162<span class=\"_ _37b\"> </span></div></td><td class=\"c n x550 y615a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615b w2a9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Property reversions loan<span class=\"_ _37b\"> </span></div></td><td class=\"c n x935 y615b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x936 y615b w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x937 y615b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5cb y615b w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615c w2aa h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal policyholder borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x938 y615c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x939 y615c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26c y615c w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">184<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26d y615c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615d w2ab h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a342<span class=\"_ _5\"></span>8 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y615d wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93a y615d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">197<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93b y615d wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x494 y615d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615e w2ac h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93c y615e w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">371<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93d y615e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93e y615e w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">376<span class=\"_ _37b\"> </span></div></td><td class=\"c n x93f y615e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y615f w2ad h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u20ac<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x940 y615f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">435<span class=\"_ _37b\"> </span></div></td><td class=\"c n x941 y615f w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">411<span class=\"_ _37b\"> </span></div></td><td class=\"c n x942 y615f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">456<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y615f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">423<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6160 w2ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $750 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Per<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x943 y6160 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x944 y6160 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x945 y6160 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x248 y6160 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">200<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6161 w2af h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.62<span class=\"_ _1\"></span>5% Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x946 y6161 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">492<span class=\"_ _37b\"> </span></div></td><td class=\"c n x947 y6161 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">490<span class=\"_ _37b\"> </span></div></td><td class=\"c n x582 y6161 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">506<span class=\"_ _37b\"> </span></div></td><td class=\"c n x583 y6161 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">485<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600e w2b0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on F<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d R<span class=\"_ _1\"></span>ate R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>et C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x948 y600e w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td><td class=\"c n x949 y600e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">279<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94a y600e w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94b y600e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">275<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600f w2b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.<span class=\"_ _1\"></span>867% T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94c y600f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94d y600f w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">529<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94e y600f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">516<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y600f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">500<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6010 w2b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3250 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 3 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y6010 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94f y6010 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">252<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ca y6010 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n x950 y6010 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">246<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6044 w2b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t Ca<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">348<span class=\"_ _37b\"> </span></div></td><td class=\"c n x951 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e2 y6044 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">385<span class=\"_ _37b\"> </span></div></td><td class=\"c n x952 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">367<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6045 w2b4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt C<span class=\"_ _1\"></span>onv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ier 1 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x953 y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">371<span class=\"_ _37b\"> </span></div></td><td class=\"c n x954 y6045 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">398<span class=\"_ _37b\"> </span></div></td><td class=\"c n x955 y6045 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">398<span class=\"_ _37b\"> </span></div></td><td class=\"c n x956 y6045 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">415<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w2b5 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal shareholder subor<span class=\"_ _0\"></span>dinated borro<span class=\"_ _5\"></span>wings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x957 y6046 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,050<span class=\"_ _37b\"> </span></div></td><td class=\"c n x958 y6046 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,501<span class=\"_ _37b\"> </span></div></td><td class=\"c n x959 y6046 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3ac y6046 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,509<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w2b6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal borrowings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95a y5ffa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95b y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95c y5ffa w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,331<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95d y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,630<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ue f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95e y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,821<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95f y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,335<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce a \u00a31<span class=\"_ _5\"></span>.5 b<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n un<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>red r<span class=\"_ _1\"></span>evo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018revo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y dat<span class=\"_ _1\"></span>e was<span class=\"_ _1\"></span> exte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m No<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2029 to Nov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2030. Th<span class=\"_ _1\"></span>is fa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ins u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025.<span class=\"_ _37b\"> </span>Policyh<span class=\"_ _1\"></span>older borrowings<span class=\"_ _37b\"> </span>Pat<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust p<span class=\"_ _1\"></span>lc (<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) h<span class=\"_ _1\"></span>as in p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted m<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y, of wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h \u00a3<span class=\"_ _5\"></span>162 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a390 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) ha<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>en dr<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>n do<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025. D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar, the fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y was e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 to Feb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2028 and t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y lim<span class=\"_ _1\"></span>it in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to \u00a340<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fro<span class=\"_ _1\"></span>m \u00a3<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s at a ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in of 2<span class=\"_ _1\"></span>.6% over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>raw<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s loa<span class=\"_ _1\"></span>n fr<span class=\"_ _1\"></span>om S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er U<span class=\"_ _1\"></span>K plc (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>) is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. It rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f NP<span class=\"_ _1\"></span>I E<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t Sa<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he H<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifa<span class=\"_ _1\"></span>x H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up is r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>emn<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y S<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>der a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 2025, rep<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng \u00a31<span class=\"_ _4\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on we<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>de (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>16<span class=\"_ gse8\"> </span>milli<span class=\"_ _1\"></span>on). No<span class=\"_ _1\"></span>te G<span class=\"_ _1\"></span>4 con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, secu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e len<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y may b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ely t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rowe<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. I<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he eve<span class=\"_ _1\"></span>nt of d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wo<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to off<span class=\"_ _2\"></span>set s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>st du<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bei<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s dr<span class=\"_ _1\"></span>awn<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>Shareholder subordinated<span class=\"_ _5\"></span> bor<span class=\"_ _1\"></span>rowings<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le b<span class=\"_ _1\"></span>elow.<span class=\"_ _37b\"> </span><table class=\"s w2b8 h1e7\" id=\"_119eedf4-170c-48a0-92a6-f82b739fb121\"><tr><td class=\"c n x1e3 y6162 w147 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x960 y6162 w2b9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Nom<span class=\"_ _1\"></span>inal amount<span class=\"_ _37b\"> </span></div></td><td class=\"c n x961 y6162 w2ba h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Coupon<span class=\"_ _37b\"> </span></div></td><td class=\"c n x962 y6162 w2bb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Maturity<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6163 w2bc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s</div><div class=\"t m0 x963 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y6163 w2bd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4e wscd\">US<span class=\"_ _1\"></span> $50<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x965 y6163 w2be h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls50 ws18c\">5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>375%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x966 y6163 w2bf h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6 Ju<span class=\"_ _1\"></span>ly 2027<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6164 w2c0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u20ac<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es</div><div class=\"t m0 x967 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y6165 w2c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u20ac50<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x968 y6165 w2c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls50 ws18c\">4.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>75%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x969 y6165 w2c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _5\"></span>4 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6166 w2af h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.62<span class=\"_ _1\"></span>5% Ti<span class=\"_ _1\"></span>er 2 n<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96a y6166 w2c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u00a3<span class=\"_ _1\"></span>500<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96b y6166 w2c4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">5.6<span class=\"_ _1\"></span>25%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x96c y6166 w2c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">28 Apr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l 203<span class=\"_ _5\"></span>1 (wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x96d h7 y6167 ff6 fs2 fc3 sc0 ls9 ws0\">fro<span class=\"_ _1\"></span>m<span class=\"_ gse8\"> </span>28 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 203<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6168 ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on F<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d R<span class=\"_ _1\"></span>ate </td><td class=\"c x964 y60d8 w2c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">US<span class=\"_ _1\"></span> $350<span class=\"_ _2\"></span>m</div><div class=\"t m0 x96e h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96f h7 y6169 ff3 fs2 fc3 sc0 ls9 ws0\">4.7<span class=\"_ _5\"></span>50<span class=\"_ _1\"></span>% up t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e </td><td class=\"t m0 x96d h7 y6169 ff3 fs2 fc3 sc0 ls9 ws0\">4 Se<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 203<span class=\"_ _5\"></span>1 (wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </td></tr><tr><td class=\"t m0 x21d h7 y616a ff3 fs2 fc3 sc0 lsf ws4\">Reset Calla<span class=\"_ _1\"></span>ble Tier 2 notes<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x96f h7 y616b ff3 fs2 fc3 sc0 lsf ws4\">of 4 September 20<span class=\"_ _5\"></span>26<span class=\"_ _37b\"> </span></td><td class=\"t m0 x96d h7 y616b ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 4 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 4 S<span class=\"_ _1\"></span>ept<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>6)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y616c w2c7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a350<span class=\"_ _1\"></span>0 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on 5.<span class=\"_ _1\"></span>867% T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s</div><div class=\"t m0 x970 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y616d w2c8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws60\">\u00a350<span class=\"_ _1\"></span>0m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x971 y616d w2c9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls27 ws27\">5.<span class=\"_ _1\"></span>867<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x972 y616d w2ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>3 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y616e w2c0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3250 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 3 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s</div><div class=\"t m0 x967 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x964 y616e w2cb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls69 wsdf\">\u00a3250<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x973 y616e w2cc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsae wsb1\">4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>16%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x974 y616e w2cd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _4\"></span>3 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2026<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y616f ff3 fs2 fc3 sc0 ls9 ws0\">\u00a3350 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fi<span class=\"_ _1\"></span>xed R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t </td><td class=\"c n x964 y6170 w2ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">\u00a3<span class=\"_ _1\"></span>350<span class=\"_ _2\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x975 y6170 w2cf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _4\"></span>.7<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>0% u<span class=\"_ _1\"></span>p to re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96d h7 y6171 ff3 fs2 fc3 sc0 ls1c ws6\">6 December<span class=\"_ _5\"></span> 20<span class=\"_ _0\"></span>53<span class=\"_ _5\"></span> (with optional rede<span class=\"_ _5\"></span>mpt<span class=\"_ _1\"></span>ion </td></tr><tr><td class=\"t m0 x21d h7 y6172 ff3 fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td class=\"c x977 y6173 w2d0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">of 6 D<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2033</div><div class=\"t m0 x976 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">4</div></td><td class=\"t m0 x96d h7 y6174 ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 6 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 6 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2033<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6175 ff3 fs2 fc3 sc0 ls9 ws0\">US $50<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt </td><td class=\"c n x964 y6176 w2bd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4e wscd\">US<span class=\"_ _1\"></span> $50<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x965 y6176 w2d1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _1\"></span>.50<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% up t<span class=\"_ _1\"></span>o fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x96d h7 y6177 ff3 fs2 fc3 sc0 ls18 ws20\">Perpetual (<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith optional r<span class=\"_ _5\"></span>edemption bet<span class=\"_ _1\"></span>ween </td></tr><tr><td class=\"t m0 x21d h7 y6178 ff3 fs2 fc3 sc0 ls9 ws0\">Conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s </td><td></td><td class=\"c x977 y60e3 w2d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">dat<span class=\"_ _1\"></span>e of 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2030</div><div class=\"t m0 x978 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">5</div></td><td class=\"t m0 x96d h7 y6179 ff3 fs2 fc3 sc0 ls21 ws0\">1<span class=\"_ _5\"></span>2 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2029 and 1<span class=\"_ _5\"></span>2 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2030)<span class=\"_ _37b\"> </span></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny wa<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>n 12 Dec<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2018.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>O<span class=\"_ _1\"></span>n 7 De<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _1\"></span>3 th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d US $150 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l US $5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny wa<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>n 22 J<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>y 2020 o<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s wer<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>4 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span>5 <span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span>On 4 F<span class=\"_ _1\"></span>ebr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 2025, th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any re<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g US $250 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l US $750 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt Conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le T<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r 1 no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t to<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span> On 18 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, t<span class=\"_ _1\"></span>he Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y red<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng \u00a31<span class=\"_ _4\"></span>97 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nal \u00a3428 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 2 no<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>E5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Rec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es (wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f leas<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te G9). Lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e for whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws w<span class=\"_ _1\"></span>ere, or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be, cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m financing activities<span class=\"_ _1\"></span>. <table class=\"s w2d3 h1e8\" id=\"_70f04ee7-c0fc-4590-a356-a4bd397e23f7\"><tr><td></td><td></td><td></td><td class=\"c n x979 y617a w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x97a y617a w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x97b hd y617b ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x8e7 hd y617b ff2 fs6 fc3 sc0 lsc8 wscb\">Interest </td><td class=\"t m0 x97c hd y617c ff2 fs6 fc3 sc0 lsbd wsc4\">Derivative </td><td></td><td class=\"t m0 x423 hd y617c ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x91f hd y617c ff12 fs6 fc3 sc0 lsbe wsc5\">Interest </td><td class=\"t m0 x44f hd y617c ff12 fs6 fc3 sc0 lsbe wsc5\">Derivative </td><td></td></tr><tr><td></td><td class=\"t m0 x76f hd y617d ff2 fs6 fc3 sc0 lsbd wsc4\">borrowings<span class=\"_ _37b\"> </span></td><td class=\"c x815 y617e w2d4 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls10b ws115\">payable</div><div class=\"t m0 x97d h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c x97f y617e w2d5 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">assets</div><div class=\"t m0 x97e h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x980 hd y617f ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td><td class=\"t m0 x68b hd y617f ff13 fs6 fc3 sc0 ls76 ws76\">borrowin<span class=\"_ _1\"></span>gs<span class=\"_ _37b\"> </span></td><td class=\"c x982 y617e w2d6 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">payable</div><div class=\"t m0 x981 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c x41a y617e w2d7 h1e0\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls10b ws115\">assets</div><div class=\"t m0 x983 h1a y6130 ff12 fsd fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x333 hd y617f ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x984 y6180 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x985 y6180 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x986 y6180 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x987 y6180 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x988 y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x989 y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98a y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98b y6180 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6042 w2d8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9a ws43\">At 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98c y6042 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98d y6042 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98e y6042 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x98f y6042 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td><td class=\"c n x990 y6042 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n x991 y6042 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n x992 y6042 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(118)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x993 y6042 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,837<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6181 ff3 fs2 fc3 sc0 ls1a ws18\">Cash movem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6044 w2d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>w bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x994 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x995 y6044 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x996 y6044 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x997 y6044 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x998 y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">475<span class=\"_ _37b\"> </span></div></td><td class=\"c n x999 y6044 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99a y6044 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99b y6044 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">475<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6045 w2da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Repayment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99c y6045 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(496)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99d y6045 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(212)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99e y6045 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x99f y6045 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(708)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a0 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(739)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a1 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a2 y6045 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a3 y6045 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(957)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6182 ff3 fs2 fc3 sc0 ls1a ws18\">Non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cash movemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6183 w2db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a4 y6183 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a5 y6183 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a6 y6183 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">88<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a7 y6183 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a8 y6183 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9a9 y6183 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9aa y6183 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ab y6183 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w2dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in fo<span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>gn exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ac y5ffa w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ad y5ffa w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ae y5ffa wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9af y5ffa w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b0 y5ffa w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b1 y5ffa we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b2 y5ffa we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b3 y5ffa w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y60e1 w2dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 x9b4 h11 y6087 ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b5 y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b6 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">210<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b7 y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b8 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">205<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9b9 y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ba y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">215<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bb y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bc y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">208<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bd y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9be y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">58<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9bf y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c0 y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c1 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,622<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c2 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c3 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f8 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ca<span class=\"_ _1\"></span>sh m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y on b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>C<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s to h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s Eu<span class=\"_ _1\"></span>ro a<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>S Do<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>3.1.<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ld at a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>. No in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>bea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al cos<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> interest method<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n bor<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s are desi<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d upo<span class=\"_ _1\"></span>n init<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e thro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s and mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red at fai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e whe<span class=\"_ _1\"></span>re doin<span class=\"_ _1\"></span>g so<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s more me<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l info<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on due to th<span class=\"_ _1\"></span>e reas<span class=\"_ _1\"></span>ons st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in the fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee not<span class=\"_ _1\"></span>e E<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>). T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to borr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s des<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at fair val<span class=\"_ _1\"></span>ue th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh pro<span class=\"_ _1\"></span>fit or los<span class=\"_ _1\"></span>s are exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as incu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>ere is e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no or l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "E6<span class=\"_ _2\"></span>. Ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t \u2013 fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is no<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s on<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vie<span class=\"_ _1\"></span>w of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote I<span class=\"_ _1\"></span>3 an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te F9.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _5\"></span>1 Financial<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk and<span class=\"_ _5\"></span> the Asset Liability Management (\u2018<span class=\"_ _4\"></span>AL<span class=\"_ _1\"></span>M\u2019<span class=\"_ _1\"></span>) framew<span class=\"_ _5\"></span>ork<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ral<span class=\"_ _1\"></span>ly ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p to th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m, c<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>y mar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. Res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd of t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, as a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l com<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. In se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le, t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd of e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h Li<span class=\"_ _1\"></span>fe Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any w<span class=\"_ _1\"></span>ill re<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ive a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e Ch<span class=\"_ _1\"></span>ief I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt O<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l f<span class=\"_ _1\"></span>unc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n hol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r/Chie<span class=\"_ _1\"></span>f Act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>mpl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>hat r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of bo<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ic i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd of f<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y Mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>f Act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y wil<span class=\"_ _1\"></span>l al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t to<span class=\"_ gse8\"> </span>w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken is consistent<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith the Group\u2019<span class=\"_ _5\"></span>s commitment to help<span class=\"_ _5\"></span> pe<span class=\"_ _1\"></span>ople secure a<span class=\"_ _5\"></span> life of possibilities<span class=\"_ _1\"></span>, including meeting the FC<span class=\"_ _1\"></span>A<span class=\"_ _5\"></span>\u2019s<span class=\"_ _5\"></span> expe<span class=\"_ _1\"></span>ctatio<span class=\"_ _1\"></span>ns under Consumer Dut<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s are u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n many o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y gui<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>nd ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n by investment<span class=\"_ _5\"></span> committees of the<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>oards of<span class=\"_ _5\"></span> each Life Company<span class=\"_ _5\"></span> supported by management<span class=\"_ _5\"></span> oversight committ<span class=\"_ _5\"></span>ees<span class=\"_ _1\"></span>. Derivatives are<span class=\"_ _5\"></span> pr<span class=\"_ _1\"></span>imarily us<span class=\"_ _1\"></span>ed for r<span class=\"_ _1\"></span>isk he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es or for effi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e act<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>y fun<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Mo<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s expo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E6.<span class=\"_ _1\"></span>2 b<span class=\"_ _1\"></span>elow.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is al<span class=\"_ _2\"></span>so ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e, Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>o ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e in f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9.<span class=\"_ _37b\"> </span>The Group\u2019<span class=\"_ _5\"></span>s ove<span class=\"_ _5\"></span>rall exposure t<span class=\"_ _5\"></span>o market and<span class=\"_ _5\"></span> credit risk is<span class=\"_ _5\"></span> monitored by<span class=\"_ _5\"></span> appropriate committees, which<span class=\"_ _5\"></span> agree policies f<span class=\"_ _5\"></span>or managing eac<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pe o<span class=\"_ _1\"></span>f ri<span class=\"_ _1\"></span>sk on a<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>on<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy d<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>d to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>eve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s in exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ue i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s AL<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k re<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> eac<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pe o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d for w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds (w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e al<span class=\"_ _1\"></span>l of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s), non<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>ked no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2 Financial risk anal<span class=\"_ _5\"></span>ysis<span class=\"_ _37b\"> </span>T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, mar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k and fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>. E<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bel<span class=\"_ _1\"></span>ow, tog<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th a s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ho<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>sis d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>rde<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, for<span class=\"_ gse8\"> </span>e<span class=\"_ _1\"></span>xam<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>e, wh<span class=\"_ _1\"></span>ere a ma<span class=\"_ _1\"></span>rket m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>y giv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>se to p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s int<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Climate risk<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket a<span class=\"_ _1\"></span>nd cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>) ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to a lo<span class=\"_ _1\"></span>w ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>my, and<span class=\"_ _1\"></span> the physical impacts resulting<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom clim<span class=\"_ _5\"></span>ate change which c<span class=\"_ _5\"></span>ould result<span class=\"_ _5\"></span> in long-<span class=\"_ _1\"></span>term market, cr<span class=\"_ _5\"></span>edit<span class=\"_ _1\"></span>, insuranc<span class=\"_ _5\"></span>e, reputation, proposition and operational<span class=\"_ _5\"></span> implic<span class=\"_ _1\"></span>ations. Id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f cli<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Ri<span class=\"_ _1\"></span>sk Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt Fra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s has be<span class=\"_ _1\"></span>en ma<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in d<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>pin<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s and e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ish<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate g<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed a p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h towa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e, wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h key ne<span class=\"_ _1\"></span>t zero t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s are p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>as<span class=\"_ _1\"></span>k Fo<span class=\"_ _1\"></span>rce fo<span class=\"_ _1\"></span>r Cl<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>TCFD\u2019) wit<span class=\"_ _1\"></span>hin the Strategi<span class=\"_ _1\"></span>c Report<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Credit<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk<span class=\"_ _37b\"> </span>Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or valu<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt of a cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of su<span class=\"_ _1\"></span>ch a co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to a fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>.e. fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure to h<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r fai<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m in a ti<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er), wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er on o<span class=\"_ _1\"></span>r off ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results from direct inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment activit<span class=\"_ _1\"></span>ies, including investments in debt securities<span class=\"_ _1\"></span>, derivatives counterpart<span class=\"_ _1\"></span>ies, </span>coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results indirectly from activities undert<span class=\"_ _1\"></span>aken in<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e normal course of business. Such activit<span class=\"_ _1\"></span>ies include premium<span class=\"_ _5\"></span> </span>payment<span class=\"_ _1\"></span>s, out<span class=\"_ _1\"></span>sourcing contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reinsurance<span class=\"_ _5\"></span> agreement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exposure from<span class=\"_ _5\"></span> mater<span class=\"_ _1\"></span>ial suppliers and the lending<span class=\"_ _5\"></span> of secur<span class=\"_ _1\"></span>ities.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a<span class=\"_ _1\"></span>ll fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r wit<span class=\"_ _1\"></span>h r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ff bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et col<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e min<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r on wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o whi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>ter a<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r is f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds ov<span class=\"_ _1\"></span>er gi<span class=\"_ _1\"></span>lt yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lev<span class=\"_ _1\"></span>el of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y, the va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p<span class=\"_ gse8\"> </span>ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es of co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds fa<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lly to s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s), no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p hol<span class=\"_ _1\"></span>ds \u00a320,<span class=\"_ _1\"></span>25<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>554 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ba<span class=\"_ _1\"></span>ck a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es in n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> to<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>al es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f \u00a35<span class=\"_ _1\"></span>81 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>330 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th n<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e. Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y it is a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd u<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s rema<span class=\"_ _1\"></span>in u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk h<span class=\"_ _1\"></span>eld w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span>A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ant a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax in r<span class=\"_ _1\"></span>esp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r of \u00a327 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>4 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n), an inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y of<span class=\"_ gse8\"> </span>\u00a31<span class=\"_ _4\"></span>41 milli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>41 mill<span class=\"_ _1\"></span>ion), an<span class=\"_ _1\"></span>d an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a37 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: a d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps n<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les h<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d no c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of a fu<span class=\"_ _1\"></span>ll fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial y<span class=\"_ _1\"></span>ear o<span class=\"_ _1\"></span>f \u00a37 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of \u00a342 milli<span class=\"_ _1\"></span>on), a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>4 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>3 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), an<span class=\"_ _1\"></span>d a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a38 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>Credit risk<span class=\"_ _5\"></span> is managed by<span class=\"_ _5\"></span> the monitoring of aggr<span class=\"_ _5\"></span>egate Group exposur<span class=\"_ _5\"></span>es to individual c<span class=\"_ _5\"></span>ounterpart<span class=\"_ _1\"></span>ies and b<span class=\"_ _5\"></span>y appropriate credit<span class=\"_ _5\"></span> risk di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng by in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, cred<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y). The<span class=\"_ gse8\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>vel of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k it ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s through an<span class=\"_ _5\"></span> est<span class=\"_ _1\"></span>ablished Group<span class=\"_ _5\"></span> Credit Limit and C<span class=\"_ _5\"></span>ounterpar<span class=\"_ _1\"></span>ty Framework that<span class=\"_ _5\"></span> includes the use of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>redit risk<span class=\"_ _5\"></span> tolerances and<span class=\"_ _5\"></span> limit<span class=\"_ _1\"></span>s. Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t out v<span class=\"_ _1\"></span>ia sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>n der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies l<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te ha<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Credit quality of assets<span class=\"_ _37b\"> </span>An i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e following<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>able pro<span class=\"_ _5\"></span>vides information regardi<span class=\"_ _5\"></span>ng the aggregate cr<span class=\"_ _5\"></span>edit exposure split<span class=\"_ _5\"></span> by credit<span class=\"_ _5\"></span> rat<span class=\"_ _1\"></span>ing.<span class=\"_ _37b\"> </span><table class=\"s w2de h1e9\" id=\"_50b9ed7c-51e5-4474-ab0f-2425049b74ab\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ee hd y6184 ff2 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td class=\"t m0 x32b hd y6184 ff2 fs6 fc3 sc0 ls6a ws6b\">Unit-<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x9c4 y6185 w2df h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c5 y6185 w2e0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c6 y6185 we1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c7 y6185 w2e1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd9 wsdb\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x771 y6185 w2e2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6b ws6c\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c8 y6185 w2e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c9 y6185 w2e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">linked<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ca y6185 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6186 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cb y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cc y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cd y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ce y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x243 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cf y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d0 y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d1 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f62 w1e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x311 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d2 y5f62 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d3 y5f62 w2e6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y5f62 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d6 y5f62 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2db y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d7 y5f62 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f63 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d8 y5f63 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d9 y5f63 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,174<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9da y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,776<span class=\"_ _37b\"> </span></div></td><td class=\"c n x386 y5f63 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9db y5f63 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dc y5f63 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dd y5f63 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9de y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f64 w2e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y600c ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8e1 y5ed8 w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">34,670<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23,282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">10,505<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e5 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,528<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e6 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6187 w9d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e7 y6187 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e8 y6187 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,803<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e9 y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,005<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y6187 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ea y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x39b y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9eb y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,808<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w2e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers\u2019 share<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f investment c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ec y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ed y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x34b y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ee y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ef y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f0 y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f1 y5f65 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f2 y5f65 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f3 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f4 y5f34 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">636<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f5 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,253<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f6 y5f34 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f7 y5f34 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f8 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f9 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,351<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fa y5f34 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,302<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8e1 y5edc w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,235<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">41,284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">31,326<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,493<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">11,044<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fb y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,558<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fc y5edc wa8 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">127,936<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. \u00a35<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,897mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>853 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>B an<span class=\"_ _1\"></span>d \u00a31<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as \u2018n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,95<span class=\"_ _1\"></span>7 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w2e9 h1ea\" id=\"_a64c3953-428d-4e42-8386-0d431862b19b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9fd hd y6188 ff12 fs6 fc3 sc0 ls10b ws115\">Less </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 x9fe hd y6189 ff12 fs6 fc3 sc0 lsbe wsc5\">amounts </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 x290 hd y618a ff13 fs6 fc3 sc0 ls6c ws6d\">classifie<span class=\"_ _1\"></span>d </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9ff hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td></td><td></td><td class=\"t m0 xa00 hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td class=\"c n xa01 y612f w2ea h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa02 y612f w2eb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa03 y612f w2ec h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa04 y612f w2ed h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls102 ws10e\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x601 y612f w2ee h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls7c ws7d\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa05 y612f w2ef h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa06 y612f w2f0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Unit<span class=\"_ _5\"></span>-l<span class=\"_ _1\"></span>inked<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa07 y612f we0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa08 y612f w2f1 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">sale<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa09 y612f w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0a y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0b y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0c y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0d y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0e y6131 w2f3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0f y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa10 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa11 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa12 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa13 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y618c w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa14 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa15 y618c w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ba y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2d9 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa16 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa17 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa18 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa19 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1a y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1b y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w1e8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1c y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1d y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,536<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1e y6103 wdd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">662<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1f y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa20 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa21 y6103 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">335<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa22 y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa24 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa25 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6104 w2e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y5fd3 ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa26 y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,752<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,967<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2c y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,772<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2d y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2e y5fac w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(979)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2f y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">88,322<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f49 w9d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa30 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa31 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa32 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,056<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa33 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa34 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa35 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa36 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa37 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td><td class=\"c n x381 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x993 y5f49 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y618d ff3 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </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 x1e3 y5f77 w2f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x317 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x394 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x395 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x396 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x397 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa38 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa39 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3a y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3b y5f77 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3c y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,265<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3d y5f4c wce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3e y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3f y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,820<span class=\"_ _37b\"> </span></div></td><td class=\"c n x35d y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa40 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa41 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa42 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,130<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa43 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,453<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xa26 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,330<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">39,014<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26,290<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,092<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,665<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa45 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa46 y5edc w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">116,132<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa47 y5edc w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,044)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa48 y5edc wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">115,088<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot h<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e in m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>. \u00a355 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a386<span class=\"_ _1\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,837 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>6 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f BB<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>240 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et is<span class=\"_ _1\"></span> ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y an e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y no<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>t is c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s \u2018n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,795 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er is n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>s rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>der c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ma<span class=\"_ _1\"></span>y be ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d lin<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s bui<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e veh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o. T<span class=\"_ _1\"></span>his e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and to<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>re cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s all l<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>phi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y of fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h mar<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. All c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lor<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d upd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly. The Group operat<span class=\"_ _5\"></span>es an A<span class=\"_ _1\"></span>sset Management<span class=\"_ _5\"></span> R<span class=\"_ _1\"></span>isk Commi<span class=\"_ _5\"></span>ttee, a Rating<span class=\"_ _5\"></span> Committee and a<span class=\"_ _5\"></span> Port<span class=\"_ _1\"></span>folio Cred<span class=\"_ _5\"></span>it Committee to<span class=\"_ _5\"></span> monitor and con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs f<span class=\"_ _1\"></span>or ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s. A v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t have a p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m an e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>rs (<span class=\"_ _1\"></span>wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>ing C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le). Inst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd managers<span class=\"_ _1\"></span>, or for<span class=\"_ _5\"></span> cert<span class=\"_ _1\"></span>ain asset<span class=\"_ _1\"></span>s (in particul<span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>, illiquid assets<span class=\"_ _1\"></span>, including internal securitised loan notes securitising holdings in<span class=\"_ _5\"></span> equit<span class=\"_ _1\"></span>y release<span class=\"_ _5\"></span> mor<span class=\"_ _1\"></span>tgages<span class=\"_ _5\"></span>) are determined<span class=\"_ _5\"></span> by the Life C<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>anies. The Committ<span class=\"_ _5\"></span>ees review the policies, pr<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>cesses and practices<span class=\"_ _5\"></span> to ensure<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ll cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of it<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly, t<span class=\"_ _1\"></span>he key c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er portfolio continues to be the increased<span class=\"_ _5\"></span> investm<span class=\"_ _1\"></span>ent in illiquid<span class=\"_ _5\"></span> credit asset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, including Commercial<span class=\"_ _5\"></span> Real Est<span class=\"_ _1\"></span>ate Loans (\u2018CREL<span class=\"_ _3\"></span>\u2019<span class=\"_ _1\"></span>), Local Aut<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Loa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>sk T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>RT<span class=\"_ _1\"></span>\u2019<span class=\"_ _2\"></span>) tra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>im o<span class=\"_ _1\"></span>f ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ing g<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Ris<span class=\"_ _1\"></span>k A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ved by t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>. A r<span class=\"_ _1\"></span>ise i<span class=\"_ _1\"></span>n gi<span class=\"_ _1\"></span>lt y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ha<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gi<span class=\"_ _1\"></span>lt ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce. A f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pas<span class=\"_ _1\"></span>t du<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. A<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pa<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ue n<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 330 an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>bt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et-<span class=\"_ _37b\"> </span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ra<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ris<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L is no<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red to b<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Concentration<span class=\"_ _5\"></span> of credit risk<span class=\"_ _37b\"> </span>Con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mig<span class=\"_ _1\"></span>ht ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p or i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s has s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to an in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y or a gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th s<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ gse8\"> </span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wou<span class=\"_ _1\"></span>ld c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to b<span class=\"_ _1\"></span>e si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>st of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit a<span class=\"_ _1\"></span>nd C<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y. Co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r in in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s, o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y requirements and the monitoring of aggregate c<span class=\"_ _5\"></span>ounter<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>y exposures across the Group against<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>dditional Group counterpart<span class=\"_ _1\"></span>y limit<span class=\"_ _1\"></span>s. Counterpart<span class=\"_ _1\"></span>y risk in respect of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>counter derivative counterparties is monitored<span class=\"_ _5\"></span> using a Potential Future<span class=\"_ _5\"></span> E<span class=\"_ _1\"></span>xposure (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a<span class=\"_ gse8\"> </span>pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rcer s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce counterparty exposures and<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e impact fr<span class=\"_ _5\"></span>om default is<span class=\"_ _5\"></span> reviewed regularly b<span class=\"_ _5\"></span>y executive c<span class=\"_ _5\"></span>ommittees and measur<span class=\"_ _5\"></span>ed through stress and scenario<span class=\"_ _5\"></span> testing.<span class=\"_ _37b\"> </span>Reinsurance<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk as a r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y is to p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce reinsurance only<span class=\"_ _5\"></span> wit<span class=\"_ _1\"></span>h highly<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>ted counterparties<span class=\"_ _1\"></span>. The Group restricts concentration with individual external reinsure<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s by specif<span class=\"_ _1\"></span>ying limit<span class=\"_ _1\"></span>s on c<span class=\"_ _0\"></span>eding and minimum<span class=\"_ _5\"></span> condit<span class=\"_ _1\"></span>ions for<span class=\"_ _0\"></span> acceptance and retention<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f reinsur<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>s. The Group has made progress in<span class=\"_ _5\"></span> increasing the num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, an elem<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t and the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ricted range of<span class=\"_ _5\"></span> reinsurers av<span class=\"_ _5\"></span>ailable. The Group<span class=\"_ _5\"></span> manages it<span class=\"_ _1\"></span>s exposur<span class=\"_ _5\"></span>e to reins<span class=\"_ _5\"></span>urance credit risk<span class=\"_ _5\"></span> through the operation of<span class=\"_ _5\"></span> a credit<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y, c<span class=\"_ _5\"></span>ollateralisation, and regular monit<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ing of<span class=\"_ _5\"></span> exposures at the R<span class=\"_ _5\"></span>einsurance Management<span class=\"_ _5\"></span> Committee and other<span class=\"_ _5\"></span> credit focused comm<span class=\"_ _5\"></span>ittees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Collateral<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, by e<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>n an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Guid<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he acceptability of types of collater<span class=\"_ _5\"></span>al and the valuation<span class=\"_ _5\"></span> parameters<span class=\"_ _1\"></span>. Collateral<span class=\"_ _5\"></span> is mainly obtained in<span class=\"_ _5\"></span> respect of re<span class=\"_ _5\"></span>insurance, O<span class=\"_ _5\"></span>TC derivatives and securities l<span class=\"_ _5\"></span>ending activit<span class=\"_ _1\"></span>y.<span class=\"_ _0\"></span> Management moni<span class=\"_ _0\"></span>tors the mark<span class=\"_ _5\"></span>et value of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral rec<span class=\"_ _5\"></span>eived, requests additional coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n nee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, and p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hen i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er information on<span class=\"_ _5\"></span> collateral arrangements<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>Ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l sit<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly or i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly, fro<span class=\"_ _1\"></span>m fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el an<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es fro<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d currency exchange<span class=\"_ _5\"></span> rates<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld to m<span class=\"_ _1\"></span>eet re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y requ<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s yet to b<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span>fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e flow of m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f a ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s and techniques including:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d/or a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>mit<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">s<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y mod<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve us<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s to im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rove t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re </span>of<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r mai<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s and m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>All operations<span class=\"_ _5\"></span> comply with regulatory requiremen<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>s relating to the<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>aking of mark<span class=\"_ _5\"></span>et risk.<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r are h<span class=\"_ _1\"></span>eld to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. A co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s by na<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ph<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g are u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k am<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are<span class=\"_ _1\"></span> ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>bo<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hy, cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and h<span class=\"_ _1\"></span>ow th<span class=\"_ _1\"></span>is va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e nee<span class=\"_ _1\"></span>d to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n a man<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r cons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le </span>exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s and P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice, a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s as a co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, i<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>eir b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y be u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s ret<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial t<span class=\"_ _1\"></span>o be vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ile p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en ge<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of reg<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ist p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ab<span class=\"_ _1\"></span>le to re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e to gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge dis<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ore d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il is c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t-b<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d und<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hs in t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply to i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, but r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces to fixe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld be r<span class=\"_ _1\"></span>epl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d any a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d by ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ily b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ai<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f (i<span class=\"_ _1\"></span>) e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>g eno<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h to ho<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>ur g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to s<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ii<span class=\"_ _1\"></span>) to o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs ma<span class=\"_ _1\"></span>de to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s as w<span class=\"_ _1\"></span>ell a<span class=\"_ _1\"></span>s leg<span class=\"_ _1\"></span>al an<span class=\"_ _1\"></span>d reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate m<span class=\"_ _1\"></span>ix of fi<span class=\"_ _1\"></span>xed a<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le ra<span class=\"_ _1\"></span>te ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s acco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew t<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>gul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>ter<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is kept w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o req<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>file o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> to be m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes h<span class=\"_ _1\"></span>ow ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>, eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n all a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk as g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r uns<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed or r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of un<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7 are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ked by s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ad<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span> In the non-<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipat<span class=\"_ _1\"></span>ing funds, polic<span class=\"_ _1\"></span>y liabilities\u2019 sensitivit<span class=\"_ _1\"></span>y to interest<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>tes are<span class=\"_ _5\"></span> matc<span class=\"_ _1\"></span>hed primarily with debt securities and hedging if ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es is v<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y low. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s on a<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S bas<span class=\"_ _1\"></span>is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y to pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ma<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be pa<span class=\"_ _1\"></span>id ta<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>vel o<span class=\"_ _1\"></span>f exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ied i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s cos<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _2\"></span>s to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e AL<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked gi<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>ep on t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e she<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>ate.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e as a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w12f h1eb\" id=\"_6dd92099-11dd-4c7f-8d04-7000dd8eaba4\"><tr><td></td><td></td><td></td><td class=\"c n x6db y618e w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y618e w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y618f ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y618f ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y6190 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y6190 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x28c hd y6191 ff12 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e in </td><td class=\"t m0 xa4d hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y6192 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y6192 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y6192 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y6192 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x866 hd y6193 ff12 fs6 fc3 sc0 lsbe wsc5\">interest rate<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y6194 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y6194 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y6194 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6195 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y6195 w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa57 y6195 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa58 y6195 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa59 y6195 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5a y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5b y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5c y6195 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6196 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y6196 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5e y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5f y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa60 y6196 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa61 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa62 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa63 y6196 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6197 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6198 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y6198 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y6198 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y6198 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y6198 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y6198 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y6198 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y6198 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6199 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619a w2fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619a w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6c y619a w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6d y619a w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6e y619a w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6f y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa70 y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa71 y619a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w2fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa72 y619b w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa73 y619b w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa74 y619b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa75 y619b w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa76 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa77 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa78 y619b we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619c w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7b y619c w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7c y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7e y619c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">127<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w2fc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y619d w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(472)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y619d w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa82 y619d w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa83 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(440)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa84 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(313)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa85 y619d w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619e w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y619e w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa87 y619e w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa88 y619e w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y619e w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8a y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8b y619e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8c w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f8c w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8d y5f8c w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8e y5f8c w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8f y5f8c wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa90 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa91 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa92 y5f8c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y619f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6104 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y6104 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa94 y6104 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa95 y6104 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa96 y6104 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa97 y6104 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa98 y6104 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa99 y6104 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61a0 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f93 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y5f93 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y5f93 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9c y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9d y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9e y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f93 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w2fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa0 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa1 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa2 y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa3 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa4 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa5 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa6 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa9 y5f4c w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(137)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaa y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaab y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaac y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(155)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fe h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xaad y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaae y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">406<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaf y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab0 y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">558<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">403<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>tep o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cur<span class=\"_ _2\"></span>ve, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n the risk-free interest rate<span class=\"_ _5\"></span> cur<span class=\"_ _2\"></span>ve.<span class=\"_ _5\"></span> T<span class=\"_ _1\"></span>he illiquidity premium used in the measur<span class=\"_ _5\"></span>ement of insurance contracts<span class=\"_ _1\"></span>, and associated reinsurance con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s included within the refer<span class=\"_ _5\"></span>ence port<span class=\"_ _1\"></span>folio used to<span class=\"_ _5\"></span> deter<span class=\"_ _1\"></span>mine the illiquidity premium.<span class=\"_ _37b\"> </span><table class=\"s w12c h1ec\" id=\"_e0474467-1b12-430f-b6e6-8fa0448112a2\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61a1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61a1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61a2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61a2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y61a3 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61a3 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61a4 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4d hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61a5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61a5 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61a5 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61a5 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e6 hd y61a6 ffa fs6 fc3 sc0 lsbd wsc4\">inflation<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y61a8 w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab3 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab4 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab5 y61a8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab6 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab7 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x463 y61a8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a9 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y61a9 w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab8 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab9 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaba y61a9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabb y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabd y61a9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61aa ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y61ab w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabf y61ab w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y61ab w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac1 y61ab wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac2 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d1 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ac ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619c w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619c w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac3 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x454 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac4 y619c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac5 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac6 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac7 y619c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619d w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac8 y619d w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac9 y619d wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaca y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacb y619d w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(114)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacc y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y61ad wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">417<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y61ad w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y61ad w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">489<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">375<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y61ad w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y61ae w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y61ae w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad3 y61ae w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad4 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad5 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad6 y61ae w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f48 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f48 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad7 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad8 y5f48 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad9 y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xada y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y5f48 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61af ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y5f49 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadc y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadd y5f49 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5f49 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadf y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae0 y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae1 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b0 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae2 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae3 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae4 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae5 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae6 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae7 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>abilit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae8 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaea y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaeb y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaec y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(292)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(199)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(256)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr></table>Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y) o<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch cou<span class=\"_ _1\"></span>ld re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s or s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>his co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ext<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> to incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de shares, equ<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>y derivatives, equit<span class=\"_ _1\"></span>y coll<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ives and<span class=\"_ _0\"></span> unlisted<span class=\"_ _5\"></span> equities<span class=\"_ _1\"></span>. Property asset<span class=\"_ _1\"></span>s include dir<span class=\"_ _5\"></span>ect propert<span class=\"_ _1\"></span>y inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment, shares<span class=\"_ _0\"></span> in property companies, property collectives<span class=\"_ _5\"></span> and structured property asset<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o of ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is to ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns by<span class=\"_ _1\"></span> investing<span class=\"_ _5\"></span> in a diverse portfolio of<span class=\"_ _5\"></span> equities and properties. Portfolio characteristics are<span class=\"_ _5\"></span> analysed regularly,<span class=\"_ _5\"></span> and price risks are actively<span class=\"_ _5\"></span> man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in an<span class=\"_ _1\"></span>y one<span class=\"_ _1\"></span> company<span class=\"_ _5\"></span> or industr<span class=\"_ _1\"></span>y are limit<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y bo<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held in w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, uni<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s or eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne by p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> uni<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d he<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y valu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll be i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd he<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so ha<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>ddi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>rom e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es is b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ai<span class=\"_ _1\"></span>m of a<span class=\"_ _1\"></span>chi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up as a w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e flow o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f all f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>; th<span class=\"_ _1\"></span>is is pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te for<span class=\"_ _1\"></span> eac<span class=\"_ _1\"></span>h o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s life f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d Co<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er Du<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>M fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>ere ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t on an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k illu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s how a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s on al<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>% cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s at th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>eet d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ gse8\"> </span>Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w300 h1ed\" id=\"_f97f4395-e0a3-4e83-8f8b-5b3b9d4277b3\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61b1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61b1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61b2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61b2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61b3 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61b4 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61b4 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x428 hd y61b5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity </td><td class=\"t m0 xa4d hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61b6 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61b6 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61b6 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61b6 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61b7 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61a8 w301 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf2 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf3 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf4 y61a8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf5 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf6 y61a8 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61a8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61b8 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61b8 w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf8 y61b8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf9 y61b8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafa y61b8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafb y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61b8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ab w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaff y61ab w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb00 y61ab wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb01 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb02 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb03 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61bb w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61bb w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb04 y61bb w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb05 y61bb w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y61bb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb06 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb07 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb08 y61bb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb09 y619d w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0a y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0b y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0c y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0d y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0e y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0f y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y61ad w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y61ad w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y61ad w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61ad w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y61ae w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb11 y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb12 y61ae w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb13 y61ae w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb14 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb15 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb16 y61ae w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bc w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61bc w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb18 y61bc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb19 y61bc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1a y61bc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1b y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1c y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1d y61bc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61bd ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f49 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1f y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb20 y5f49 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb21 y5f49 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb22 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb23 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61be ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5f17 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y5f17 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y5f17 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y5f17 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y5f17 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f4c w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb25 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb26 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb28 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb29 y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y5edc w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _0\"></span>0% c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct of p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>elea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span><table class=\"s w305 h1ee\" id=\"_aca553ee-3b7b-45b8-ba82-d66b96c01246\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61bf w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61bf w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61c0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61c0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61c1 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61c2 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61c2 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e3 hd y61c3 ff2 fs6 fc3 sc0 lsbd wsc4\">property </td><td class=\"t m0 xa4d hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61c4 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61c4 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61c4 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61c4 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61c5 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61c6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61c6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61c6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c7 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61c7 w301 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2a y61c7 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2b y61c7 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y61c7 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2c y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2d y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2e y61c7 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c8 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61c8 w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2f y61c8 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb30 y61c8 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb31 y61c8 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb32 y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb33 y61c8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61c9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ca w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ca w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb34 y61ca wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb35 y61ca w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb36 y61ca wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb37 y61ca w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb38 y61ca w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61ca we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cb ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61cc w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61cc w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb39 y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3a y61cc w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3d y61cc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61cd w306 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb3e y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3f y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb40 y61cd w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb41 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb42 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb43 y61cd w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6079 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y6079 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb44 y6079 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb45 y6079 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb46 y6079 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb47 y6079 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ce w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61ce w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb48 y61ce wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb49 y61ce w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n x368 y61ce w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4a y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4b y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y61ce we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cf ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61d0 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y61d0 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4c y61d0 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4d y61d0 w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y61d0 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4f y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb50 y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb51 y61d0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61d1 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5eee w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb52 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb53 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb54 y5eee wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb55 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb56 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb57 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w307 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal decrease<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb58 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb59 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5a y5eef wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5b y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5c y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y5eef w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span>Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>ld le<span class=\"_ _1\"></span>ad to r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>n Ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>many a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Rep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c of<span class=\"_ _1\"></span> Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic o<span class=\"_ _1\"></span>f Irel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s prin<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t in st<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y held i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y den<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re, any<span class=\"_ _1\"></span> fore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y, the f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>is b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nto s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y den<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>s it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he mai<span class=\"_ _1\"></span>n for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>eno<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h insurance<span class=\"_ _5\"></span> and investment li<span class=\"_ _5\"></span>abilities are expected<span class=\"_ _5\"></span> to be settled and,<span class=\"_ _5\"></span> indirectly<span class=\"_ _0\"></span>, from<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he non-<span class=\"_ _1\"></span>UK earnings of UK<span class=\"_ _5\"></span> companies.<span class=\"_ _37b\"> </span>Bo<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is n<span class=\"_ _1\"></span>ot dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven b<span class=\"_ _1\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is to red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ce over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>hil<span class=\"_ _2\"></span>st max<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s by di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re is li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd managed through<span class=\"_ _5\"></span> investment mandates<span class=\"_ _5\"></span> which are sub<span class=\"_ _5\"></span>ject to the ov<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>sight of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment commi<span class=\"_ _0\"></span>ttees of<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e Boards<span class=\"_ _5\"></span> of each ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, and in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>. Flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch we<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow hedges of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _5\"></span>\u2019s E<span class=\"_ _0\"></span>uro and<span class=\"_ _5\"></span> US Dollar denominated<span class=\"_ _5\"></span> borrowings. E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Financial soundness risk<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk is a b<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y enc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Capital management risk<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to a<span class=\"_ gse8\"> </span>fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et al<span class=\"_ _1\"></span>l reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te I3.<span class=\"_ _37b\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k<span class=\"_ _37b\"> </span>T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>gh fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to an u<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>ax cos<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _5\"></span>ax r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, or o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng a ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al er<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>r in it<span class=\"_ _2\"></span>s ta<span class=\"_ _1\"></span>x rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lure t<span class=\"_ _1\"></span>o imp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>n a comm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on; a<span class=\"_ _1\"></span>nd </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">incorrect operation of<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicyholder tax requirements.<span class=\"_ _37b\"> </span></span>T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed by m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ffed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x tea<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>o have t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o make jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, au<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ad<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out it<span class=\"_ _2\"></span>s ris<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, and w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s in pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Liquidity and funding risk<span class=\"_ _37b\"> </span>Li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te le<span class=\"_ _1\"></span>vel<span class=\"_ _2\"></span>s of fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l res<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s to me<span class=\"_ _1\"></span>et ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s as th<span class=\"_ _1\"></span>ey f<span class=\"_ _1\"></span>all d<span class=\"_ _1\"></span>ue. Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ris<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y to ra<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l or l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y wh<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sil<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce she<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g requirements of its subsidiaries<span class=\"_ _1\"></span>. The Group\u2019<span class=\"_ _5\"></span>s subsidiaries have<span class=\"_ _5\"></span> exp<span class=\"_ _1\"></span>osure to<span class=\"_ _5\"></span> liquidit<span class=\"_ _1\"></span>y risk as a resul<span class=\"_ _5\"></span>t of normal business activ<span class=\"_ _1\"></span>ities<span class=\"_ _1\"></span>, sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om an i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d of St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Li<span class=\"_ _1\"></span>fe plc h<span class=\"_ _1\"></span>as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d a num<span class=\"_ _1\"></span>ber o<span class=\"_ _1\"></span>f go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> eac<span class=\"_ _1\"></span>h su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat<span class=\"_ _2\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d in a man<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d PP<span class=\"_ _1\"></span>FM;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e repu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>feg<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rde<span class=\"_ _1\"></span>d; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">appropriate information on<span class=\"_ _5\"></span> liquidit<span class=\"_ _1\"></span>y risk is<span class=\"_ _5\"></span> available to<span class=\"_ _5\"></span> thos<span class=\"_ _1\"></span>e making<span class=\"_ _5\"></span> dec<span class=\"_ _1\"></span>isions.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s liqu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y is ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e of le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n a 1 in 200 c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f hav<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>uffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d or t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to<span class=\"_ gse8\"> </span>me<span class=\"_ _1\"></span>et fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>bli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>hey f<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l due a<span class=\"_ _1\"></span>nd is s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to me<span class=\"_ _1\"></span>et li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>uff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g hig<span class=\"_ _1\"></span>h qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t day to d<span class=\"_ _1\"></span>ay op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re sur<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>al ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>izon<span class=\"_ _1\"></span>s are m<span class=\"_ _1\"></span>et un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>re, bu<span class=\"_ _1\"></span>t pl<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng E<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y Warn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g In<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">liquidit<span class=\"_ _1\"></span>y risk contingenc<span class=\"_ _1\"></span>y planning.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s fun<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y aim<span class=\"_ _1\"></span>s to m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>n ord<span class=\"_ _1\"></span>er to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s orga<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d ino<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>c gro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h am<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ile ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt he<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>roo<span class=\"_ _1\"></span>m for hy<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s show<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g he<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>roo<span class=\"_ _1\"></span>m ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y buff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e prep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>red re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly to p<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y leve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r bo<span class=\"_ _1\"></span>th th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ium<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y to c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ev<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f a li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fal<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>st available<span class=\"_ _5\"></span> contingenc<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>ctions would<span class=\"_ _5\"></span> be considered. In ex<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>ld o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e a hig<span class=\"_ _1\"></span>h vo<span class=\"_ _1\"></span>lum<span class=\"_ _1\"></span>e of su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s coi<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a t<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g of l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y in a un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>ve to b<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ld t<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hd<span class=\"_ _1\"></span>raw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f les<span class=\"_ _1\"></span>s li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s suc<span class=\"_ _1\"></span>h as pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, it c<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>ake s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs to com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te a s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>his w<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e si<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ri<span class=\"_ _1\"></span>sk to b<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>w sin<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e are st<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>ken fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>elv<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f all i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s own r<span class=\"_ _1\"></span>isk e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d OTC and h<span class=\"_ _1\"></span>ave a t<span class=\"_ _2\"></span>wo<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>day co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ly, via an e<span class=\"_ _1\"></span>nd<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ay val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>roc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds to cov<span class=\"_ _1\"></span>er ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n or collateral call<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>ve th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>wer t<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d/or su<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>awa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h wo<span class=\"_ _1\"></span>uld<span class=\"_ _1\"></span>, in tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>sis s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s und<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al liabilities and<span class=\"_ _5\"></span> asso<span class=\"_ _1\"></span>ciated int<span class=\"_ _5\"></span>erest<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w308 h1ef\" id=\"_85ef94cd-248c-4bd5-ac35-05c77a398817\"><tr><td></td><td class=\"t m0 xb5e hd y61d2 ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar o<span class=\"_ _1\"></span>r </td><td></td><td></td><td class=\"t m0 x91f hd y61d2 ff2 fs6 fc3 sc0 lsbd wsc4\">Greater </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8ed hd y61d3 ff2 fs6 fc3 sc0 ls9 ws0\">le<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>r o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 x603 hd y61d3 ff2 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 10 </td><td class=\"t m0 xb5f hd y61d3 ffa fs6 fc3 sc0 ls9 ws0\">No fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n xb60 y5ff6 w309 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">demand<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb61 y5ff6 w30a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb62 y5ff6 w30b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls17d ws194\">6<span class=\"_ _1\"></span>\u201310 y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x802 hd y61d4 ff2 fs6 fc3 sc0 ls6b ws6c\">years<span class=\"_ _37b\"> </span></td><td class=\"c n xb63 y5ff6 w30c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">te<span class=\"_ _1\"></span>rm<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb64 y5ff6 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff7 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb65 y5ff7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x695 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb66 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb67 y5ff7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb68 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb69 y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w30d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6a y5ff8 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6b y5ff8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6c y5ff8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6d y5ff8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y5ff8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6f y5ff8 w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">191,269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fbf w30e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings</div><div class=\"t m0 xb70 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb71 y61d5 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb72 y61d5 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,172<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb73 y61d5 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,212<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb74 y61d5 wc2 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb75 y61d5 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb76 y61d5 w4a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">3,989<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w30f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives</div><div class=\"t m0 xb77 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb71 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">219<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb78 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb79 y61d6 w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">983<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7a y61d6 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23,205<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7b y61d6 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7c y61d6 w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">24,708<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w20b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7d y5ff9 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7e y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7f y5ff9 w310 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws60\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb80 y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5ff9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3af y5ff9 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,334<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment of<span class=\"_ _5\"></span> collateral rece<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>ved<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb82 y5f93 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb83 y5f93 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb84 y5f93 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb85 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb86 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb87 y5f93 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">839<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f77 w311 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Lease liabilities</div><div class=\"t m0 x9df h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb88 y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb89 y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8a y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8b y61d7 w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8c y61d7 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8d y61d7 w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wbd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ual<span class=\"_ _2\"></span>s and d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8e y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">526<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb8f y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb90 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb91 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x956 y5f4c w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">565<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wbf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Other payables<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb92 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb93 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb94 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x4d6 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,429<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w312 h1f0\" id=\"_7a259c73-f51b-4d50-b15a-cc49526ef781\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xb95 hd y61d8 ff12 fs6 fc3 sc0 ls25 ws25\">Less </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xb5f hd y61d9 ff12 fs6 fc3 sc0 ls13d ws146\">amounts </td><td></td></tr><tr><td></td><td class=\"t m0 xb96 hd y61da ff12 fs6 fc3 sc0 ls9 wsd3\">1 ye<span class=\"_ _1\"></span>ar o<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x756 hd y61da ff13 fs6 fc3 sc0 lse ws1b\">classified <span class=\"_ _5\"></span>as </td><td></td></tr><tr><td></td><td class=\"t m0 x3ee hd y61db ff12 fs6 fc3 sc0 ls9 ws0\">or o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xb97 hd y61db ff13 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n </td><td class=\"t m0 x8ea hd y61db ff13 fs6 fc3 sc0 ls9 ws0\">No fi<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x46b hd y61db ff12 fs6 fc3 sc0 lsfd ws0\">he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> </td><td></td></tr><tr><td></td><td class=\"c n xb98 y61dc w313 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">demand<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb99 y61dc w314 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">1<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9a y61dc w315 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsad wsee\">6<span class=\"_ _2\"> </span>\u20131<span class=\"_ _1\"></span>0 y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xb9b hd y61dd ff12 fs6 fc3 sc0 ls31 ws32\">10 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"c n xb9c y61dc w316 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">term<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9d y61dc w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9e y61dc w317 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsfd wsd3\">(s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te H<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb9f y61dc w318 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61de w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y61de w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61df w30d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba0 y61df w215 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba1 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x460 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa60 y61df we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba3 y61df w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">173,922<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba4 y61df w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba5 y61df w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">170,747<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y61e0 w30e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Borrowings</div><div class=\"t m0 xb70 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y61e0 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">483<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba6 y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,767<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba7 y61e0 w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,303<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba8 y61e0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba9 y61e0 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbaa y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,584<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbab y61e0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbac y61e0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,584<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y61e1 w30f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives</div><div class=\"t m0 xb77 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">641<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbad y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbae y6103 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">745<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbaf y6103 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8,372<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb0 y6103 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb1 y6103 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10,003<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb2 y6103 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb3 y6103 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10,003<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61e2 w20b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb4 y61e2 w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb6 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb7 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb8 y61e2 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb9 y61e2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ad y61e2 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61e3 ff3 fs2 fc3 sc0 ls1c ws6\">Obligations for<span class=\"_ _5\"></span> repayment </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6183 w319 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">of col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral r<span class=\"_ _0\"></span>eceived<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbba y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb6 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x71f y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb7 y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c3 y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbb y6183 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x91b y6183 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">849<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ffa w311 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Lease liabilities</div><div class=\"t m0 x9df h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ef y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbc y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbd y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbe y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbf y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc0 y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc1 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc2 y5f77 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">77<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wbd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ual<span class=\"_ _2\"></span>s and d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc3 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">545<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc4 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc5 y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb7e y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc6 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc7 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e9 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wbf h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Other payables<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc9 y5edc w157 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbca y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcb y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcc y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcd y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbce y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd0 y5edc wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e<span class=\"_ gs424\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t any t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>eir<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Alt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>ble o<span class=\"_ _1\"></span>n dema<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d are th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e incl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s as due wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin on<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>es no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t all th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s to be p<span class=\"_ _1\"></span>aid o<span class=\"_ _1\"></span>ut wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in on<span class=\"_ _1\"></span>e year o<span class=\"_ _1\"></span>f the re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ti<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om insurance contract liabilities. <table class=\"s w31a h1b1\" id=\"_c0ad9209-eb93-4e10-9a01-2c8bf4abfeeb\"><tr><td></td><td class=\"c n xbd1 y5f7a w31b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Up t<span class=\"_ _1\"></span>o 1 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd2 y5f7a w31c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>2 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd3 y5f7a w31d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>-3 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd4 y5f7a w31e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd5 y5f7a w31e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd6 y5f7a w31f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">&gt;5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd7 y5f7a w320 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f7b w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd8 y5f7b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd9 y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbda y5f7b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdb y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdc y5f7b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdd y5f7b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbde y5f7b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w321 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Insurance contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbdf y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,640<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe0 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,255<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe1 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe2 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,537<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe3 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,391<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe4 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">84,171<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe5 y5edc w9b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113,423<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w322 h1b1\" id=\"_54e01e98-32b8-4679-89dd-f8b2e3921717\"><tr><td></td><td class=\"c n xbd1 y5f7a w323 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Up t<span class=\"_ _1\"></span>o 1 ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe6 y5f7a w324 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">1\u2013<span class=\"_ _1\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe7 y5f7a w325 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">2-3 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe8 y5f7a w326 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbe9 y5f7a w327 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbea y5f7a w328 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">&gt;<span class=\"_ _1\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbeb y5f7a w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f7b w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbec y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbed y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbee y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbef y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf0 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf1 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf2 y5f7b w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w321 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Insurance contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf3 y5edc w157 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,054<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf4 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,183<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf5 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,585<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf6 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,916<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf7 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,282<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf8 y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">81,334<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbf9 y5edc wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109,354<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n dem<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>sho<span class=\"_ _1\"></span>wn n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e).<span class=\"_ _37b\"> </span><table class=\"s w27e h1f1\" id=\"_18dbd282-2237-4470-b1ab-561fe5fcfb3e\"><tr><td></td><td></td><td class=\"c n xbfa y61e4 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y61e4 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5ed hd y61e5 ff2 fs6 fc3 sc0 lsbd ws113\">Amounts payable<span class=\"_ _5\"></span> </td><td class=\"t m0 x79e hd y61e5 ff2 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x603 hd y61e5 ff12 fs6 fc3 sc0 lsbe wsc5\">Amounts payable </td><td class=\"t m0 xbfc hd y61e5 ff12 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 xbfd hd y61e6 ff2 fs6 fc3 sc0 lsc7 wsf5\">on demand<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61e6 ff2 fs6 fc3 sc0 lsbd wsc4\">portfolio<span class=\"_ _37b\"> </span></td><td class=\"t m0 x757 hd y61e6 ff12 fs6 fc3 sc0 lsc8 wscb\">on demand<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y61e6 ff12 fs6 fc3 sc0 lsd1 wsd2\">portfolio<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x652 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b5 y610e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b6 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b7 y610e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w329 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbfe y5ed7 w32a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(42,990)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x929 y5ed7 w32b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(49,852)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbff y5ed7 w32c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(42,695)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc00 y5ed7 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(49,233)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w32d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc01 y5ed8 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7,781)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc02 y5ed8 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(36,560)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc03 y5ed8 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6,564)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc04 y5ed8 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(36,513)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w32e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>linked<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc05 y5ed9 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18,975)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc06 y5ed9 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18,673)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc07 y5ed9 w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17,773)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc08 y5ed9 w32c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17,016)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w32f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Protection<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc09 y5f77 w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(375)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y5f77 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(910)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0b y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(384)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0c y5f77 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(975)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w330 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws6\">Short<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>term payables and<span class=\"_ _5\"></span> receivables (including<span class=\"_ _5\"></span> deposit<span class=\"_ _1\"></span>s from r<span class=\"_ _5\"></span>einsurers)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0d y5f4c w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,462)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0e y5f4c w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,462)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0f y5f4c w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,248)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc10 y5f4c w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,248)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc11 y5edc w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(74,583)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc12 y5edc w331 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(110,457)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc13 y5edc w65 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(70,664)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc14 y5edc w332 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106,985)<span class=\"_ _37b\"> </span></div></td></tr></table>A sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld in gi<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s, c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h, s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t gra<span class=\"_ _1\"></span>de s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>ll du<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ily re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le imm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y sin<span class=\"_ _1\"></span>ce mo<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>em ar<span class=\"_ _1\"></span>e quo<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e economic environment, business developments and funding changes. Where liquidity risk is heightened, such<span class=\"_ _5\"></span> as during perio<span class=\"_ _1\"></span>ds of sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>rket v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, tri<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in pl<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e to enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>req<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y of liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd to im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.4 Strategic risk<span class=\"_ _37b\"> </span>Strategic risks threaten<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he achieveme<span class=\"_ _5\"></span>nt of the Group s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rategy through<span class=\"_ _5\"></span> poor strategic decision-<span class=\"_ _1\"></span>making, implementation or<span class=\"_ _5\"></span> response to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at co<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s stra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an ar<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t or im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y;<span class=\"_ _1\"></span> eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to how t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n are exe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d; an<span class=\"_ _1\"></span>d even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e as a con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y ch<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f st<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s is an i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ri<span class=\"_ _1\"></span>sk sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>l wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Ri<span class=\"_ _1\"></span>sk U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Group\u2019<span class=\"_ _5\"></span>s strategy<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>A St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Ri<span class=\"_ _1\"></span>sk Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly, wi<span class=\"_ _1\"></span>th a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>akeh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> management, corporate<span class=\"_ _5\"></span> act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y and o<span class=\"_ _5\"></span>verall reporting against<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s strategic ambitions.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5 Operational<span class=\"_ _0\"></span> risk<span class=\"_ _37b\"> </span>Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or val<span class=\"_ _1\"></span>ue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fro<span class=\"_ _1\"></span>m ina<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>e or fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or fr<span class=\"_ _1\"></span>om p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d or ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es du<span class=\"_ _1\"></span>e to fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s in on<span class=\"_ _1\"></span>e or m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of o<span class=\"_ _1\"></span>ur bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or o<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>eat<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>idu<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s or gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or o<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ _1\"></span> </span>no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s cont<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">negligence, m<span class=\"_ _5\"></span>alpra<span class=\"_ _1\"></span>ctice or<span class=\"_ _5\"></span> failure of<span class=\"_ _5\"></span> employees to<span class=\"_ _0\"></span> follow<span class=\"_ _5\"></span> good practice in del<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>vering operational<span class=\"_ _5\"></span> processes and practices. </span>It is a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s nei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te no<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is i<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n any o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nvi<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p operates. As such the Group wil<span class=\"_ _5\"></span>l tolerate a<span class=\"_ _5\"></span> degree of operational<span class=\"_ _5\"></span> risk subject to<span class=\"_ _5\"></span> appropriate and pr<span class=\"_ _5\"></span>op<span class=\"_ _1\"></span>ortionate leve<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>s of control<span class=\"_ _5\"></span> aro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t and r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. A set o<span class=\"_ _1\"></span>f op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d key con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce to m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.6 Customer<span class=\"_ _5\"></span> risk<span class=\"_ _37b\"> </span>Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e, repu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d/or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or po<span class=\"_ _1\"></span>or c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce). It c<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er O<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at o<span class=\"_ _1\"></span>ur d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ind<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y or co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>re to a<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver </span>good outcomes<span class=\"_ _5\"></span> for our custome<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th a C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d a Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>o foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n achieving good cus<span class=\"_ _0\"></span>tomer outc<span class=\"_ _5\"></span>omes in accor<span class=\"_ _5\"></span>dance with Consumer<span class=\"_ _5\"></span> Dut<span class=\"_ _1\"></span>y regulatory requirements. The behaviours and standards<span class=\"_ _5\"></span> all colleagues<span class=\"_ _5\"></span> are expected t<span class=\"_ _5\"></span>o achieve are<span class=\"_ _5\"></span> det<span class=\"_ _1\"></span>ailed in<span class=\"_ _5\"></span> our Group Code<span class=\"_ _5\"></span> of Conduct. For our cust<span class=\"_ _5\"></span>omer<span class=\"_ _1\"></span>s, what repr<span class=\"_ _0\"></span>esents a good outcome<span class=\"_ _5\"></span> is articulated in<span class=\"_ _5\"></span> our Customer<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>tandards and su<span class=\"_ _5\"></span>pp<span class=\"_ _1\"></span>orting Business Unit pr<span class=\"_ _5\"></span>ocesses<span class=\"_ _1\"></span>. In addition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup Conduct<span class=\"_ _5\"></span> Strategy, which over<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ur R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ll r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ai<span class=\"_ _1\"></span>m of h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re a li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. It s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>his b<span class=\"_ _1\"></span>y pu<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of o<span class=\"_ _1\"></span>ur st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g go<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r outcomes and<span class=\"_ _5\"></span> preventing for<span class=\"_ _5\"></span>eseeable harm. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ite o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut h<span class=\"_ _1\"></span>ow g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s for<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>I3. Capital mana<span class=\"_ _0\"></span>gement<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s capi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es of S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II<span class=\"_ _1\"></span>, as mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019s 202<span class=\"_ _4\"></span>4 re<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s a val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Own Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d SC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Risk and capital<span class=\"_ _5\"></span> management objectives<span class=\"_ _37b\"> </span>The risk man<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>gement objectives<span class=\"_ _5\"></span> and policies of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup are<span class=\"_ _5\"></span> based on the requi<span class=\"_ _5\"></span>rement to pr<span class=\"_ _5\"></span>otect the Group\u2019<span class=\"_ _5\"></span>s regulatory capital po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>by s<span class=\"_ _1\"></span>afe<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hil<span class=\"_ _2\"></span>st al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>n me<span class=\"_ _1\"></span>et it<span class=\"_ _2\"></span>s var<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span> req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>e ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d rew<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d, to<span class=\"_ _1\"></span> generate additional v<span class=\"_ _5\"></span>alue for policyholder<span class=\"_ _1\"></span>s and share<span class=\"_ _0\"></span>holders.<span class=\"_ _37b\"> </span>In pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l and ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l and<span class=\"_ _1\"></span> other liabilities. Financial and other asset<span class=\"_ _1\"></span>s principally comprise investment<span class=\"_ _1\"></span>s in equity securities<span class=\"_ _1\"></span>, debt securities<span class=\"_ _1\"></span>, collective investment schemes, propert<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> derivati<span class=\"_ _1\"></span>ves, reinsu<span class=\"_ _5\"></span>rance, trade and<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her rec<span class=\"_ _5\"></span>eivables, and banking deposits. Financial liabilities<span class=\"_ _5\"></span> principally comprise inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d net as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et val<span class=\"_ _1\"></span>ue at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Risk M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es 78 to 85 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d Acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s to w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>vel 1\u2019 ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s) t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s busi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E6: Cre<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9: I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>The sections on<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>apital management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>\u2019s hedging<span class=\"_ _5\"></span> strategy are included<span class=\"_ _5\"></span> below.<span class=\"_ _5\"></span> Capital Management F<span class=\"_ _5\"></span>ramework<span class=\"_ _37b\"> </span>The Group\u2019<span class=\"_ _5\"></span>s Capital Management<span class=\"_ _5\"></span> Framework is desi<span class=\"_ _5\"></span>gned to achieve<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fol<span class=\"_ _5\"></span>lowing objectives:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t all r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>me w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>le </span>no<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n a So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II Sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) of 1<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-<span class=\"_ _5\"></span>180%;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ure su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons t<span class=\"_ _1\"></span>o pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II le<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tch l<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n </span>inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>o mon<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S and U<span class=\"_ _1\"></span>K G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>utc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o not co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic o<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>ay a<span class=\"_ _1\"></span>n ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ive a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span></span>The framework comprises<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>apital management<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicies that<span class=\"_ _5\"></span> govern the allocation of capital throughout<span class=\"_ _5\"></span> the Group to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>eve t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er a r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y su<span class=\"_ _1\"></span>ite i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er securit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> creditor obligations, owner<span class=\"_ _5\"></span> dividend polic<span class=\"_ _1\"></span>y and r<span class=\"_ _5\"></span>egulator<span class=\"_ _2\"></span>y capital requ<span class=\"_ _5\"></span>irement<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Group capital<span class=\"_ _37b\"> </span>Gro<span class=\"_ _1\"></span>up c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y so<span class=\"_ _1\"></span>urce<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s as m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s unsu<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>es v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd a r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t (<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R'<span class=\"_ _2\"></span>). So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Ow<span class=\"_ _1\"></span>n Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p aim<span class=\"_ _1\"></span>s to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>t leas<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ual t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s Boa<span class=\"_ _1\"></span>rd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te for meeting pr<span class=\"_ _5\"></span>evailing solvency requirements<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y of eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any i<span class=\"_ _1\"></span>s set a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y of eac<span class=\"_ _1\"></span>h G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p Ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y is de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is suffi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tor o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h buff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Own F<span class=\"_ _5\"></span>unds and SCR<span class=\"_ _37b\"> </span>Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds r<span class=\"_ _1\"></span>epr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ov<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>dd b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck a<span class=\"_ _1\"></span>ny rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> sub<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a to be t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e Ti<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n per<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y and l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y (<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ier 1 b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>ghe<span class=\"_ _1\"></span>st q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y and<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>ier 3 t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lowe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to cov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>CR w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y. Su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s in wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>fe Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es are re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>n on<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n Eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds u<span class=\"_ _1\"></span>p to t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>R t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc41\">Eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds to c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>CR a<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ed T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc42\">Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ gse8\"> </span>Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc43\">Th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>CR i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ikel<span class=\"_ _1\"></span>ih<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>f a los<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 0.<span class=\"_ _1\"></span>5% over o<span class=\"_ _1\"></span>ne y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s ens<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc44\">is<span class=\"_ gse8\"> </span>su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d a bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly \u20181 in 20<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc45\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ne si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A app<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l cove<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ll G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsc46\">International Designated Activit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span>, the ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure entities and Phoenix<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>ife C<span class=\"_ _1\"></span>A entities, which determine their capital </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc47\">requirements in<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>ccord<span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>ce with<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Standard Formula. Phoenix<span class=\"_ _5\"></span> Life A<span class=\"_ _1\"></span>ssurance E<span class=\"_ _5\"></span>urope Designated Activity Company<span class=\"_ _5\"></span> was </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc48\">dea<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n May 2025 an<span class=\"_ _1\"></span>d wa<span class=\"_ _1\"></span>s a St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d for<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsc49\">Hedging strate<span class=\"_ _0\"></span>gy<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc4a\">The Group operat<span class=\"_ _5\"></span>es a comprehen<span class=\"_ _5\"></span>sive hedging strategy desi<span class=\"_ _5\"></span>gned to mitigate<span class=\"_ _5\"></span> exposure to<span class=\"_ _5\"></span> unrewarded mark<span class=\"_ _5\"></span>et risk<span class=\"_ _1\"></span>s that c<span class=\"_ _5\"></span>ould </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc4b\">ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>uce s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc4c\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc4d\">Th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e is n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>o el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>or to m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc4e\">to<span class=\"_ gse8\"> </span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s cap<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n, u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s abi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc4f\">to me<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket c<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc50\">The strategy is<span class=\"_ _5\"></span> implemented using<span class=\"_ _5\"></span> a combination of<span class=\"_ _5\"></span> derivative instrument<span class=\"_ _1\"></span>s and asset<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> techniques and is<span class=\"_ _5\"></span> act<span class=\"_ _1\"></span>ively </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc51\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>isk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc52\">Th<span class=\"_ _1\"></span>is h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>ny yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s a lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al el<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ri<span class=\"_ _1\"></span>sk </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc53\">an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. It h<span class=\"_ _1\"></span>as be<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic env<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc54\">of<span class=\"_ gse8\"> </span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t-r<span class=\"_ _1\"></span>ate vo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc55\">Ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e, the s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y has d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>nd S<span class=\"_ _1\"></span>CCR<span class=\"_ _2\"></span>, the<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc56\">sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>\u2019s abil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to ma<span class=\"_ _1\"></span>ke lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th a h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc57\">of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>nfi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc58\">Th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y obje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve of p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>eet a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc59\">gen<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. How<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, d<span class=\"_ _1\"></span>ue to d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S meas<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y gi<span class=\"_ _1\"></span>ves r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc5a\">acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me. H<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S is no<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gsc5b\">hedging<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>relationships.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsc5c\">Impact of the<span class=\"_ _5\"></span> Group\u2019s<span class=\"_ _5\"></span> hedging strategy on<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>FRS results<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc5d\">Un<span class=\"_ _1\"></span>der S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s bal<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc5e\">ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc5f\">ca<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed at t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>\u2014<span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to off<span class=\"_ _2\"></span>set c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc60\">eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c valu<span class=\"_ _1\"></span>e, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>, of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>\u2014<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d imm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y in IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc61\">cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s crea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>an re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt in </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc62\">mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s of ma<span class=\"_ _1\"></span>rket m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc63\">In ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ins f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e are f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc64\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S an<span class=\"_ _1\"></span>d So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK<span class=\"_ _2\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K to h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d a S<span class=\"_ _1\"></span>CR<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s are \u2018r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ght-s<span class=\"_ _1\"></span>ize<span class=\"_ _1\"></span>d\u2019 to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc65\">So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>han I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s in vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc66\">Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s are a k<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>wn an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>o not r<span class=\"_ _1\"></span>efle<span class=\"_ _1\"></span>ct a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsc67\">deterioration in the underlying economics of the business<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc68\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>wo m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is m<span class=\"_ _1\"></span>ost e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o are e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc69\">vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e as th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns on<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc6a\">investment<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s are re<span class=\"_ _5\"></span>alised and recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he IFRS consolidated inc<span class=\"_ _5\"></span>ome statement. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc6b\">A<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t marg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s eme<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s and C<span class=\"_ _2\"></span>SM re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc6c\">cum<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s (exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e) is exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc6d\">reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>lre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>y refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et bu<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d or un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc6e\">Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y, </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc6f\">rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily o<span class=\"_ _1\"></span>n a So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, and I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc70\">eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y is<span class=\"_ gse8\"> </span>no<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ed a con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s abil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to pay di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s or exe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy. Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd an<span class=\"_ _1\"></span>d man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc71\">rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k at le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly to e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re it is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lse ws1b gsc72\">specific de<span class=\"_ _5\"></span>velopments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc73\">Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc74\">Ri<span class=\"_ _1\"></span>sk Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar 3 re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsc76\">Group capital resourc<span class=\"_ _5\"></span>es \u2013 unaudited<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc77\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to r<span class=\"_ _1\"></span>emo<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc78\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng to u<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gsc79\"><table class=\"s w709 h236\" id=\"_d6f1cb48-bf82-4329-b479-9b337a5c722f\"><tr><td></td><td class=\"c n x1de y666e w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y666e w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y666f w70a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Unaudited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17df y666f w70b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e0 y666f w70c h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w70d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Group'<span class=\"_ _5\"></span>s Eligible Own Funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e1 y5f17 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e2 y5f17 w13e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w70e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Rem<span class=\"_ _1\"></span>ove O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng to u<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e3 y5f4c w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2.0)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f4c w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2.0)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w711 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Group capital resour<span class=\"_ _0\"></span>ces<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e4 y5edc w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">8.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e5 y5edc w121 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8.4<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsc7a\">Reconciliation<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween IFRS equity and<span class=\"_ _5\"></span> estimated Eligible<span class=\"_ _5\"></span> O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _0\"></span>nds under<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>olvency UK </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc7b\">A reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he key d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le O<span class=\"_ _1\"></span>wn Fun<span class=\"_ _1\"></span>ds u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc7c\">sho<span class=\"_ _1\"></span>wn i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble:<span class=\"_ _37b\"> </span></div><div class=\"gsc7d\"><table class=\"s w712 h237\" id=\"_6e61547a-9b57-4e3b-b8c7-d11252891bf2\"><tr><td></td><td class=\"c n x1de y6670 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6670 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1075 y6671 w713 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e6 y6671 w70c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6160 w714 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal IFRS equity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e7 y6160 w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e8 y6160 w121 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6672 w715 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Deduct non-<span class=\"_ _1\"></span>controlling inter<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c9 y6672 w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y6672 w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(0.5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600d w716 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Deduct goodwill<span class=\"_ _1\"></span>, intangible asset<span class=\"_ _1\"></span>s and deferred<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>cquisition costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e9 y600d w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1.7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y600d w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1.9)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6042 w717 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Revaluation<span class=\"_ _5\"></span> of subordinated li<span class=\"_ _5\"></span>abilities</div><div class=\"t m0 x17ea h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y600f w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y600f w123 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ff8 w718 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f val<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ng te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is</div><div class=\"t m0 x17ed h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5ff8 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12.7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5ff8 w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11.6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fbf w719 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces</div><div class=\"t m0 x17ee h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5fbf w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1.5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5fbf w71a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w71b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s</div><div class=\"t m0 x17f0 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5fb1 w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f1 y5fb1 w71a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w71c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Excess of<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s over<span class=\"_ _5\"></span> liabilities under Solvency UK<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f2 y5ff9 w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10.5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f3 y5ff9 w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f93 w71d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Subordinated liabilities</div><div class=\"t m0 x17f4 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f93 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2.9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f93 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f77 w71e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ring<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fenced fund restrictions</div><div class=\"t m0 x17f5 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5f17 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5f17 w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2.5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f4c w71f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _5\"></span> availab<span class=\"_ _5\"></span>ility restri<span class=\"_ _5\"></span>ctions</div><div class=\"t m0 x17f6 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5edb w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5edb w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w720 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Group's<span class=\"_ _5\"></span> eligible own funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1298 y5edc w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1299 y5edc w415 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsc7e\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsc7f\">Reconciliation between<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>FRS total comprehensive<span class=\"_ _5\"></span> income and estimated<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>olvency II surplus<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc80\">A reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he key d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S tot<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>hen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y II </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc81\">sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus i<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>own i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble:<span class=\"_ _37b\"> </span></div><div class=\"gsc82\"><table class=\"s w721 h238\" id=\"_5cb498ab-7729-4ae8-b027-23907bb208fb\"><tr><td></td><td class=\"c n x1de y6673 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6673 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1075 y6674 w713 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e6 y6674 w70c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6675 w722 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">IFRS T<span class=\"_ _4\"></span>otal comprehensive<span class=\"_ _5\"></span> expense<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f7 y6675 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f8 y6675 w710 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1.0)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6676 w723 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f9 y6676 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17fa y6676 w710 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6677 w724 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Change in<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S equity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f7 y6677 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x952 y6677 w725 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">(1.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6678 w726 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of acqui<span class=\"_ _5\"></span>red in<span class=\"_ _1\"></span>-force intangibles<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17fb y6678 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb7 y6678 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6679 ff6 fs2 fc3 sc0 ls1c ws6\">Val<span class=\"_ _5\"></span>uation differences<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x17fd y667a w727 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y new b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s</div><div class=\"t m0 x17fc h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y667b w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y667b w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x17fd y667c w728 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce (S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is)</div><div class=\"t m0 x17fe h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y600d w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y600d w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.8<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x17fd y667d w729 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other</div><div class=\"t m0 x17ff h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y667d w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1800 y667d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y667e w72a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax</div><div class=\"t m0 x1801 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5f61 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5f61 w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y667f w2bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s</div><div class=\"t m0 x963 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f62 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f62 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f63 w72b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Subordinated liabilities</div><div class=\"t m0 x1802 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5fb1 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1803 y5fb1 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f64 w72c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ring<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fenced funds restrictions</div><div class=\"t m0 x1804 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5ff9 w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1805 y5ff9 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fa8 w71e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _5\"></span> availab<span class=\"_ _5\"></span>ility restri<span class=\"_ _5\"></span>ctions</div><div class=\"t m0 x17f5 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x798 y5f93 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1806 y5f93 w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w72d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f9 y5f77 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1807 y5f77 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f34 w72e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Change in Solvency Capit<span class=\"_ _1\"></span>al Requirements</div><div class=\"t m0 x1808 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f4c w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f4c w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x147a y5edc w72f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Solvency II surplus emergence<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1809 y5edc w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180a y5edc w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsc83\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Credit<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isk<span class=\"_ _37b\"> </span>Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or valu<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt of a cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of su<span class=\"_ _1\"></span>ch a co<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to a fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>.e. fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure to h<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r fai<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m in a ti<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er), wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er on o<span class=\"_ _1\"></span>r off ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results from direct inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment activit<span class=\"_ _1\"></span>ies, including investments in debt securities<span class=\"_ _1\"></span>, derivatives counterpart<span class=\"_ _1\"></span>ies, </span>coll<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">credit risk which results indirectly from activities undert<span class=\"_ _1\"></span>aken in<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e normal course of business. Such activit<span class=\"_ _1\"></span>ies include premium<span class=\"_ _5\"></span> </span>payment<span class=\"_ _1\"></span>s, out<span class=\"_ _1\"></span>sourcing contract<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reinsurance<span class=\"_ _5\"></span> agreement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, exposure from<span class=\"_ _5\"></span> mater<span class=\"_ _1\"></span>ial suppliers and the lending<span class=\"_ _5\"></span> of secur<span class=\"_ _1\"></span>ities.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a<span class=\"_ _1\"></span>ll fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r wit<span class=\"_ _1\"></span>h r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>ff bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et col<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e min<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d col<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k uni<span class=\"_ _1\"></span>t-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r on wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o whi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>ter a<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r is f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds ov<span class=\"_ _1\"></span>er gi<span class=\"_ _1\"></span>lt yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lev<span class=\"_ _1\"></span>el of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y, the va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p<span class=\"_ gse8\"> </span>ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es of co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>war<span class=\"_ _1\"></span>ds fa<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lly to s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s), no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p hol<span class=\"_ _1\"></span>ds \u00a320,<span class=\"_ _1\"></span>25<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>554 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ba<span class=\"_ _1\"></span>ck a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es in n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> to<span class=\"_ gse8\"> </span>cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>al es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d inf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f \u00a35<span class=\"_ _1\"></span>81 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>330 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th n<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e. Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y it is a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd u<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s rema<span class=\"_ _1\"></span>in u<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk h<span class=\"_ _1\"></span>eld w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span>A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ant a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax in r<span class=\"_ _1\"></span>esp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of a f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l yea<span class=\"_ _1\"></span>r of \u00a327 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>4 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n), an inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y of<span class=\"_ gse8\"> </span>\u00a31<span class=\"_ _4\"></span>41 milli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>41 mill<span class=\"_ _1\"></span>ion), an<span class=\"_ _1\"></span>d an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a37 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: a d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>A 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps n<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les h<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d no c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of a fu<span class=\"_ _1\"></span>ll fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial y<span class=\"_ _1\"></span>ear o<span class=\"_ _1\"></span>f \u00a37 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of \u00a342 milli<span class=\"_ _1\"></span>on), a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y of \u00a31<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>4 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _3\"></span>1<span class=\"_ _5\"></span>3 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), an<span class=\"_ _1\"></span>d a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM o<span class=\"_ _1\"></span>f \u00a38 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>Credit risk<span class=\"_ _5\"></span> is managed by<span class=\"_ _5\"></span> the monitoring of aggr<span class=\"_ _5\"></span>egate Group exposur<span class=\"_ _5\"></span>es to individual c<span class=\"_ _5\"></span>ounterpart<span class=\"_ _1\"></span>ies and b<span class=\"_ _5\"></span>y appropriate credit<span class=\"_ _5\"></span> risk di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng by in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, cred<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y). The<span class=\"_ gse8\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>vel of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k it ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s through an<span class=\"_ _5\"></span> est<span class=\"_ _1\"></span>ablished Group<span class=\"_ _5\"></span> Credit Limit and C<span class=\"_ _5\"></span>ounterpar<span class=\"_ _1\"></span>ty Framework that<span class=\"_ _5\"></span> includes the use of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>redit risk<span class=\"_ _5\"></span> tolerances and<span class=\"_ _5\"></span> limit<span class=\"_ _1\"></span>s. Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t out v<span class=\"_ _1\"></span>ia sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>n der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies l<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e of co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te ha<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Credit quality of assets<span class=\"_ _37b\"> </span>An i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e following<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>able pro<span class=\"_ _5\"></span>vides information regardi<span class=\"_ _5\"></span>ng the aggregate cr<span class=\"_ _5\"></span>edit exposure split<span class=\"_ _5\"></span> by credit<span class=\"_ _5\"></span> rat<span class=\"_ _1\"></span>ing.<span class=\"_ _37b\"> </span><table class=\"s w2de h1e9\" id=\"_50b9ed7c-51e5-4474-ab0f-2425049b74ab\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ee hd y6184 ff2 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td class=\"t m0 x32b hd y6184 ff2 fs6 fc3 sc0 ls6a ws6b\">Unit-<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td></td><td class=\"c n x9c4 y6185 w2df h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c5 y6185 w2e0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls189 ws1a3\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c6 y6185 we1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c7 y6185 w2e1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsd9 wsdb\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x771 y6185 w2e2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6b ws6c\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c8 y6185 w2e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c9 y6185 w2e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc7 wsf5\">linked<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ca y6185 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6186 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cb y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cc y6186 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cd y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ce y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x243 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9cf y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d0 y6186 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d1 y6186 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f62 w1e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x311 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d2 y5f62 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d3 y5f62 w2e6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y5f62 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d6 y5f62 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">234<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2db y5f62 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d7 y5f62 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f63 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d8 y5f63 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d9 y5f63 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,174<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9da y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,776<span class=\"_ _37b\"> </span></div></td><td class=\"c n x386 y5f63 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9db y5f63 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dc y5f63 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9dd y5f63 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9de y5f63 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,243<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f64 w2e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y600c ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8e1 y5ed8 w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">34,670<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5ed8 w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23,282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">10,505<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e5 y5ed8 w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,528<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e6 y5ed8 w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">99,681<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6187 w9d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e7 y6187 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e8 y6187 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,803<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e9 y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,005<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d4 y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d5 y6187 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ea y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x39b y6187 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9eb y6187 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,808<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w2e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurers\u2019 share<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f investment c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ec y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ed y5f65 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x34b y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ee y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9ef y5f65 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f0 y5f65 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f1 y5f65 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f2 y5f65 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f3 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f4 y5f34 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">636<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f5 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,253<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f6 y5f34 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f7 y5f34 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f8 y5f34 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f9 y5f34 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,351<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fa y5f34 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,302<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8e1 y5edc w11a h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">6,235<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e0 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">41,284<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e1 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">31,326<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e2 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16,493<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e3 y5edc w67 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,996<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9e4 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">11,044<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fb y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">19,558<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9fc y5edc wa8 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">127,936<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>ve c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f cr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. \u00a35<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,897mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>853 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>B an<span class=\"_ _1\"></span>d \u00a31<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as \u2018n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,95<span class=\"_ _1\"></span>7 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w2e9 h1ea\" id=\"_a64c3953-428d-4e42-8386-0d431862b19b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9fd hd y6188 ff12 fs6 fc3 sc0 ls10b ws115\">Less </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 x9fe hd y6189 ff12 fs6 fc3 sc0 lsbe wsc5\">amounts </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 x290 hd y618a ff13 fs6 fc3 sc0 ls6c ws6d\">classifie<span class=\"_ _1\"></span>d </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x9ff hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">BB a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d </td><td></td><td></td><td></td><td class=\"t m0 xa00 hd y618b ff12 fs6 fc3 sc0 ls9 ws0\">as h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td class=\"c n xa01 y612f w2ea h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AAA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa02 y612f w2eb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls18a ws1a4\">AA<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa03 y612f w2ec h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">A<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa04 y612f w2ed h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls102 ws10e\">BBB<span class=\"_ _37b\"> </span></div></td><td class=\"c n x601 y612f w2ee h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls7c ws7d\">below<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa05 y612f w2ef h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Non<span class=\"_ _1\"></span>-rated<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa06 y612f w2f0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbe wsc5\">Unit<span class=\"_ _5\"></span>-l<span class=\"_ _1\"></span>inked<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa07 y612f we0 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa08 y612f w2f1 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">sale<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa09 y612f w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6131 w155 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0a y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0b y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0c y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0d y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0e y6131 w2f3 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa0f y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa10 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa11 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa12 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa13 y6131 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y618c w1e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa14 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa15 y618c w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ba y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2d9 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa16 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa17 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa18 y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa19 y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1a y618c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1b y618c w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">261<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6103 w1e8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1c y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1d y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,536<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1e y6103 wdd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">662<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa1f y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa20 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa21 y6103 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">335<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa22 y6103 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa24 y6103 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa25 y6103 w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,600<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6104 w2e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities</div><div class=\"t m0 x9df h11 y5fd3 ff3 fs8 fc3 sc0 lsf8 ws105\">1,<span class=\"_ _1\"></span>2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa26 y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">32,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17,752<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5fac w287 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14,967<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2c y5fac w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,772<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2d y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">89,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2e y5fac w53 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(979)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2f y5fac w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">88,322<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f49 w9d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa30 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa31 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa32 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,056<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa33 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa34 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa35 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa36 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa37 y5f49 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td><td class=\"c n x381 y5f49 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x993 y5f49 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y618d ff3 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </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 x1e3 y5f77 w2f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">contract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x317 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x394 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x395 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x396 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x397 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa38 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa39 y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3a y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3b y5f77 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3c y5f77 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,265<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3d y5f4c wce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3e y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,453<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa3f y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,820<span class=\"_ _37b\"> </span></div></td><td class=\"c n x35d y5f4c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa40 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa41 y5f4c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa42 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,130<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa43 y5f4c w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">9,453<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xa26 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,330<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa27 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">39,014<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa28 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26,290<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa29 y5edc w287 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15,092<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2a y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa2b y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,665<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa45 y5edc w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18,223<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa46 y5edc w9c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">116,132<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa47 y5edc w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,044)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa48 y5edc wb6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">115,088<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>F<span class=\"_ _1\"></span>or fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot h<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e in m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>. \u00a355 mi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a386<span class=\"_ _1\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, \u00a31,837 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _1\"></span>, \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>6 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f BB<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>240 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of B<span class=\"_ _1\"></span>B a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>f a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et is<span class=\"_ _1\"></span> ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y an e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y no<span class=\"_ _1\"></span>r i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>t is c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s \u2018n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d\u2019.<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>N<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>th a v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a34,795 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>3) a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er is n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>s rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>der c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ma<span class=\"_ _1\"></span>y be ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d lin<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g deb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span>s is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s bui<span class=\"_ _1\"></span>lt i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t man<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e veh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o. T<span class=\"_ _1\"></span>his e<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and to<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>re cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s all l<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>phi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span> is<span class=\"_ gse8\"> </span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by a va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y of fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h mar<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. All c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lor<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d upd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly. The Group operat<span class=\"_ _5\"></span>es an A<span class=\"_ _1\"></span>sset Management<span class=\"_ _5\"></span> R<span class=\"_ _1\"></span>isk Commi<span class=\"_ _5\"></span>ttee, a Rating<span class=\"_ _5\"></span> Committee and a<span class=\"_ _5\"></span> Port<span class=\"_ _1\"></span>folio Cred<span class=\"_ _5\"></span>it Committee to<span class=\"_ _5\"></span> monitor and con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs f<span class=\"_ _1\"></span>or ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s. A v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o val<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t have a p<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m an e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>rs (<span class=\"_ _1\"></span>wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>ing C<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le). Inst<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>d, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed by f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd managers<span class=\"_ _1\"></span>, or for<span class=\"_ _5\"></span> cert<span class=\"_ _1\"></span>ain asset<span class=\"_ _1\"></span>s (in particul<span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>, illiquid assets<span class=\"_ _1\"></span>, including internal securitised loan notes securitising holdings in<span class=\"_ _5\"></span> equit<span class=\"_ _1\"></span>y release<span class=\"_ _5\"></span> mor<span class=\"_ _1\"></span>tgages<span class=\"_ _5\"></span>) are determined<span class=\"_ _5\"></span> by the Life C<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>anies. The Committ<span class=\"_ _5\"></span>ees review the policies, pr<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>cesses and practices<span class=\"_ _5\"></span> to ensure<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ll cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of it<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly, t<span class=\"_ _1\"></span>he key c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er portfolio continues to be the increased<span class=\"_ _5\"></span> investm<span class=\"_ _1\"></span>ent in illiquid<span class=\"_ _5\"></span> credit asset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, including Commercial<span class=\"_ _5\"></span> Real Est<span class=\"_ _1\"></span>ate Loans (\u2018CREL<span class=\"_ _3\"></span>\u2019<span class=\"_ _1\"></span>), Local Aut<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Loa<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>sk T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>RT<span class=\"_ _1\"></span>\u2019<span class=\"_ _2\"></span>) tra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>im o<span class=\"_ _1\"></span>f ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ing g<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ter d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d Ris<span class=\"_ _1\"></span>k A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ved by t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>. A r<span class=\"_ _1\"></span>ise i<span class=\"_ _1\"></span>n gi<span class=\"_ _1\"></span>lt y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io ha<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gi<span class=\"_ _1\"></span>lt ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re, con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce. A f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pas<span class=\"_ _1\"></span>t du<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. A<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er pa<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ue n<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Add<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 330 an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mar<span class=\"_ _1\"></span>ket ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>bt p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>PL<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et-<span class=\"_ _37b\"> </span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ra<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ris<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> at F<span class=\"_ _2\"></span>V<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>L is no<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red to b<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Concentration<span class=\"_ _5\"></span> of credit risk<span class=\"_ _37b\"> </span>Con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mig<span class=\"_ _1\"></span>ht ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p or i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s has s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to an in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y or a gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th s<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ gse8\"> </span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t wou<span class=\"_ _1\"></span>ld c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to b<span class=\"_ _1\"></span>e si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s mo<span class=\"_ _1\"></span>st of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n it<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit a<span class=\"_ _1\"></span>nd C<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is g<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up Cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y. Co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r in in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s, o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y requirements and the monitoring of aggregate c<span class=\"_ _5\"></span>ounter<span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>y exposures across the Group against<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>dditional Group counterpart<span class=\"_ _1\"></span>y limit<span class=\"_ _1\"></span>s. Counterpart<span class=\"_ _1\"></span>y risk in respect of ov<span class=\"_ _5\"></span>er-the<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>counter derivative counterparties is monitored<span class=\"_ _5\"></span> using a Potential Future<span class=\"_ _5\"></span> E<span class=\"_ _1\"></span>xposure (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) val<span class=\"_ _1\"></span>ue m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a<span class=\"_ gse8\"> </span>pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rcer s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce counterparty exposures and<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e impact fr<span class=\"_ _5\"></span>om default is<span class=\"_ _5\"></span> reviewed regularly b<span class=\"_ _5\"></span>y executive c<span class=\"_ _5\"></span>ommittees and measur<span class=\"_ _5\"></span>ed through stress and scenario<span class=\"_ _5\"></span> testing.<span class=\"_ _37b\"> </span>Reinsurance<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk as a r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y is to p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce reinsurance only<span class=\"_ _5\"></span> wit<span class=\"_ _1\"></span>h highly<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>ted counterparties<span class=\"_ _1\"></span>. The Group restricts concentration with individual external reinsure<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s by specif<span class=\"_ _1\"></span>ying limit<span class=\"_ _1\"></span>s on c<span class=\"_ _0\"></span>eding and minimum<span class=\"_ _5\"></span> condit<span class=\"_ _1\"></span>ions for<span class=\"_ _0\"></span> acceptance and retention<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>f reinsur<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>s. The Group has made progress in<span class=\"_ _5\"></span> increasing the num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, an elem<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t and the r<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ricted range of<span class=\"_ _5\"></span> reinsurers av<span class=\"_ _5\"></span>ailable. The Group<span class=\"_ _5\"></span> manages it<span class=\"_ _1\"></span>s exposur<span class=\"_ _5\"></span>e to reins<span class=\"_ _5\"></span>urance credit risk<span class=\"_ _5\"></span> through the operation of<span class=\"_ _5\"></span> a credit<span class=\"_ _5\"></span> polic<span class=\"_ _1\"></span>y, c<span class=\"_ _5\"></span>ollateralisation, and regular monit<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ing of<span class=\"_ _5\"></span> exposures at the R<span class=\"_ _5\"></span>einsurance Management<span class=\"_ _5\"></span> Committee and other<span class=\"_ _5\"></span> credit focused comm<span class=\"_ _5\"></span>ittees<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Collateral<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, in ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, by e<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>n an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y. Guid<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he acceptability of types of collater<span class=\"_ _5\"></span>al and the valuation<span class=\"_ _5\"></span> parameters<span class=\"_ _1\"></span>. Collateral<span class=\"_ _5\"></span> is mainly obtained in<span class=\"_ _5\"></span> respect of re<span class=\"_ _5\"></span>insurance, O<span class=\"_ _5\"></span>TC derivatives and securities l<span class=\"_ _5\"></span>ending activit<span class=\"_ _1\"></span>y.<span class=\"_ _0\"></span> Management moni<span class=\"_ _0\"></span>tors the mark<span class=\"_ _5\"></span>et value of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral rec<span class=\"_ _5\"></span>eived, requests additional coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n nee<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, and p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hen i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E4 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er information on<span class=\"_ _5\"></span> collateral arrangements<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "E6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>2 M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>Ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f los<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l sit<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly or i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly, fro<span class=\"_ _1\"></span>m fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ gse8\"> </span>i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el an<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s of as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ri<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es fro<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y, prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d currency exchange<span class=\"_ _5\"></span> rates<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mis<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld to m<span class=\"_ _1\"></span>eet re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y requ<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s yet to b<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </span>fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e flow of m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f a ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s and techniques including:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d/or a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o li<span class=\"_ _1\"></span>mit<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">s<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y mod<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve us<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s to im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rove t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re </span>of<span class=\"_ gse8\"> </span>a<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r mai<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s and m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>All operations<span class=\"_ _5\"></span> comply with regulatory requiremen<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>s relating to the<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>aking of mark<span class=\"_ _5\"></span>et risk.<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>k<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>s a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r are h<span class=\"_ _1\"></span>eld to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. A co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ gse8\"> </span>li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s by na<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ph<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g are u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t to re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k am<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are<span class=\"_ _1\"></span> ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>bo<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hy, cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e econ<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mic l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and h<span class=\"_ _1\"></span>ow th<span class=\"_ _1\"></span>is va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e nee<span class=\"_ _1\"></span>d to inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n a man<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r cons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le </span>exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s and P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ice, a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s as a co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, i<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>eir b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>f<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y be u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s ret<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ial t<span class=\"_ _1\"></span>o be vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ile p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en ge<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th e<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of reg<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>fli<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ist p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ab<span class=\"_ _1\"></span>le to re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e to gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge dis<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ore d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il is c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic Re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t-b<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d und<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>hs in t<span class=\"_ _1\"></span>his s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply to i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, but r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces to fixe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld be r<span class=\"_ _1\"></span>epl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d any a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le an<span class=\"_ _1\"></span>d by ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ily b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ai<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f (i<span class=\"_ _1\"></span>) e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>g eno<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h to ho<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>ur g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to s<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ii<span class=\"_ _1\"></span>) to o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs ma<span class=\"_ _1\"></span>de to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s as w<span class=\"_ _1\"></span>ell a<span class=\"_ _1\"></span>s leg<span class=\"_ _1\"></span>al an<span class=\"_ _1\"></span>d reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate m<span class=\"_ _1\"></span>ix of fi<span class=\"_ _1\"></span>xed a<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le ra<span class=\"_ _1\"></span>te ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s acco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew t<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>gul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>ter<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s to en<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is kept w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o req<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>file o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> to be m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ind<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes h<span class=\"_ _1\"></span>ow ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s of a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>tes a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>, eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in ma<span class=\"_ _1\"></span>rket i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n all a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s are ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk as g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de fi<span class=\"_ _1\"></span>xed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r uns<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom m<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed or r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of un<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7 are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ked by s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue of c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ad<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span> In the non-<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipat<span class=\"_ _1\"></span>ing funds, polic<span class=\"_ _1\"></span>y liabilities\u2019 sensitivit<span class=\"_ _1\"></span>y to interest<span class=\"_ _5\"></span> ra<span class=\"_ _1\"></span>tes are<span class=\"_ _5\"></span> matc<span class=\"_ _1\"></span>hed primarily with debt securities and hedging if ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y to m<span class=\"_ _1\"></span>atc<span class=\"_ _1\"></span>h du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es is v<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y low. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s exp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s on a<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S bas<span class=\"_ _1\"></span>is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y to pro<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p is exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ma<span class=\"_ _1\"></span>y pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be pa<span class=\"_ _1\"></span>id ta<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>vel o<span class=\"_ _1\"></span>f exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ied i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s cos<span class=\"_ _1\"></span>t bas<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _2\"></span>s to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e AL<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked gi<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge in r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me st<span class=\"_ _1\"></span>ep on t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e she<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>ate.<span class=\"_ gse8\"> </span> T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e as a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w12f h1eb\" id=\"_6dd92099-11dd-4c7f-8d04-7000dd8eaba4\"><tr><td></td><td></td><td></td><td class=\"c n x6db y618e w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y618e w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y618f ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y618f ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y6190 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y6190 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y6190 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y6190 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x28c hd y6191 ff12 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e in </td><td class=\"t m0 xa4d hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y6192 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y6192 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y6192 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y6192 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y6192 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x866 hd y6193 ff12 fs6 fc3 sc0 lsbe wsc5\">interest rate<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y6194 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y6194 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y6194 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y6194 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6195 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y6195 w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa57 y6195 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa58 y6195 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,877<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa59 y6195 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5a y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5b y6195 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,717<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5c y6195 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6196 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y6196 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5e y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5f y6196 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa60 y6196 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa61 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa62 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,097<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa63 y6196 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6197 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6198 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y6198 w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y6198 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y6198 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,167)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y6198 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y6198 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y6198 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,991)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y6198 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6199 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619a w2fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619a w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6c y619a w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6d y619a w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,974)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6e y619a w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6f y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa70 y619a w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,095)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa71 y619a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w2fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa72 y619b w2f6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa73 y619b w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa74 y619b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(182)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa75 y619b w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa76 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa77 y619b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(168)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa78 y619b we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619c w2f8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7b y619c w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7c y619c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7e y619c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">127<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y619c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w2fc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y619d w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(472)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y619d w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa82 y619d w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa83 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(440)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa84 y619d w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(313)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa85 y619d w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619e w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y619e w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa87 y619e w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa88 y619e w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,355)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y619e w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8a y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y619e w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4,493)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8b y619e w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8c w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f8c w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8d y5f8c w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8e y5f8c w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,191)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8f y5f8c wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa90 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa91 y5f8c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,431)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa92 y5f8c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y619f ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6104 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y6104 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa94 y6104 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa95 y6104 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,716<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa96 y6104 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa97 y6104 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa98 y6104 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,885<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa99 y6104 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61a0 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f93 w2fd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y5f93 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y5f93 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9c y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9d y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9e y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,428<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f93 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w2fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa0 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa1 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa2 y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">182<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa3 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa4 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa5 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa6 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa9 y5f4c w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(137)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaa y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaab y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaac y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(155)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9f y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fe h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xaad y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">543<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaae y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">406<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaaf y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab0 y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">558<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">403<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h ti<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>tep o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cur<span class=\"_ _2\"></span>ve, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n the risk-free interest rate<span class=\"_ _5\"></span> cur<span class=\"_ _2\"></span>ve.<span class=\"_ _5\"></span> T<span class=\"_ _1\"></span>he illiquidity premium used in the measur<span class=\"_ _5\"></span>ement of insurance contracts<span class=\"_ _1\"></span>, and associated reinsurance con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>ee in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>lin<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s included within the refer<span class=\"_ _5\"></span>ence port<span class=\"_ _1\"></span>folio used to<span class=\"_ _5\"></span> deter<span class=\"_ _1\"></span>mine the illiquidity premium.<span class=\"_ _37b\"> </span><table class=\"s w12c h1ec\" id=\"_e0474467-1b12-430f-b6e6-8fa0448112a2\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61a1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61a1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61a2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61a2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x608 hd y61a3 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61a3 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61a3 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61a3 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61a4 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4d hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61a5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61a5 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61a5 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61a5 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61a5 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8e6 hd y61a6 ffa fs6 fc3 sc0 lsbd wsc4\">inflation<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa56 y61a8 w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab3 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab4 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab5 y61a8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab6 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab7 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,184)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x463 y61a8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a9 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa5d y61a9 w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab8 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xab9 y61a9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaba y61a9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabb y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y61a9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabd y61a9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61aa ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa64 y61ab w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabf y61ab w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,775<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y61ab w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac1 y61ab wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac2 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,673<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d1 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ac ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y619c w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6b y619c w2f6 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac3 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n x454 y619c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac4 y619c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac5 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac6 y619c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac7 y619c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>bility<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa79 y619d w2f8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac8 y619d w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac9 y619d wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaca y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacb y619d w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(114)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacc y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y61ad wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">417<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y61ad w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y61ad w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">489<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y61ad w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">375<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y61ad w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y61ae w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9a y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa9b y61ae w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad3 y61ae w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad4 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad5 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,137<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad6 y61ae w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f48 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa8c y5f48 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad7 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5f48 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad8 y5f48 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad9 y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xada y5f48 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y5f48 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61af ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa93 y5f49 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadc y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadd y5f49 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,491)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5f49 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadf y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae0 y5f49 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,393)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae1 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b0 ff6 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w2fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span> contract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa86 y5f77 w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae2 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae3 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae4 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae5 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae6 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae7 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wb2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>abilit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa7 y5f4c w2fd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-100bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa8 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae8 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaea y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaeb y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaec y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(292)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y5edc w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(199)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(256)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr></table>Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es (or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y) o<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch cou<span class=\"_ _1\"></span>ld re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s or s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>his co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ext<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> to incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de shares, equ<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>y derivatives, equit<span class=\"_ _1\"></span>y coll<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ives and<span class=\"_ _0\"></span> unlisted<span class=\"_ _5\"></span> equities<span class=\"_ _1\"></span>. Property asset<span class=\"_ _1\"></span>s include dir<span class=\"_ _5\"></span>ect propert<span class=\"_ _1\"></span>y inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment, shares<span class=\"_ _0\"></span> in property companies, property collectives<span class=\"_ _5\"></span> and structured property asset<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o of ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e ha<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e in ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is to ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns by<span class=\"_ _1\"></span> investing<span class=\"_ _5\"></span> in a diverse portfolio of<span class=\"_ _5\"></span> equities and properties. Portfolio characteristics are<span class=\"_ _5\"></span> analysed regularly,<span class=\"_ _5\"></span> and price risks are actively<span class=\"_ _5\"></span> man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in an<span class=\"_ _1\"></span>y one<span class=\"_ _1\"></span> company<span class=\"_ _5\"></span> or industr<span class=\"_ _1\"></span>y are limit<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y bo<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held in w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, uni<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s or eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne by p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> uni<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d he<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y valu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll be i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd he<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so ha<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>ddi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>rom e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es is b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he ai<span class=\"_ _1\"></span>m of a<span class=\"_ _1\"></span>chi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ved b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up as a w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e flow o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f all f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>; th<span class=\"_ _1\"></span>is is pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he us<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te for<span class=\"_ _1\"></span> eac<span class=\"_ _1\"></span>h o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s life f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g ad<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d Co<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er Du<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ely a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>M fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r phy<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ gse8\"> </span>rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>ere ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s he<span class=\"_ _1\"></span>dgi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h resu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s in an ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t on an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y anal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis fo<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k illu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s how a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f eq<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>akes i<span class=\"_ _1\"></span>nto a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y and p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s on al<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>nd in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>% cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s at th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>eet d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ gse8\"> </span>Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ gse8\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span><table class=\"s w300 h1ed\" id=\"_f97f4395-e0a3-4e83-8f8b-5b3b9d4277b3\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61b1 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61b1 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61b2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61b2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61b3 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61b4 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61b4 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61b4 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61b4 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x428 hd y61b5 ff2 fs6 fc3 sc0 lsbd wsc4\">equity </td><td class=\"t m0 xa4d hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61b6 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61b6 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61b6 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61b6 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61b6 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61b7 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61a7 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61a7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61a7 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61a7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61a8 w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61a8 w301 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf2 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf3 y61a8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf4 y61a8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf5 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf6 y61a8 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61a8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61b8 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61b8 w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf8 y61b8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf9 y61b8 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,993)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafa y61b8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafb y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y61b8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61b8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61b9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ab w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ab w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafe y61ab w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaff y61ab w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,623<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb00 y61ab wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb01 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb02 y61ab w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,293<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb03 y61ab we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61ba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61bb w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61bb w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb04 y61bb w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb05 y61bb w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">9,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae9 y61bb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb06 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb07 y61bb w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb08 y61bb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb09 y619d w302 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0a y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0b y619d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0c y619d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0d y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0e y619d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(209)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb0f y619d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w2fc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal (decrease<span class=\"_ _5\"></span>)/increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xa80 y61ad w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa81 y61ad w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(259)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaed y61ad w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaee y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaef y61ad w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf0 y61ad w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ae w2f5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y61ae w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb11 y61ae w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb12 y61ae w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,571<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb13 y61ae w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb14 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb15 y61ae w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,274<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb16 y61ae w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bc w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61bc w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb18 y61bc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb19 y61bc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10,071<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1a y61bc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1b y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1c y61bc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">8,301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1d y61bc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61bd ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f49 w2f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f49 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1f y5f49 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb20 y5f49 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,653)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb21 y5f49 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb22 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb23 y5f49 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,328)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f49 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61be ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f17 w2f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5f17 w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa65 y5f17 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa66 y5f17 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,955)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa67 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa68 y5f17 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y5f17 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6a y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w303 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s subj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y5f4c w304 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb25 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb26 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">220<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb28 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb29 y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb24 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w2ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">T<span class=\"_ _4\"></span>otal increase/(<span class=\"_ _5\"></span>decrease<span class=\"ff3 ls9 ws0\">)<span class=\"_ _37b\"> </span></span></div></td><td></td><td class=\"c n xacd y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xace y5edc w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacf y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad0 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad1 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s a 1<span class=\"_ _0\"></span>0% c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>m us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, is a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct of p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>elea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o.<span class=\"_ _37b\"> </span><table class=\"s w305 h1ee\" id=\"_aca553ee-3b7b-45b8-ba82-d66b96c01246\"><tr><td></td><td></td><td></td><td class=\"c n x6db y61bf w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xa49 y61bf w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa4a hd y61c0 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td></td><td></td><td class=\"t m0 xa4b hd y61c0 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y61c1 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n </td><td class=\"t m0 x608 hd y61c2 ffa fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r </td><td class=\"t m0 x425 hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 x44b hd y61c2 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n </td><td class=\"t m0 xa4c hd y61c2 ff13 fs6 fc3 sc0 ls9 ws0\">pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td class=\"t m0 x469 hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td><td class=\"t m0 x84b hd y61c2 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on </td></tr><tr><td></td><td class=\"t m0 x8e3 hd y61c3 ff2 fs6 fc3 sc0 lsbd wsc4\">property </td><td class=\"t m0 xa4d hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4e hd y61c4 ff2 fs6 fc3 sc0 lsbd wsc4\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y61c4 ff2 fs6 fc3 sc0 lsd9 wsdb\">CSM<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y61c4 ff12 fs6 fc3 sc0 ls18b ws1a5\">tax<span class=\"_ _37b\"> </span></td><td class=\"t m0 x289 hd y61c4 ff12 fs6 fc3 sc0 lsbe wsc5\">equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xa4f hd y61c4 ff12 fs6 fc3 sc0 lsd8 wsda\">CSM<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x44d hd y61c5 ff2 fs6 fc3 sc0 lsc8 wscb\">prices<span class=\"_ _37b\"> </span></td><td class=\"c n xa50 y61c6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa51 y61c6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa52 y61c6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa53 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa54 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa55 y61c6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c7 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf1 y61c7 w301 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2a y61c7 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2b y61c7 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa89 y61c7 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2c y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2d y61c7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(121)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2e y61c7 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61c8 w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61c8 w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb2f y61c8 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb30 y61c8 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(297)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb31 y61c8 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb32 y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7be y61c8 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(291)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb33 y61c8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61c9 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61ca w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafd y61ca w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb34 y61ca wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb35 y61ca w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">209<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb36 y61ca wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb37 y61ca w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb38 y61ca w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n xafc y61ca we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cb ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61cc w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaf7 y61cc w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb39 y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y61cc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3a y61cc w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y61cc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">291<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3d y61cc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61cd w306 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal increase<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb3e y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3f y61cd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb40 y61cd w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb41 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb42 y61cd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb43 y61cd w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6079 w2f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls39 ws6\">Insurance<span class=\"_ _5\"></span> contract and reins<span class=\"_ _5\"></span>urance contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb10 y6079 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb44 y6079 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb45 y6079 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">136<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb46 y6079 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3b y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y6079 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb47 y6079 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ce w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y61ce w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb48 y61ce wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb49 y61ce w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">300<span class=\"_ _37b\"> </span></div></td><td class=\"c n x368 y61ce w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4a y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4b y61ce w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">296<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y61ce we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61cf ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61d0 w2f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">insurance<span class=\"_ _5\"></span> and reinsurance<span class=\"_ _5\"></span> contract balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1e y61d0 w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4c y61d0 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4d y61d0 w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(229)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y61d0 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4f y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb50 y61d0 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb51 y61d0 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61d1 ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w2f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract without DPF balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb17 y5eee w304 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb52 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb53 y5eee w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb54 y5eee wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb55 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb56 y5eee w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(296)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb57 y5eee we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w307 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal decrease<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xb58 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb59 y5eef w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5a y5eef wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5b y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5c y5eef w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y5eef w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s is p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _37b\"> </span>Cur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cou<span class=\"_ _1\"></span>ld le<span class=\"_ _1\"></span>ad to r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t in l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>n Ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>many a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Rep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c of<span class=\"_ _1\"></span> Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n in<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ic o<span class=\"_ _1\"></span>f Irel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s prin<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t in st<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s are g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y held i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y den<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re, any<span class=\"_ _1\"></span> fore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h is l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ely m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y, the f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>is b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nto s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s finan<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y den<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>s it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he mai<span class=\"_ _1\"></span>n for<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>eno<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h insurance<span class=\"_ _5\"></span> and investment li<span class=\"_ _5\"></span>abilities are expected<span class=\"_ _5\"></span> to be settled and,<span class=\"_ _5\"></span> indirectly<span class=\"_ _0\"></span>, from<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he non-<span class=\"_ _1\"></span>UK earnings of UK<span class=\"_ _5\"></span> companies.<span class=\"_ _37b\"> </span>Bo<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s and n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e to ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is n<span class=\"_ _1\"></span>ot dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven b<span class=\"_ _1\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e is to red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ce over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk w<span class=\"_ _1\"></span>hil<span class=\"_ _2\"></span>st max<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s by di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re is li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd managed through<span class=\"_ _5\"></span> investment mandates<span class=\"_ _5\"></span> which are sub<span class=\"_ _5\"></span>ject to the ov<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>sight of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he inves<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ment commi<span class=\"_ _0\"></span>ttees of<span class=\"_ _5\"></span> th<span class=\"_ _1\"></span>e Boards<span class=\"_ _5\"></span> of each ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y, and in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 reas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d PP<span class=\"_ _1\"></span>FM<span class=\"_ _1\"></span>. Flu<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in e<span class=\"_ _1\"></span>xcha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch we<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in ord<span class=\"_ _1\"></span>er to e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow hedges of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _5\"></span>\u2019s E<span class=\"_ _0\"></span>uro and<span class=\"_ _5\"></span> US Dollar denominated<span class=\"_ _5\"></span> borrowings. E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Financial soundness risk<span class=\"_ _37b\"> </span>Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk is a b<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y enc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Capital management risk<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to a<span class=\"_ gse8\"> </span>fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et al<span class=\"_ _1\"></span>l reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te I3.<span class=\"_ _37b\"> </span>Ta<span class=\"_ _2\"></span>x<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>k<span class=\"_ _37b\"> </span>T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>gh fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to an u<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>ax cos<span class=\"_ _1\"></span>t, o<span class=\"_ _1\"></span>r by t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _5\"></span>ax r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, or o<span class=\"_ _1\"></span>ne o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng a ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al er<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>r in it<span class=\"_ _2\"></span>s ta<span class=\"_ _1\"></span>x rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>lure t<span class=\"_ _1\"></span>o imp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>n a comm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on; a<span class=\"_ _1\"></span>nd </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">incorrect operation of<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicyholder tax requirements.<span class=\"_ _37b\"> </span></span>T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed by m<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ely<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ffed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x tea<span class=\"_ _1\"></span>m wh<span class=\"_ _1\"></span>o have t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o make jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, au<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ad<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x r<span class=\"_ _1\"></span>isk po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out it<span class=\"_ _2\"></span>s ris<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, and w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol<span class=\"_ _2\"></span>s the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s in pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.4 Strategic risk<span class=\"_ _37b\"> </span>Strategic risks threaten<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he achieveme<span class=\"_ _5\"></span>nt of the Group s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rategy through<span class=\"_ _5\"></span> poor strategic decision-<span class=\"_ _1\"></span>making, implementation or<span class=\"_ _5\"></span> response to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>irc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at co<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h it e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s stra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an ar<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o exte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d pre<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t or im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>y;<span class=\"_ _1\"></span> eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to how t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n are exe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d; an<span class=\"_ _1\"></span>d even<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e as a con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y ch<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f st<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s is an i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ri<span class=\"_ _1\"></span>sk sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>uld b<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>l wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Ri<span class=\"_ _1\"></span>sk U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Group\u2019<span class=\"_ _5\"></span>s strategy<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>A St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Ri<span class=\"_ _1\"></span>sk Po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly, wi<span class=\"_ _1\"></span>th a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>akeh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> management, corporate<span class=\"_ _5\"></span> act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y and o<span class=\"_ _5\"></span>verall reporting against<span class=\"_ _5\"></span> the Group\u2019<span class=\"_ _5\"></span>s strategic ambitions.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5 Operational<span class=\"_ _0\"></span> risk<span class=\"_ _37b\"> </span>Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or val<span class=\"_ _1\"></span>ue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or rep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, fro<span class=\"_ _1\"></span>m ina<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>e or fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or fr<span class=\"_ _1\"></span>om p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d or ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es du<span class=\"_ _1\"></span>e to fa<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s in on<span class=\"_ _1\"></span>e or m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g as<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of o<span class=\"_ _1\"></span>ur bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or o<span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>eat<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>idu<span class=\"_ _1\"></span>al<span class=\"_ _2\"></span>s or gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s or c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>l ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, or o<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h are<span class=\"_ _1\"></span> </span>no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s cont<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">negligence, m<span class=\"_ _5\"></span>alpra<span class=\"_ _1\"></span>ctice or<span class=\"_ _5\"></span> failure of<span class=\"_ _5\"></span> employees to<span class=\"_ _0\"></span> follow<span class=\"_ _5\"></span> good practice in del<span class=\"_ _5\"></span>i<span class=\"_ _1\"></span>vering operational<span class=\"_ _5\"></span> processes and practices. </span>It is a<span class=\"_ _1\"></span>ccep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s nei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e, app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te no<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>l op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s as op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is i<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n any o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nvi<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p operates. As such the Group wil<span class=\"_ _5\"></span>l tolerate a<span class=\"_ _5\"></span> degree of operational<span class=\"_ _5\"></span> risk subject to<span class=\"_ _5\"></span> appropriate and pr<span class=\"_ _5\"></span>op<span class=\"_ _1\"></span>ortionate leve<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>s of control<span class=\"_ _5\"></span> aro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t and r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. A set o<span class=\"_ _1\"></span>f op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e nat<span class=\"_ _1\"></span>ure o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d key con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce to m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>E6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.6 Customer<span class=\"_ _5\"></span> risk<span class=\"_ _37b\"> </span>Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e, repu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d/or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e or po<span class=\"_ _1\"></span>or c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce). It c<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er O<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at o<span class=\"_ _1\"></span>ur d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns or b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ind<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>dua<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y or co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n a fa<span class=\"_ _1\"></span>ilu<span class=\"_ _1\"></span>re to a<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver </span>good outcomes<span class=\"_ _5\"></span> for our custome<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th a C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d a Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ap<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>o foc<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n achieving good cus<span class=\"_ _0\"></span>tomer outc<span class=\"_ _5\"></span>omes in accor<span class=\"_ _5\"></span>dance with Consumer<span class=\"_ _5\"></span> Dut<span class=\"_ _1\"></span>y regulatory requirements. The behaviours and standards<span class=\"_ _5\"></span> all colleagues<span class=\"_ _5\"></span> are expected t<span class=\"_ _5\"></span>o achieve are<span class=\"_ _5\"></span> det<span class=\"_ _1\"></span>ailed in<span class=\"_ _5\"></span> our Group Code<span class=\"_ _5\"></span> of Conduct. For our cust<span class=\"_ _5\"></span>omer<span class=\"_ _1\"></span>s, what repr<span class=\"_ _0\"></span>esents a good outcome<span class=\"_ _5\"></span> is articulated in<span class=\"_ _5\"></span> our Customer<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>tandards and su<span class=\"_ _5\"></span>pp<span class=\"_ _1\"></span>orting Business Unit pr<span class=\"_ _5\"></span>ocesses<span class=\"_ _1\"></span>. In addition, the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup Conduct<span class=\"_ _5\"></span> Strategy, which over<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ur R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ll r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>p th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p me<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ai<span class=\"_ _1\"></span>m of h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>ple s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>re a li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. It s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>his b<span class=\"_ _1\"></span>y pu<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of o<span class=\"_ _1\"></span>ur st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ma<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g go<span class=\"_ _1\"></span>od c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r outcomes and<span class=\"_ _5\"></span> preventing for<span class=\"_ _5\"></span>eseeable harm. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ha<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>ite o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut h<span class=\"_ _1\"></span>ow g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s for<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "Capital management risk<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s and<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to a<span class=\"_ gse8\"> </span>fai<span class=\"_ _1\"></span>lur<span class=\"_ _1\"></span>e to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et al<span class=\"_ _1\"></span>l reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> whi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>st n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re to c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te I3.<span class=\"_ _37b\"> </span>I3. Capital mana<span class=\"_ _0\"></span>gement<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s capi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es of S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II<span class=\"_ _1\"></span>, as mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019s 202<span class=\"_ _4\"></span>4 re<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s a val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Own Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d SC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Risk and capital<span class=\"_ _5\"></span> management objectives<span class=\"_ _37b\"> </span>The risk man<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>gement objectives<span class=\"_ _5\"></span> and policies of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup are<span class=\"_ _5\"></span> based on the requi<span class=\"_ _5\"></span>rement to pr<span class=\"_ _5\"></span>otect the Group\u2019<span class=\"_ _5\"></span>s regulatory capital po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>by s<span class=\"_ _1\"></span>afe<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019 g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hil<span class=\"_ _2\"></span>st al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>n me<span class=\"_ _1\"></span>et it<span class=\"_ _2\"></span>s var<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span> req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>e ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l to a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d rew<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d, to<span class=\"_ _1\"></span> generate additional v<span class=\"_ _5\"></span>alue for policyholder<span class=\"_ _1\"></span>s and share<span class=\"_ _0\"></span>holders.<span class=\"_ _37b\"> </span>In pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>s fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l and ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l and<span class=\"_ _1\"></span> other liabilities. Financial and other asset<span class=\"_ _1\"></span>s principally comprise investment<span class=\"_ _1\"></span>s in equity securities<span class=\"_ _1\"></span>, debt securities<span class=\"_ _1\"></span>, collective investment schemes, propert<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> derivati<span class=\"_ _1\"></span>ves, reinsu<span class=\"_ _5\"></span>rance, trade and<span class=\"_ _5\"></span> ot<span class=\"_ _1\"></span>her rec<span class=\"_ _5\"></span>eivables, and banking deposits. Financial liabilities<span class=\"_ _5\"></span> principally comprise inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d net as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et val<span class=\"_ _1\"></span>ue at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Risk M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k is d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es 78 to 85 o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d Acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k Un<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>mar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s to w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>vel 1\u2019 ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s) t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s busi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E6: Cre<span class=\"_ _1\"></span>dit r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>rket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l so<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F9: I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>The sections on<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>apital management ob<span class=\"_ _5\"></span>ject<span class=\"_ _1\"></span>ives and<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>\u2019s hedging<span class=\"_ _5\"></span> strategy are included<span class=\"_ _5\"></span> below.<span class=\"_ _5\"></span> Capital Management F<span class=\"_ _5\"></span>ramework<span class=\"_ _37b\"> </span>The Group\u2019<span class=\"_ _5\"></span>s Capital Management<span class=\"_ _5\"></span> Framework is desi<span class=\"_ _5\"></span>gned to achieve<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fol<span class=\"_ _5\"></span>lowing objectives:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t all r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s und<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>me w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>le </span>no<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n a So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II Sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) of 1<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-<span class=\"_ _5\"></span>180%;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>o ens<span class=\"_ _1\"></span>ure su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>uid<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to mee<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons t<span class=\"_ _1\"></span>o pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II le<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he F<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tch l<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>n </span>inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>o mon<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S and U<span class=\"_ _1\"></span>K G<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>P me<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>utc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o not co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic o<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s; an<span class=\"_ _1\"></span>d </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>o mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>ay a<span class=\"_ _1\"></span>n ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t is p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ive a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span></span>The framework comprises<span class=\"_ _5\"></span> a suite of<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>apital management<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>olicies that<span class=\"_ _5\"></span> govern the allocation of capital throughout<span class=\"_ _5\"></span> the Group to ac<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>eve t<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk o<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s und<span class=\"_ _1\"></span>er a r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y su<span class=\"_ _1\"></span>ite i<span class=\"_ _1\"></span>s defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er securit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> creditor obligations, owner<span class=\"_ _5\"></span> dividend polic<span class=\"_ _1\"></span>y and r<span class=\"_ _5\"></span>egulator<span class=\"_ _2\"></span>y capital requ<span class=\"_ _5\"></span>irement<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Group capital<span class=\"_ _37b\"> </span>Gro<span class=\"_ _1\"></span>up c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y so<span class=\"_ _1\"></span>urce<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s as m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s unsu<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>es v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>les o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd a r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Re<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t (<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R'<span class=\"_ _2\"></span>). So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s is t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f Ow<span class=\"_ _1\"></span>n Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p aim<span class=\"_ _1\"></span>s to mai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>t leas<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ual t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, whi<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s Boa<span class=\"_ _1\"></span>rd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te for meeting pr<span class=\"_ _5\"></span>evailing solvency requirements<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y of eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any i<span class=\"_ _1\"></span>s set a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tor<span class=\"_ _2\"></span>y c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f eac<span class=\"_ _1\"></span>h L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y of eac<span class=\"_ _1\"></span>h G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p Ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y is de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is suffi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tor o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h buff<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Own F<span class=\"_ _5\"></span>unds and SCR<span class=\"_ _37b\"> </span>Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds r<span class=\"_ _1\"></span>epr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ov<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>dd b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck a<span class=\"_ _1\"></span>ny rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> sub<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a to be t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e Ti<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n per<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y and l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s ab<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y (<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ier 1 b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e hi<span class=\"_ _1\"></span>ghe<span class=\"_ _1\"></span>st q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y and<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>ier 3 t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lowe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to cov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>CR w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y. Su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s in wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>fe Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es are re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>n on<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n Eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds u<span class=\"_ _1\"></span>p to t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>R t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds to c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>CR a<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ed T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ gse8\"> </span>Ow<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>CR i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ikel<span class=\"_ _1\"></span>ih<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>f a los<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 0.<span class=\"_ _1\"></span>5% over o<span class=\"_ _1\"></span>ne y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s ens<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al is<span class=\"_ gse8\"> </span>su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d a bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly \u20181 in 20<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>-y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u2019<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ne si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A app<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l cove<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ll G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife International Designated Activit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span>, the ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure entities and Phoenix<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>ife C<span class=\"_ _1\"></span>A entities, which determine their capital requirements in<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>ccord<span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>ce with<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Standard Formula. Phoenix<span class=\"_ _5\"></span> Life A<span class=\"_ _1\"></span>ssurance E<span class=\"_ _5\"></span>urope Designated Activity Company<span class=\"_ _5\"></span> was dea<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n May 2025 an<span class=\"_ _1\"></span>d wa<span class=\"_ _1\"></span>s a St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d for<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a ent<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Hedging strate<span class=\"_ _0\"></span>gy<span class=\"_ _37b\"> </span>The Group operat<span class=\"_ _5\"></span>es a comprehen<span class=\"_ _5\"></span>sive hedging strategy desi<span class=\"_ _5\"></span>gned to mitigate<span class=\"_ _5\"></span> exposure to<span class=\"_ _5\"></span> unrewarded mark<span class=\"_ _5\"></span>et risk<span class=\"_ _1\"></span>s that c<span class=\"_ _5\"></span>ould ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>uce s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y int<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e is n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>o el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te al<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>or to m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bu<span class=\"_ _1\"></span>t to<span class=\"_ gse8\"> </span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s cap<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, in t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n, u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s abi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y to me<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket c<span class=\"_ _2\"></span>ycle<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>The strategy is<span class=\"_ _5\"></span> implemented using<span class=\"_ _5\"></span> a combination of<span class=\"_ _5\"></span> derivative instrument<span class=\"_ _1\"></span>s and asset<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> techniques and is<span class=\"_ _5\"></span> act<span class=\"_ _1\"></span>ively man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>isk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket con<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n in p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>ny yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s a lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al el<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ri<span class=\"_ _1\"></span>sk an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. It h<span class=\"_ _1\"></span>as be<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic env<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s of<span class=\"_ gse8\"> </span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t-r<span class=\"_ _1\"></span>ate vo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>Ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e, the s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y has d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s in red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g vol<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>nd S<span class=\"_ _1\"></span>CCR<span class=\"_ _2\"></span>, the<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>\u2019s abil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to ma<span class=\"_ _1\"></span>ke lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th a h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h de<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>nfi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>iev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y obje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve of p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>eet a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h gen<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. How<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, d<span class=\"_ _1\"></span>ue to d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S meas<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>rk<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y gi<span class=\"_ _1\"></span>ves r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me. H<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S is no<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e hedging<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>relationships.<span class=\"_ _37b\"> </span>Impact of the<span class=\"_ _5\"></span> Group\u2019s<span class=\"_ _5\"></span> hedging strategy on<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>FRS results<span class=\"_ _37b\"> </span>Un<span class=\"_ _1\"></span>der S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s bal<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>der I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et un<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed at t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>\u2014<span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d to off<span class=\"_ _2\"></span>set c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c valu<span class=\"_ _1\"></span>e, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>, of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>\u2014<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d imm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y in IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t a cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s crea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mis<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>an re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt in mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s of ma<span class=\"_ _1\"></span>rket m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. In ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ins f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e are f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S an<span class=\"_ _1\"></span>d So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK<span class=\"_ _2\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K to h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>d a S<span class=\"_ _1\"></span>CR<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s are \u2018r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ght-s<span class=\"_ _1\"></span>ize<span class=\"_ _1\"></span>d\u2019 to<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>han I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s in vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s are a k<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>wn an<span class=\"_ _1\"></span>d ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>o not r<span class=\"_ _1\"></span>efle<span class=\"_ _1\"></span>ct a deterioration in the underlying economics of the business<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>wo m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is m<span class=\"_ _1\"></span>ost e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o are e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ris<span class=\"_ _1\"></span>k an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y in res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk w<span class=\"_ _1\"></span>ill r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se ov<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e as th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ns on<span class=\"_ _1\"></span> investment<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s are re<span class=\"_ _5\"></span>alised and recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he IFRS consolidated inc<span class=\"_ _5\"></span>ome statement. A<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>re pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t marg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s eme<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s and C<span class=\"_ _2\"></span>SM re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e cum<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s (exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e hed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e) is exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t by t<span class=\"_ _1\"></span>he reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>lre<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>y refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K bal<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce s<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>et bu<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d or un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd an<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng it<span class=\"_ _2\"></span>s he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ing s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y, rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s to ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily o<span class=\"_ _1\"></span>n a So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, and I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y is<span class=\"_ gse8\"> </span>no<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ed a con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t on th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s abil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to pay di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>s or exe<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy. Th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd an<span class=\"_ _1\"></span>d man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ram<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k at le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly to e<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re it is c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lib<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _2\"></span>-<span class=\"_ _37b\"> </span>specific de<span class=\"_ _5\"></span>velopments<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ris<span class=\"_ _1\"></span>k ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es is p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Ri<span class=\"_ _1\"></span>sk Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar 3 re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Group capital resourc<span class=\"_ _5\"></span>es \u2013 unaudited<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to r<span class=\"_ _1\"></span>emo<span class=\"_ _1\"></span>ve am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng to u<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w709 h236\" id=\"_d6f1cb48-bf82-4329-b479-9b337a5c722f\"><tr><td></td><td class=\"c n x1de y666e w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y666e w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y666f w70a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Unaudited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17df y666f w70b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e0 y666f w70c h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w70d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Group'<span class=\"_ _5\"></span>s Eligible Own Funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e1 y5f17 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e2 y5f17 w13e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w70e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Rem<span class=\"_ _1\"></span>ove O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng to u<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e3 y5f4c w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2.0)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5f4c w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2.0)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w711 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Group capital resour<span class=\"_ _0\"></span>ces<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e4 y5edc w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">8.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e5 y5edc w121 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">8.4<span class=\"_ _37b\"> </span></div></td></tr></table>Reconciliation<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween IFRS equity and<span class=\"_ _5\"></span> estimated Eligible<span class=\"_ _5\"></span> O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _0\"></span>nds under<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>olvency UK A reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he key d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le O<span class=\"_ _1\"></span>wn Fun<span class=\"_ _1\"></span>ds u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K is sho<span class=\"_ _1\"></span>wn i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble:<span class=\"_ _37b\"> </span><table class=\"s w712 h237\" id=\"_6e61547a-9b57-4e3b-b8c7-d11252891bf2\"><tr><td></td><td class=\"c n x1de y6670 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6670 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1075 y6671 w713 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e6 y6671 w70c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6160 w714 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal IFRS equity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e7 y6160 w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e8 y6160 w121 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6672 w715 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Deduct non-<span class=\"_ _1\"></span>controlling inter<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c9 y6672 w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23f y6672 w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(0.5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600d w716 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Deduct goodwill<span class=\"_ _1\"></span>, intangible asset<span class=\"_ _1\"></span>s and deferred<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>cquisition costs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e9 y600d w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1.7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y600d w710 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1.9)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6042 w717 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Revaluation<span class=\"_ _5\"></span> of subordinated li<span class=\"_ _5\"></span>abilities</div><div class=\"t m0 x17ea h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y600f w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y600f w123 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5ff8 w718 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f val<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ng te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y UK b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is</div><div class=\"t m0 x17ed h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5ff8 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12.7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5ff8 w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11.6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fbf w719 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t of v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces</div><div class=\"t m0 x17ee h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5fbf w70f h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1.5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5fbf w71a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fb1 w71b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s</div><div class=\"t m0 x17f0 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5fb1 w120 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f1 y5fb1 w71a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w71c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Excess of<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s over<span class=\"_ _5\"></span> liabilities under Solvency UK<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f2 y5ff9 w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10.5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f3 y5ff9 w13e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f93 w71d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Subordinated liabilities</div><div class=\"t m0 x17f4 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f93 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2.9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f93 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3.3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f77 w71e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ring<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fenced fund restrictions</div><div class=\"t m0 x17f5 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5f17 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5f17 w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2.5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f4c w71f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _5\"></span> availab<span class=\"_ _5\"></span>ility restri<span class=\"_ _5\"></span>ctions</div><div class=\"t m0 x17f6 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5edb w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5edb w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w720 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Group's<span class=\"_ _5\"></span> eligible own funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1298 y5edc w13d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10.3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1299 y5edc w415 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10.4<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Reconciliation between<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>FRS total comprehensive<span class=\"_ _5\"></span> income and estimated<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>olvency II surplus<span class=\"_ _37b\"> </span>A reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he key d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S tot<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>hen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d So<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y II sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus i<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>own i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble:<span class=\"_ _37b\"> </span><table class=\"s w721 h238\" id=\"_5cb498ab-7729-4ae8-b027-23907bb208fb\"><tr><td></td><td class=\"c n x1de y6673 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6673 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1075 y6674 w713 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">\u00a3bn<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17e6 y6674 w70c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3bn<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6675 w722 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">IFRS T<span class=\"_ _4\"></span>otal comprehensive<span class=\"_ _5\"></span> expense<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f7 y6675 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f8 y6675 w710 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1.0)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6676 w723 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cou<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n on T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er 1 N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f9 y6676 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17fa y6676 w710 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6677 w724 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Change in<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S equity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f7 y6677 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x952 y6677 w725 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">(1.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6678 w726 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of acqui<span class=\"_ _5\"></span>red in<span class=\"_ _1\"></span>-force intangibles<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17fb y6678 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb7 y6678 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6679 ff6 fs2 fc3 sc0 ls1c ws6\">Val<span class=\"_ _5\"></span>uation differences<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x17fd y667a w727 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y new b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s</div><div class=\"t m0 x17fc h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y667b w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y667b w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x17fd y667c w728 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce (S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is)</div><div class=\"t m0 x17fe h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y600d w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y600d w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.8<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x17fd y667d w729 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other</div><div class=\"t m0 x17ff h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y667d w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1800 y667d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y667e w72a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax</div><div class=\"t m0 x1801 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5f61 w70f h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ef y5f61 w71a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y667f w2bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s</div><div class=\"t m0 x963 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f62 w120 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f62 w123 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f63 w72b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Subordinated liabilities</div><div class=\"t m0 x1802 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1de y5fb1 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1803 y5fb1 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f64 w72c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ring<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fenced funds restrictions</div><div class=\"t m0 x1804 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5ff9 w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1805 y5ff9 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5fa8 w71e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _5\"></span> availab<span class=\"_ _5\"></span>ility restri<span class=\"_ _5\"></span>ctions</div><div class=\"t m0 x17f5 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x798 y5f93 w89 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1806 y5f93 w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.4<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w72d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up's e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17f9 y5f77 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1807 y5f77 w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5f34 w72e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Change in Solvency Capit<span class=\"_ _1\"></span>al Requirements</div><div class=\"t m0 x1808 h11 y600c ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17eb y5f4c w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ec y5f4c w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x147a y5edc w72f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Solvency II surplus emergence<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1809 y5edc w120 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">0.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180a y5edc w70f h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(0.4)<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y U<span class=\"_ _1\"></span>K ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "F<span class=\"_ _4\"></span>. Insurance contracts, inv<span class=\"_ _5\"></span>estme<span class=\"_ _1\"></span>nt contracts with DP<span class=\"_ _5\"></span>F and reinsurance<span class=\"_ _37b\"> </span>F1. L<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Classification Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>ept<span class=\"_ _2\"></span>s sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed as r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ente<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>ave t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l for<span class=\"_ _1\"></span>m of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up to fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to as investment contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>All refer<span class=\"_ _5\"></span>ences in these accounting policies to in<span class=\"_ _5\"></span>sura<span class=\"_ _1\"></span>nce contracts and reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s include contract<span class=\"_ _1\"></span>s issued, initiated or acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, un<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> participating contract<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s for which,<span class=\"_ _5\"></span> at inception:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s in a sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f a clea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o pay t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>l to a s<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ns on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng </span>items; and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f any c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to v<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e </span>in fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. All o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>l rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), whe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t and i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>e, as a sup<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s dis<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>ol<span class=\"_ _2\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 consistent with ins<span class=\"_ _0\"></span>urance contracts<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e at th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or fo<span class=\"_ _1\"></span>r bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s or p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed as i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F or rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, th<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns of I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _4\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s a cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as th<span class=\"_ _1\"></span>e sm<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t uni<span class=\"_ _1\"></span>t of acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so m<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>s an ev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a se<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ca<span class=\"_ _1\"></span>n be t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d sup<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her a s<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ins co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ne<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd tre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y were s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Accounting<span class=\"_ _5\"></span> treatment<span class=\"_ _37b\"> </span>Separating c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s from<span class=\"_ _5\"></span> insurance and<span class=\"_ _5\"></span> reinsurance c<span class=\"_ _5\"></span>ontracts<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s it<span class=\"_ _2\"></span>s ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t be a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er accounting<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>andards other<span class=\"_ _0\"></span> than IFRS 1<span class=\"_ _4\"></span>7 (distinct<span class=\"_ _5\"></span> non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>insurance c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Where an<span class=\"_ _5\"></span> insurance con<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ract has<span class=\"_ _5\"></span> a distinct investment<span class=\"_ _5\"></span> component and meets the separation crite<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ia established unde<span class=\"_ _5\"></span>r IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>, th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ost co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 9. The a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s a dis<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ied o<span class=\"_ _1\"></span>ut a<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f a<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>busines<span class=\"_ _1\"></span>s c<span class=\"_ _5\"></span>ombination<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch m<span class=\"_ _1\"></span>ay in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he insurance and in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment component are<span class=\"_ _5\"></span> highly interrelated:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t var<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f an op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o sw<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t sp<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s e.g<span class=\"_ _1\"></span>. a red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al si<span class=\"_ _1\"></span>ze of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s e.g. i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um wa<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></span>Af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g any d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 t<span class=\"_ _1\"></span>o al<span class=\"_ _1\"></span>l rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>t cr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>le con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Level<span class=\"_ _5\"></span> of aggregation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e it<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span> fir<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ly s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>it in<span class=\"_ _1\"></span>to po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s. P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>ups o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h si<span class=\"_ _1\"></span>mil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>os a<span class=\"_ _1\"></span>re fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>: on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le at in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and h<span class=\"_ _1\"></span>ave n<span class=\"_ _1\"></span>o sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk of b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s wou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th \u2018on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>\u2019 bei<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ced w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h \u2018net g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n\u2019 and \u2018p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le\u2019 b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng rep<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th \u2018n<span class=\"_ _1\"></span>et co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>\u2019<span class=\"_ _5\"></span>. C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an o<span class=\"_ _1\"></span>ne y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r ap<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up. Ho<span class=\"_ _1\"></span>wev<span class=\"_ _1\"></span>er as p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>, th<span class=\"_ _1\"></span>e gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he Fair Valu<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h (<span class=\"_ _1\"></span>\u2018F<span class=\"_ _2\"></span>VA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on include c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s issued<span class=\"_ _0\"></span> more than<span class=\"_ _5\"></span> one year apart.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>os of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e and r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s inh<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nt in the products/contracts<span class=\"_ _1\"></span>, for<span class=\"_ _5\"></span> example, l<span class=\"_ _5\"></span>ongevit<span class=\"_ _1\"></span>y, persiste<span class=\"_ _5\"></span>nc<span class=\"_ _1\"></span>y, mortalit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> and by c<span class=\"_ _5\"></span>onsidering whether groups<span class=\"_ _5\"></span> of product<span class=\"_ _1\"></span>s are man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed to<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her. The<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s are f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r sp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t by leg<span class=\"_ _1\"></span>al en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nt I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7<span class=\"_ _1\"></span> mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ely. T<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o coh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>s bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d lev<span class=\"_ _1\"></span>el of p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y usi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le at in<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>, po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ios a<span class=\"_ _1\"></span>re b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s to th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce contracts held are<span class=\"_ _5\"></span> asses<span class=\"_ _1\"></span>sed for<span class=\"_ _5\"></span> aggregation requirements on an<span class=\"_ _5\"></span> individual contract basis.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d at i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t sub<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>ntl<span class=\"_ _1\"></span>y rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore, a<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il it is d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, e<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r by exp<span class=\"_ _1\"></span>ir<span class=\"_ _2\"></span>y or m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span>Recognition<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>est o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e beg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up is d<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>r act<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is no d<span class=\"_ _1\"></span>ue da<span class=\"_ _1\"></span>te; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">fo<span class=\"_ _1\"></span>r a gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>s so<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h D<span class=\"_ _1\"></span>PF a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>es a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y to th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Insurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s acquired i<span class=\"_ _0\"></span>n a<span class=\"_ _5\"></span> busines<span class=\"_ _1\"></span>s combi<span class=\"_ _0\"></span>nation within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he scope of<span class=\"_ _5\"></span> IFR<span class=\"_ _1\"></span>S 3 Business Combin<span class=\"_ _5\"></span>at<span class=\"_ _1\"></span>ions or<span class=\"_ _5\"></span> a port<span class=\"_ _1\"></span>folio transf<span class=\"_ _5\"></span>er are acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for a<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y we<span class=\"_ _1\"></span>re en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d. H<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f </span>a<span class=\"_ gse8\"> </span>gro<span class=\"_ _1\"></span>up of re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s held t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e (for ex<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>e, thr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh a qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>) unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen a<span class=\"_ _1\"></span>ny u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct is i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, if t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s la<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld; a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p en<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d </span>rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t or b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ds n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s on<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Contract boundaries<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s all th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p. Ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at exi<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>s ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ay p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to rep<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er or c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e leve<span class=\"_ _1\"></span>l of b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>pr<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; or \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sfi<span class=\"_ _1\"></span>ed:<span class=\"_ _37b\"> </span></span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to rep<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t or a po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s so t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>at p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io; a<span class=\"_ _1\"></span>nd \u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>s up to t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds b<span class=\"_ _1\"></span>eyo<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </span>reasses<span class=\"_ _1\"></span>sment date.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um or ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im is no<span class=\"_ _1\"></span>t wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t bou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y, it is not reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w of th<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d is in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct bo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y is reas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e to in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n cir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s substantive rights and obligations<span class=\"_ _5\"></span> and, therefore<span class=\"_ _5\"></span>, may change<span class=\"_ _5\"></span> over time.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y for a r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t is de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e may n<span class=\"_ _1\"></span>ot n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y be t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct is o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms fo<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y may i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve not yet been issued or reported.<span class=\"_ _37b\"> </span>Measurement<span class=\"_ _37b\"> </span>The Group\u2019<span class=\"_ _5\"></span>s insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s issued without<span class=\"_ _5\"></span> direct participation features<span class=\"_ _5\"></span> are grouped t<span class=\"_ _5\"></span>og<span class=\"_ _1\"></span>ether under<span class=\"_ _5\"></span> annuit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> protection and ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el (<span class=\"_ _1\"></span>\u2018GM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Direct participating contracts issued b<span class=\"_ _5\"></span>y the Group are<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s with direct<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ticipation features<span class=\"_ _5\"></span> where the Group hol<span class=\"_ _5\"></span>ds the pool of underlying asset<span class=\"_ _1\"></span>s. Direct particip<span class=\"_ _1\"></span>ating insurance contracts are grouped together and r<span class=\"_ _5\"></span>epo<span class=\"_ _1\"></span>rted primarily as either unit<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>linked or wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h so<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to have d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fe<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch (<span class=\"_ _1\"></span>\u2018<span class=\"_ _2\"></span>VFA<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>), u<span class=\"_ _1\"></span>nle<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey fa<span class=\"_ _1\"></span>il t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tes<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>his<span class=\"_ _1\"></span> ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, in su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e GM<span class=\"_ _1\"></span>. Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>re m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M ir<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ill a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so b<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Initial measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span>On in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s a gro<span class=\"_ _1\"></span>up of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>; a<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>b) th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce mar<span class=\"_ _1\"></span>gin (<span class=\"_ _1\"></span>\u2018C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t refle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ias<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ar<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y plu<span class=\"_ _1\"></span>s an ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent to<span class=\"_ _1\"></span> </span>refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m to<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e) over th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct in a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c an<span class=\"_ _1\"></span>d rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l way b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge of t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k for a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d sep<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ely f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d for b<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ab<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s a con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>niq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a<span class=\"_ _1\"></span>n ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bet<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s it wh<span class=\"_ _1\"></span>en de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to bea<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h us<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up I<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l for m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re a S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d Fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, no di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>her e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t us<span class=\"_ _1\"></span>ing a o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n, co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me h<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>izo<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>or S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>, a key m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng h<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of a gr<span class=\"_ _1\"></span>oup o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s repre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e une<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe of t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d. F<span class=\"_ _1\"></span>or pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is<span class=\"_ _1\"></span> est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d to ens<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t no pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed at i<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y it off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e net p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>d ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is s<span class=\"_ _1\"></span>et to ni<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d a los<span class=\"_ _1\"></span>s is im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C\u2019<span class=\"_ _1\"></span>) i<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f lo<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s ap<span class=\"_ _1\"></span>ply<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d V<span class=\"_ _1\"></span>FA meas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, how<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re key di<span class=\"_ _1\"></span>ffer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces fo<span class=\"_ _1\"></span>r sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For gr<span class=\"_ _5\"></span>oups of contracts acquired in<span class=\"_ _5\"></span> a transfer of<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s or a<span class=\"_ _5\"></span> business combination, the c<span class=\"_ _5\"></span>onsideration received<span class=\"_ _5\"></span> for the contracts is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s a prox<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ums re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. In a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d is t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s at t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>With-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s estate<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s whe<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ll su<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds are c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y hav<span class=\"_ _1\"></span>e an e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s of c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>ew b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o be d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ed to e<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d it a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e to al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c grou<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Subsequent measur<span class=\"_ _5\"></span>ement \u2013 Insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>m of t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>RC co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>ny re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e L<span class=\"_ _1\"></span>IC i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt (t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ims a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et be<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>ot y<span class=\"_ _1\"></span>et re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s no C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>ny c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e LI<span class=\"_ _1\"></span>C a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>aken<span class=\"_ _1\"></span> dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s of gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ps of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e usi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. C<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Changes relating<span class=\"_ _5\"></span> to future insuranc<span class=\"_ _5\"></span>e ser<span class=\"_ _1\"></span>vices<span class=\"_ _5a\"> </span><span class=\"ls9 ws0\"> <span class=\"_ _14\"></span>A<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM (or re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e  </span>res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s if t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _3b\"> </span><span class=\"ff6\">Re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></span>Effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey, fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _61\"> </span>Re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e or ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es <span class=\"ff3\"> </span>th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>in o<span class=\"_ _1\"></span>n est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere, du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cover<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d, a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow, res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A los<span class=\"_ _1\"></span>s component i<span class=\"_ _5\"></span>s established by the Gr<span class=\"_ _5\"></span>oup for the liab<span class=\"_ _5\"></span>ilit<span class=\"_ _1\"></span>y for re<span class=\"_ _5\"></span>maining cover<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ge for<span class=\"_ _5\"></span> such groups of<span class=\"_ _5\"></span> onerous contracts representing the losses rec<span class=\"_ _5\"></span>ognised. Th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e on t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e end o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od is a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e for re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of C<span class=\"_ _2\"></span>SM re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce rev<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od (<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, fo<span class=\"_ _1\"></span>r ea<span class=\"_ _1\"></span>ch g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>ncl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e onl<span class=\"_ _1\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d if t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hd<span class=\"_ _1\"></span>raw, th<span class=\"_ _1\"></span>at i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e an i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s whe<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>o refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d are t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g gro<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te as f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>Insurance contracts measured under<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span>For i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g loc<span class=\"_ _1\"></span>ked<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e BE<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ted u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M dur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>, in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e exce<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as </span>a<span class=\"_ gse8\"> </span>los<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d crea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a los<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>; o<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">any d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, re<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ing l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit </span>or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span>acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ise:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e </span>be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce, al<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he B<span class=\"_ _1\"></span>EL a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en an<span class=\"_ _1\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> </span>component <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat becomes<span class=\"_ _5\"></span> payable;<span class=\"_ _5\"></span> and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er GM i<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ggr<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n Ne<span class=\"_ _1\"></span>t fina<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> income or<span class=\"_ _5\"></span> expenses from insu<span class=\"_ _5\"></span>rance contracts within the consolidat<span class=\"_ _5\"></span>ed income statement. In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span>Li<span class=\"_ _1\"></span>fe bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o have d<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng fe<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA mod<span class=\"_ _1\"></span>el w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te i<span class=\"_ _1\"></span>n a poo<span class=\"_ _1\"></span>l of c<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked </span>or wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e a sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s (defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p as gre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an </span>50% a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e of ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an 50<span class=\"_ _1\"></span>%); and<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s (wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e </span>sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l is de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>int a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s unit-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s the V<span class=\"_ _1\"></span>FA elig<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a are d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pay t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>ee i<span class=\"_ _1\"></span>n exch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e </span>of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s les<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s on un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> investment ser<span class=\"_ _1\"></span>vices under these contracts by giving a return based on<span class=\"_ _5\"></span> under<span class=\"_ _1\"></span>lying items, in addition to<span class=\"_ _5\"></span> insurance coverage.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>nit-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>nked a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t are m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e VFA<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t is no<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a loc<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>in dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, ins<span class=\"_ _1\"></span>tea<span class=\"_ _1\"></span>d it is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g item<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se t<span class=\"_ _2\"></span>yp<span class=\"_ _1\"></span>es of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p fee<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ref<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der<span class=\"_ _2\"></span>\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y. For exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by re<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nce t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s fu<span class=\"_ _1\"></span>nd va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s sha<span class=\"_ _1\"></span>re of b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n a wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y in a 90:10 fund is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e fee ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms le<span class=\"_ _1\"></span>ss f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t var<span class=\"_ _2\"></span>y ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t-li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nit p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n by t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s are t<span class=\"_ _2\"></span>ypi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>n var<span class=\"_ _2\"></span>y in t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re an<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re wi<span class=\"_ _1\"></span>ll be d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt on f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing a g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p of un<span class=\"_ _1\"></span>it-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o pay p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>al to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ny C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M fo<span class=\"_ _1\"></span>r cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, as e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of any n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s sha<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> </span>rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, excep<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n opt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to exc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k on t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span> </span>of it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">a dec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>, or a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span>flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>se to a lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s) and c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>; or<span class=\"_ _37b\"> </span>\u2013 <span class=\"_ _a\"></span><span class=\"ff6\">an in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s share o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>ems<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r a de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h </span>flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s prev<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> (i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s);<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>aus<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue\u2019 </span>acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y in n<span class=\"_ _1\"></span>ote C1 fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ab<span class=\"_ _1\"></span>ove fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fea<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res (m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es) an<span class=\"_ _1\"></span>d cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of mo<span class=\"_ _1\"></span>ney a<span class=\"_ _1\"></span>nd fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng it<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p do<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to an<span class=\"_ _1\"></span>y mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ext<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, h<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>ver, inten<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>ke a volu<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y in t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>rd in i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s 2026 <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er in<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote A6<span class=\"_ _1\"></span>. Loss components<span class=\"_ _37b\"> </span>A loss<span class=\"_ _5\"></span> component represents a notional<span class=\"_ _5\"></span> record of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he losses attributable t<span class=\"_ _5\"></span>o each group of<span class=\"_ _5\"></span> onerous insuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s. The loss com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vice i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>s to (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>) th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; and (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>i) t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt is al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fo<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to zer<span class=\"_ _1\"></span>o by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s as t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>f sy<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ic a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s held \u2013<span class=\"_ _5\"></span> measurement<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te is t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>um o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r inc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es (a) the f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fil<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate to s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>b) any rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M at t<span class=\"_ _1\"></span>hat d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce on a pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f any no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ce by </span>th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s of col<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>k is de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o tha<span class=\"_ _1\"></span>t it re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k bei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e </span>reinsurer,<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>th g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>t ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M an<span class=\"_ _1\"></span>d </span>rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>his t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>er ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>pt fo<span class=\"_ _1\"></span>r any p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a los<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s to ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s bef<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l recognition. Whe<span class=\"_ _5\"></span>re the Group r<span class=\"_ _5\"></span>ecognises a loss<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition of an oner<span class=\"_ _5\"></span>ous group of<span class=\"_ _5\"></span> underlying contract<span class=\"_ _1\"></span>s, it establishes a los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et fo<span class=\"_ _1\"></span>r rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t eli<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o ap<span class=\"_ _1\"></span>ply t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e V<span class=\"_ _1\"></span>FA<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>T<span class=\"_ _5\"></span>o de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t ab<span class=\"_ _1\"></span>ove f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h gro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d net o<span class=\"_ _1\"></span>f rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k be<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r as th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he t<span class=\"_ _2\"></span>wo res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y comp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t are s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>s reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are e<span class=\"_ _1\"></span>xclu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d. I<span class=\"_ _1\"></span>t is ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ous g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>t c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>t exce<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ss component of<span class=\"_ _5\"></span> the onerous gr<span class=\"_ _5\"></span>oup of underlying c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s that the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup expects to<span class=\"_ _5\"></span> recover from<span class=\"_ _5\"></span> the reinsurance<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h a rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en it<span class=\"_ _1\"></span> reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>s ent<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to b<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re or a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rcen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s as t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xcep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s are re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng ce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s. A<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>y, chan<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M; an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s tha<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>er of a re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t he<span class=\"_ _1\"></span>ld do n<span class=\"_ _1\"></span>ot ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM as t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y do n<span class=\"_ _1\"></span>ot rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer is a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t eac<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Modification and derec<span class=\"_ _5\"></span>ognition<span class=\"_ _37b\"> </span>The Group der<span class=\"_ _5\"></span>ecognises insurance<span class=\"_ _5\"></span> and reinsuranc<span class=\"_ _5\"></span>e contract<span class=\"_ _1\"></span>s when:<span class=\"_ _5\"></span> \u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t are ex<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>i.e. d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cell<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>); or<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, or t<span class=\"_ _1\"></span>he ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>dar<span class=\"_ _1\"></span>d for </span>mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n suc<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct an<span class=\"_ _1\"></span>d rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t as a n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Disclosure groups<span class=\"_ _5\"></span> Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p dis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gg<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ed by I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g disclosure<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>groups:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">Ret<span class=\"_ _1\"></span>irement Solutio<span class=\"_ _1\"></span>ns;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsf ws4\">Wit<span class=\"_ _1\"></span>h-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her.<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>ure g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ups a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gne<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>s a su<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n.<span class=\"_ _1\"></span> A sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e F3<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1.<span class=\"_ _37b\"> </span><table class=\"s w333 h1f2\" id=\"_70154767-1c38-4c77-8fdc-f6cbd5138ad5\"><tr><td></td><td class=\"t m0 xc15 hd y61e7 ff2 fs6 fc3 sc0 lsbd wsc4\">Retirement </td><td class=\"t m0 xbfd hd y61e7 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x32d hd y61e8 ff2 fs6 fc3 sc0 lsc8 wscb\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n x6fd y61e9 w143 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls13c ws144\">Savings</div></td><td class=\"c n xc16 y61e9 w334 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls54 ws50\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profits</div></td><td class=\"c n xc17 y61e9 w335 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Europe<span class=\"_ _5\"></span> &amp; Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc18 y61e9 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ea w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc19 y61ea wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y61ea w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1a y61ea w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1b y61ea wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1c y61ea wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y61eb ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contracts<span class=\"_ _0\"></span> issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fa8 w336 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1d y5fa8 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40,203<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1e y5fa8 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1f y5fa8 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,732<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc20 y5fa8 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,090<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc21 y5fa8 wa8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113,423<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f65 w337 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Risk adjustment<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f65 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">828<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc22 y5f65 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc23 y5f65 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc24 y5f65 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">180<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d6 y5f65 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,162<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f34 w338 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc25 y5f34 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,452<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc26 y5f34 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc27 y5f34 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ba y5f34 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">326<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c5 y5f34 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,741<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w339 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contract<span class=\"_ _5\"></span> liabilities issued<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc28 y5edc w27c h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">45,483<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc29 y5edc w58 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">22,782<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc2a y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">26,465<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc2b y5edc w5d h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">25,596<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc2c y5edc w9b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">120,326<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w33a h1f3\" id=\"_535594c5-2178-481d-b3b6-42324c157c1c\"><tr><td></td><td class=\"t m0 xc2d hd y61ec ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement </td><td class=\"t m0 xc2e hd y61ec ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x32d hd y61ed ff12 fs6 fc3 sc0 lsd1 wsd2\">Solutions<span class=\"_ _37b\"> </span></td><td class=\"c n xc2f y601c w151 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls25 ws25\">Savi<span class=\"_ _1\"></span>ngs</div></td><td class=\"c n xc30 y601c w33b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With-<span class=\"_ _1\"></span>Profi<span class=\"_ _1\"></span>ts</div></td><td class=\"c n xc31 y601c w153 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e &amp; Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc32 y601c w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y601d w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc33 y601d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc34 y601d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc35 y601d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc36 y601d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc37 y601d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y61ee ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contracts<span class=\"_ _0\"></span> issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f93 w336 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc1d y5f93 w287 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc38 y5f93 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc39 y5f93 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3a y5f93 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3b y5f93 wb6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">109,354<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w337 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Risk adjustment<span class=\"_ _37b\"> </span></div></td><td class=\"c n x42d y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">826<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc22 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc23 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc24 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d6 y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,206<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w338 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc25 y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3c y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3d y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3e y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3f y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,231<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w339 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contract<span class=\"_ _5\"></span> liabilities issued<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc28 y5edc w287 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td><td class=\"c n x397 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc40 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc41 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc42 y5edc w9c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">115,791<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 hf ff1 fs2 fc1 sc0 ls1a ws2d gs7ce\">F2<span class=\"_ _1\"></span>. Insurance contracts<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs7cf\">F<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.1 <span class=\"_ _5\"></span>M<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7d0\">Th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns b<span class=\"_ _1\"></span>elow p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>war<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7d1\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. </div><div class=\"gs7d2\"><table class=\"s w33c h1f4\" id=\"_98943b9e-90b7-4acc-b0a1-ad85db34509a\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y61ef w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xc43 y61ef w33d h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y61f0 ff2 fs6 fc3 sc0 lsd6 wsc4\">Estimates of </td><td></td><td></td><td></td><td class=\"t m0 x79e hd y61f0 ff12 fs6 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y61f1 ff2 fs6 fc3 sc0 lsd5 wscb\">the present </td><td></td><td></td><td></td><td class=\"t m0 x68b hd y61f1 ff12 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y61f2 ff2 fs6 fc3 sc0 lsd6 wsc4\">value of<span class=\"_ _0\"></span> </td><td></td><td class=\"t m0 xc45 hd y61f2 ff2 fs6 fc3 sc0 lsbd wsc4\">Contractual </td><td></td><td class=\"t m0 xc46 hd y61f2 ff12 fs6 fc3 sc0 ls9 ws0\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td></td><td class=\"t m0 x756 hd y61f2 ff12 fs6 fc3 sc0 lsbe wsc5\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xc47 hd y61f3 ff2 fs6 fc3 sc0 ls63 ws115\">future cash<span class=\"_ _5\"></span> </td><td class=\"t m0 xc48 hd y61f3 ff2 fs6 fc3 sc0 ls13c ws144\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc49 hd y61f3 ff2 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td><td class=\"t m0 x68b hd y61f3 ff12 fs6 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h </td><td class=\"t m0 x4d9 hd y61f3 ff13 fs6 fc3 sc0 lsd1 wsd2\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 x9fe hd y61f3 ff12 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td></tr><tr><td></td><td class=\"t m0 xc4a hd y61f4 ffa fs6 fc3 sc0 lscf wsd1\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y61f4 ff2 fs6 fc3 sc0 lsc7 wsf5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x783 y61f5 w33e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4b y61f5 w2e5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x75a hd y61f4 ff13 fs6 fc3 sc0 ls76 ws76\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y61f4 ff12 fs6 fc3 sc0 lsbe wsc5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x41a y61f5 w33f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6c ws6d\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4c y61f5 w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61f6 w340 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement Solutions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4d y61f6 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4e y61f6 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4f y61f6 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc50 y61f6 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc51 y61f6 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc52 y61f6 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc53 y61f6 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc54 y61f6 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61f7 w341 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls61 ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xc55 y61f7 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc56 y61f7 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">826</div></td><td class=\"c n xb7d y61f7 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,000</div></td><td class=\"c n xc57 y61f7 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,760</div></td><td class=\"c n xc58 y61f7 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">35,713<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc59 y61f7 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">767</div></td><td class=\"c n xc5a y61f7 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,749</div></td><td class=\"c n xc5b y61f7 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,229<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61f8 w342 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y61f8 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y61f8 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y61f8 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y61f8 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y61f8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y61f8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y61f8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y61f8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y61f9 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61fa w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y61fa w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc61 y61fa wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">826</div></td><td class=\"c n xa33 y61fa w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,000</div></td><td class=\"c n xc62 y61fa w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,760</div></td><td class=\"c n xc63 y61fa w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">35,713<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc64 y61fa w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">767</div></td><td class=\"c n xc65 y61fa w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,749</div></td><td class=\"c n xc66 y61fa w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,229<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y61fb ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y61fc w344 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices pr<span class=\"_ _5\"></span>ovided<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc67 y61fc w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc68 y61fc wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc69 y61fc w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(323)</div></td><td class=\"c n xc6a y61fc w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(323)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y61fc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6c y61fc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6d y61fc w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(278)</div></td><td class=\"c n xc6e y61fc w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(278)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61fd w345 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6f y61fd w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc70 y61fd w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc71 y61fd wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc72 y61fd w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc73 y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc74 y61fd w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc75 y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x393 y61fd w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y61fe ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce adjustment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"c n xc76 y61ff wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc77 y61ff w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc78 y61ff wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc79 y61ff w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7a y61ff w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7b y61ff we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7c y61ff we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7d y61ff w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6200 w346 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7e y6200 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc7f y6200 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(82)</div></td><td class=\"c n xc80 y6200 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(323)</div></td><td class=\"c n xc81 y6200 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(413)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc82 y6200 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc83 y6200 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)</div></td><td class=\"c n x9f9 y6200 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(278)</div></td><td class=\"c n xc84 y6200 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(352)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6201 w347 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Contract<span class=\"_ _1\"></span>s initially rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnised in the period</div></td><td class=\"c n xc85 y6201 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(494)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc86 y6201 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">86<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc87 y6201 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">408<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc88 y6201 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc89 y6201 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(488)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8a y6201 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8b y6201 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">360<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8c y6201 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6202 w348 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M</div></td><td class=\"c n xc8d y6202 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(152)</div></td><td class=\"c n xc8e y6202 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(102)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8f y6202 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">254<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6cd y6202 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc90 y6202 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc91 y6202 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc92 y6202 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n x304 y6202 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6203 w349 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls1c ws6\">Changes in<span class=\"_ _5\"></span> estimates that<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">do n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc93 y6203 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc94 y6203 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc95 y6203 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc96 y6203 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc97 y6203 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc98 y6203 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc99 y6203 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58e y6203 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6204 w34a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9a y6204 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(657)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9b y6204 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9c y6204 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">662<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9d y6204 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)</div></td><td class=\"c n xc9e y6204 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(593)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7cf y6204 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">155<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7ad y6204 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">426<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9f y6204 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6205 w34b h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">incurred claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca0 y6205 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca1 y6205 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca2 y6205 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca3 y6205 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca4 y6205 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca5 y6205 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbb y6205 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa92 y6205 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6206 w34c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y6206 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(660)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca7 y6206 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(97)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca8 y6206 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">339<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca9 y6206 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(418)</div></td><td class=\"c n xcaa y6206 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(596)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcab y6206 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">84<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcac y6206 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">148<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcad y6206 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6207 w34d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e/(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcae y6207 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,646<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcaf y6207 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">99<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb0 y6207 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">113</div></td><td class=\"c n xcb1 y6207 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,858<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb2 y6207 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(614)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb3 y6207 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb4 y6207 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc84 y6207 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(536)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6208 w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb5 y6208 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">986<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb6 y6208 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9c y6208 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">452</div></td><td class=\"c n xcb7 y6208 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,440</div></td><td class=\"c n xcb8 y6208 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,210)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcb9 y6208 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">59<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcba y6208 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">251<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbb y6208 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(900)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6209 ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y620a w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbc y620a w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,407<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbd y620a w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y620a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xaff y620a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,407</div></td><td class=\"c n xcbf y620a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,853<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc0 y620a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc1 y620a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc2 y620a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,853<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620b w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc3 y620b w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,036)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc4 y620b wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc5 y620b wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc6 y620b w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,036)</div></td><td class=\"c n xcc7 y620b w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,657)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc8 y620b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y620b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc9 y620b w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,657)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620c w351 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcca y620c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccb y620c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccc y620c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y620c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccd y620c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcce y620c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccf y620c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd0 y620c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620d w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd1 y620d w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,289<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd2 y620d wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd3 y620d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcd4 y620d w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,289</div></td><td class=\"c n xcd5 y620d wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,123<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd6 y620d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd7 y620d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x25f y620d wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,123<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y620e w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y60c0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc76 y620f wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc77 y620f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc78 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc79 y620f w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)</div></td><td class=\"c n xcd9 y620f w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,308<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcda y620f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdb y620f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcdc y620f w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,308<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6210 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40,203<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">828</div></td><td class=\"c n xcdf y6211 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,452</div></td><td class=\"c n xce0 y6211 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xce1 y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce2 y6211 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">826</div></td><td class=\"c n xce3 y6211 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000</div></td><td class=\"c n xce4 y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6212 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40,203<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce6 y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">828</div></td><td class=\"c n xce7 y5f8d w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,452</div></td><td class=\"c n xce8 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xce9 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcea y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">826</div></td><td class=\"c n xceb y5f8d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000</div></td><td class=\"c n xcec y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6213 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y5f8f w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y5f8f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6214 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40,203<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">828</div></td><td class=\"c n xcdf y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,452</div></td><td class=\"c n xce0 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xce1 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37,934<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce2 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">826</div></td><td class=\"c n xce3 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000</div></td><td class=\"c n xce4 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7d3\">1  <span class=\"_ _8\"> </span>E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s in 20<span class=\"_ _1\"></span>24 inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es \u00a31,3<span class=\"_ _1\"></span>05 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>L Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w356 h1f5\" id=\"_797e1226-13d1-4285-8ea2-6e9cb3502b7a\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y6215 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xc43 y6215 w33d h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y6216 ff2 fs6 fc3 sc0 lsd6 wsc4\">Estimates of </td><td></td><td></td><td></td><td class=\"t m0 x79e hd y6216 ff12 fs6 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6217 ff2 fs6 fc3 sc0 lsd5 wscb\">the present </td><td></td><td></td><td></td><td class=\"t m0 x68b hd y6217 ff12 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y6218 ff2 fs6 fc3 sc0 lsd6 wsc4\">value of<span class=\"_ _0\"></span> </td><td></td><td class=\"t m0 xc45 hd y6218 ff2 fs6 fc3 sc0 lsbd wsc4\">Contractual </td><td></td><td class=\"t m0 xc46 hd y6218 ff12 fs6 fc3 sc0 ls9 ws0\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td></td><td class=\"t m0 x756 hd y6218 ff12 fs6 fc3 sc0 lsbe wsc5\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xc47 hd y6219 ff2 fs6 fc3 sc0 ls63 ws115\">future cash<span class=\"_ _5\"></span> </td><td class=\"t m0 xc48 hd y6219 ff2 fs6 fc3 sc0 ls13c ws144\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc49 hd y6219 ff2 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td><td class=\"t m0 x68b hd y6219 ff12 fs6 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h </td><td class=\"t m0 x4d9 hd y6219 ff13 fs6 fc3 sc0 lsd1 wsd2\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 x9fe hd y6219 ff12 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td></tr><tr><td></td><td class=\"t m0 xc4a hd y621a ffa fs6 fc3 sc0 lscf wsd1\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y621a ff2 fs6 fc3 sc0 lsc7 wsf5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x783 y621b w33e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4b y621b w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x75a hd y621a ff13 fs6 fc3 sc0 ls76 ws76\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y621a ff12 fs6 fc3 sc0 lsbe wsc5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x41a y621b w33f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6c ws6d\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4c y621b w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y621c w357 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf3 y621c wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf4 y621c wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf5 y621c wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y621c wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf6 y621c w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf7 y621c w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf8 y621c w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf9 y621c w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y621d w341 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls61 ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xc55 y621d w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfa y621d w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfb y621d wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">269</div></td><td class=\"c n xcfc y621d w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,507</div></td><td class=\"c n xcfd y621d w59 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,164<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfe y621d w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">84<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb38 y621d w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">201</div></td><td class=\"c n xcff y621d w59 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,449<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y621e w342 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y621e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y621e w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y621e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y621e wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y621e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y621e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y621e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y621e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y621f ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6220 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6220 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd00 y6220 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd01 y6220 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">269</div></td><td class=\"c n x2ff y6220 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,507</div></td><td class=\"c n xd02 y6220 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,164<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd03 y6220 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">84<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd04 y6220 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">201</div></td><td class=\"c n xd05 y6220 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,449<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6221 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6222 w344 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices pr<span class=\"_ _5\"></span>ovided<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc67 y6222 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc68 y6222 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd06 y6222 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd07 y6222 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y6222 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd08 y6222 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd09 y6222 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x38a y6222 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6223 w345 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6f y6223 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0a y6223 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0b y6223 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0c y6223 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0d y6223 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0e y6223 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0f y6223 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9f y6223 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6224 w358 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce adjustment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd10 y6224 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd11 y6224 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd12 y6224 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd13 y6224 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd14 y6224 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd15 y6224 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd16 y6224 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd17 y6224 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6225 w14b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected policyholder tax charges<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd18 y6225 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd19 y6225 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1a y6225 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1b y6225 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1c y6225 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1d y6225 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1e y6225 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1f y6225 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6226 w346 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd20 y6226 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(26)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd21 y6226 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd22 y6226 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd23 y6226 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(68)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd24 y6226 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc83 y6226 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd09 y6226 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x38a y6226 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6227 w348 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd20 y6227 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(84)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd25 y6227 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd26 y6227 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">70<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd27 y6227 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd28 y6227 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd29 y6227 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2a y6227 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x913 y6227 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6228 w349 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls1c ws6\">Changes in<span class=\"_ _5\"></span> estimates that<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">do n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc93 y6228 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2b y6228 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2c y6228 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2d y6228 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y6228 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2f y6228 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd30 y6228 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd31 y6228 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6229 w34a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9a y6229 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(103)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd32 y6229 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd33 y6229 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">70<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd34 y6229 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(23)</div></td><td class=\"c n xd35 y6229 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(120)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd36 y6229 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd37 y6229 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd38 y6229 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y622a w34b h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls9 ws0\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">incurred claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd39 y622a wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3a y622a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3b y622a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3c y622a wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3d y622a w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3e y622a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3f y622a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd40 y622a w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622b w34c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y622b w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(135)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd41 y622b w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd42 y622b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd43 y622b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(97)</div></td><td class=\"c n xd44 y622b w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(112)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd45 y622b w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac6 y622b w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e7 y622b w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622c w34d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e/(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcae y622c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,774<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd46 y622c wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd47 y622c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xd48 y622c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,773</div></td><td class=\"c n xd49 y622c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,724<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4a y622c we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4b y622c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)</div></td><td class=\"c n x95d y622c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,722<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622d w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4c y622d w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,639<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4d y622d wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4e y622d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">37</div></td><td class=\"c n xd4f y622d w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,676</div></td><td class=\"c n xd50 y622d wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,612<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd51 y622d w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd52 y622d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">71</div></td><td class=\"c n xd53 y622d wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,677<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y622e ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y622f w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd54 y622f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y622f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd56 y622f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd57 y622f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n x897 y622f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">377<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd58 y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd59 y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x359 y622f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">377<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6230 w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc3 y6230 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,730)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc4 y6230 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc5 y6230 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc6 y6230 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,730)</div></td><td class=\"c n xcc7 y6230 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,999)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc8 y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc9 y6230 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,999)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6231 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5a y6231 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,401)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbca y6231 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd47 y6231 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xd5b y6231 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,401)</div></td><td class=\"c n xd5c y6231 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,622)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5d y6231 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5e y6231 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x21e y6231 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,622)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620f w359 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5f y620f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd60 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd61 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd62 y620f wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd63 y620f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x862 y620f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd64 y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd65 y620f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6232 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y6211 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd67 y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">306</div></td><td class=\"c n xd68 y6211 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xd69 y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6a y6211 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6b y6211 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269</div></td><td class=\"c n xd6c y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6233 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6d y5f8d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6e y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">306</div></td><td class=\"c n xd6f y5f8d w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xd70 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd71 y5f8d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269</div></td><td class=\"c n xd72 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6234 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y5f8f w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y5f8f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6235 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,398<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd67 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">306</div></td><td class=\"c n xd68 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xd69 y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6a y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6b y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269</div></td><td class=\"c n xd6c y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w262 h1f6\" id=\"_c494123c-9d49-42a1-9fa3-db851db5d50b\"><tr><td></td><td></td><td></td><td class=\"c n xd73 y6236 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd74 y6236 w35a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y6237 ff2 fs6 fc3 sc0 lsd6 wsc4\">Estimates of </td><td></td><td></td><td></td><td class=\"t m0 x79e hd y6237 ff12 fs6 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6238 ff2 fs6 fc3 sc0 lsd5 wscb\">the present </td><td></td><td></td><td></td><td class=\"t m0 x68b hd y6238 ff12 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y6239 ff2 fs6 fc3 sc0 lsd6 wsc4\">value of<span class=\"_ _0\"></span> </td><td></td><td class=\"t m0 xc45 hd y6239 ff2 fs6 fc3 sc0 lsbd wsc4\">Contractual </td><td></td><td class=\"t m0 xc46 hd y6239 ff12 fs6 fc3 sc0 ls9 ws0\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td></td><td class=\"t m0 x756 hd y6239 ff12 fs6 fc3 sc0 lsbe wsc5\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xc47 hd y623a ff2 fs6 fc3 sc0 ls63 ws115\">future cash<span class=\"_ _5\"></span> </td><td class=\"t m0 xc48 hd y623a ff2 fs6 fc3 sc0 ls13c ws144\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc49 hd y623a ff2 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td><td class=\"t m0 x68b hd y623a ff12 fs6 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h </td><td class=\"t m0 x4d9 hd y623a ff13 fs6 fc3 sc0 lsd1 wsd2\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 x9fe hd y623a ff12 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td></tr><tr><td></td><td class=\"t m0 xc4a hd y623b ffa fs6 fc3 sc0 lscf wsd1\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y623b ff2 fs6 fc3 sc0 lsc7 wsf5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x783 y623c w33e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4b y623c w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x75a hd y623b ff13 fs6 fc3 sc0 ls76 ws76\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y623b ff12 fs6 fc3 sc0 lsbe wsc5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x41a y623c w33f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6c ws6d\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4c y623c w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y623d w35b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4d y623d wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4e y623d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4f y623d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc50 y623d w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc51 y623d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd75 y623d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd76 y623d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd77 y623d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y623e w341 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls61 ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xc55 y623e w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfa y623e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfb y623e wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n xcfc y623e w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,874</div></td><td class=\"c n xcfd y623e w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">27,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd78 y623e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">104<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd79 y623e w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">589</div></td><td class=\"c n xd7a y623e w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28,393<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y623f w342 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y623f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y623f w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y623f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y623f wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y623f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y623f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y623f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y623f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6240 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6241 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6241 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd00 y6241 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd01 y6241 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n x2ff y6241 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,874</div></td><td class=\"c n xd02 y6241 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">27,700<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7b y6241 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">104<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7c y6241 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">589</div></td><td class=\"c n xd7d y6241 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28,393<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6242 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6243 w344 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices pr<span class=\"_ _5\"></span>ovided<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc67 y6243 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc68 y6243 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd06 y6243 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd07 y6243 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y6243 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd08 y6243 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd09 y6243 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(74)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x38a y6243 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(74)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ff w345 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6f y61ff w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0a y61ff wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0b y61ff wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0c y61ff w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0d y61ff we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7e y61ff w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7f y61ff we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd80 y61ff w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6244 w358 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce adjustment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd81 y6244 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd82 y6244 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd83 y6244 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd84 y6244 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd14 y6244 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd15 y6244 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd16 y6244 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd17 y6244 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6245 w14b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected policyholder tax charges<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd18 y6245 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd19 y6245 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1a y6245 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1b y6245 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1c y6245 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1d y6245 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1e y6245 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd1f y6245 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6246 w346 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd20 y6246 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd21 y6246 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd22 y6246 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd23 y6246 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd85 y6246 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd86 y6246 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd87 y6246 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(74)</div></td><td class=\"c n xd88 y6246 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(105)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6247 w348 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd20 y6247 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd89 y6247 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(46)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8a y6247 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd62 y6247 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8b y6247 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(98)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8c y6247 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y6247 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb03 y6247 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6248 w349 h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls1c ws6\">Changes in<span class=\"_ _5\"></span> estimates that<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">do n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc93 y6248 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc94 y6248 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc95 y6248 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8e y6248 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8b y6248 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8f y6248 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd90 y6248 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x371 y6248 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6249 w34a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd91 y6249 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(68)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd92 y6249 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd93 y6249 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd94 y6249 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(50)</div></td><td class=\"c n xd95 y6249 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(134)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd86 y6249 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd96 y6249 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd97 y6249 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6206 w34b h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">incurred claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd98 y6206 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd99 y6206 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc95 y6206 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8e y6206 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8b y6206 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9a y6206 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbbb y6206 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9b y6206 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624a w34c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y624a w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(172)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca7 y624a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9c y624a w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc09 y624a w73 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(188)</div></td><td class=\"c n xd9d y624a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(197)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9e y624a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9f y624a w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20c y624a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(176)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624b w35c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda0 y624b w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,502<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6d y624b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda1 y624b w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9</div></td><td class=\"c n xda2 y624b w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,529</div></td><td class=\"c n xda3 y624b wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,113<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda4 y624b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda5 y624b w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9</div></td><td class=\"c n x4b2 y624b w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,122<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624c w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4c y624c w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,330<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda6 y624c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda7 y624c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24</div></td><td class=\"c n xda8 y624c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,341<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda9 y624c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">916<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdaa y624c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdab y624c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x849 y624c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">946<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y624d ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y624e w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y624e w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdad y624e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdae y624e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdaf y624e w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb0 y624e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y624e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y624e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y624e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624f w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc3 y624f w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,811)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc4 y624f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc5 y624f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc6 y624f w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,811)</div></td><td class=\"c n xcc7 y624f w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,567)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc8 y624f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y624f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc9 y624f w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,567)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6250 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5a y6250 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,750)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbca y6250 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd47 y6250 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xd5b y6250 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,750)</div></td><td class=\"c n xd5c y6250 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,466)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5d y6250 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5e y6250 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x21e y6250 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,466)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6251 ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></td><td class=\"c n xdb1 y6252 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb2 y6252 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb3 y6252 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb4 y6252 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb5 y6252 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb6 y6252 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb7 y6252 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb8 y6252 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6253 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,732<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y6211 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd67 y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">657</div></td><td class=\"c n xd68 y6211 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xd69 y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6a y6211 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6b y6211 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n xd6c y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6254 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,732<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6d y5f8d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6e y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">657</div></td><td class=\"c n xd6f y5f8d w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xd70 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd71 y5f8d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n xd72 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6255 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y604e w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y604e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6256 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,732<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd67 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">657</div></td><td class=\"c n xd68 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xd69 y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6a y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6b y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n xd6c y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w15d h1f7\" id=\"_c1c15fda-2ed0-4e6b-9a05-3595a8fff45b\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y6257 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y6257 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y6258 ff2 fs6 fc3 sc0 lsd6 wsc4\">Estimates of </td><td></td><td></td><td></td><td class=\"t m0 x79e hd y6258 ff12 fs6 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6259 ff2 fs6 fc3 sc0 lsd5 wscb\">the present </td><td></td><td></td><td></td><td class=\"t m0 x68b hd y6259 ff12 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y625a ff2 fs6 fc3 sc0 lsd6 wsc4\">value of<span class=\"_ _0\"></span> </td><td></td><td class=\"t m0 xc45 hd y625a ff2 fs6 fc3 sc0 lsbd wsc4\">Contractual </td><td></td><td class=\"t m0 xc46 hd y625a ff12 fs6 fc3 sc0 ls9 ws0\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td></td><td class=\"t m0 x756 hd y625a ff12 fs6 fc3 sc0 lsbe wsc5\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 xc47 hd y625b ff2 fs6 fc3 sc0 ls63 ws115\">future cash<span class=\"_ _5\"></span> </td><td class=\"t m0 xc48 hd y625b ff2 fs6 fc3 sc0 ls13c ws144\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc49 hd y625b ff2 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td><td class=\"t m0 x68b hd y625b ff12 fs6 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h </td><td class=\"t m0 x4d9 hd y625b ff13 fs6 fc3 sc0 lsd1 wsd2\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 x9fe hd y625b ff12 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td></tr><tr><td></td><td class=\"t m0 xc4a hd y625c ffa fs6 fc3 sc0 lscf wsd1\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y625c ff2 fs6 fc3 sc0 lsc7 wsf5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x783 y625d w33e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4b y625d w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x75a hd y625c ff13 fs6 fc3 sc0 ls76 ws76\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y625c ff12 fs6 fc3 sc0 lsbe wsc5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"c n x41a y625d w33f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6c ws6d\">margin<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4c y625d w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y625e w153 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb9 y625e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdba y625e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbb y625e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbc y625e wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbd y625e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbe y625e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbf y625e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc0 y625e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y625f w341 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls61 ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xc55 y625f w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc56 y625f wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc1 y625f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">329</div></td><td class=\"c n xdc2 y625f w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,650</div></td><td class=\"c n xdc3 y625f w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,195<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc4 y625f w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">217<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc5 y625f w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">244</div></td><td class=\"c n xdc6 y625f w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,656<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61f7 w342 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y61f7 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y61f7 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y61f7 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y61f7 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y61f7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y61f7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y61f7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y61f7 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6260 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6261 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6261 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc61 y6261 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc7 y6261 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">329</div></td><td class=\"c n xdc8 y6261 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,650</div></td><td class=\"c n xdc9 y6261 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,195<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdca y6261 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">217<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y6261 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">244</div></td><td class=\"c n xdcb y6261 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,656<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6262 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6263 w344 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices pr<span class=\"_ _5\"></span>ovided<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc67 y6263 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc68 y6263 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd06 y6263 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(44)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd07 y6263 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(44)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac0 y6263 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd08 y6263 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd09 y6263 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x38a y6263 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61fc w345 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6f y61fc w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc70 y61fc w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc71 y61fc wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc72 y61fc w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc73 y61fc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc74 y61fc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc75 y61fc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x393 y61fc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61fd w358 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce adjustment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd81 y61fd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd82 y61fd wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd83 y61fd wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd84 y61fd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb00 y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdcc y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdcd y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdce y61fd we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6264 w14b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected policyholder tax charges<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdcf y6264 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd0 y6264 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x90f y6264 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd1 y6264 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd2 y6264 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd3 y6264 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd4 y6264 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd5 y6264 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6244 w346 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd6 y6244 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd7 y6244 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd8 y6244 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(44)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd9 y6244 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(40)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x360 y6244 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdda y6244 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xddb y6244 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(56)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xddc y6244 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6265 w347 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Contract<span class=\"_ _1\"></span>s initially rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnised in the period<span class=\"_ _37b\"> </span></div></td><td class=\"c n xddd y6265 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(26)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdde y6265 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4e y6265 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n xddf y6265 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde0 y6265 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde1 y6265 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde2 y6265 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y6265 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6266 w348 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde3 y6266 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde4 y6266 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x927 y6266 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde5 y6266 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde6 y6266 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde7 y6266 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde8 y6266 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3a4 y6266 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6267 w349 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls1c ws6\">Changes in<span class=\"_ _5\"></span> estimates that<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">do n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca0 y6267 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca1 y6267 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca2 y6267 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde9 y6267 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdea y6267 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdeb y6267 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbcf y6267 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x537 y6267 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6248 w34a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdec y6248 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xded y6248 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(28)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdee y6248 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdef y6248 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)</div></td><td class=\"c n xd35 y6248 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(130)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf0 y6248 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf1 y6248 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">125<span class=\"_ _37b\"> </span></div></td><td class=\"c n x594 y6248 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6268 w34b h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls9 ws0\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">incurred claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd98 y6268 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(26)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf2 y6268 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y6268 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf3 y6268 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf4 y6268 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf5 y6268 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf6 y6268 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4f3 y6268 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6269 w34c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf7 y6269 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd7 y6269 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(44)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd8 y6269 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdd9 y6269 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(66)</div></td><td class=\"c n xdf8 y6269 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(138)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf9 y6269 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfa y6269 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">69<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfb y6269 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(61)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626a w34d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e/(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcae y626a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,193<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfc y626a w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfd y626a w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3</div></td><td class=\"c n xdfe y626a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,204</div></td><td class=\"c n xdff y626a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,336<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe00 y626a w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe01 y626a w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">20</div></td><td class=\"c n x2ad y626a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,348<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626b w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4c y626b w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,184<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda6 y626b w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe02 y626b w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(10)</div></td><td class=\"c n xe03 y626b w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,138</div></td><td class=\"c n xe04 y626b wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,198<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaea y626b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe05 y626b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">89</div></td><td class=\"c n xe06 y626b wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,287<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y626c ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y626d w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbc y626d w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbd y626d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y626d wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xaff y626d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,025</div></td><td class=\"c n xcbf y626d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,720<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc0 y626d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc1 y626d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc2 y626d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,720<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626e w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc3 y626e w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,900)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc4 y626e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc5 y626e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc6 y626e w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,900)</div></td><td class=\"c n xcc7 y626e w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,249)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe07 y626e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe08 y626e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe09 y626e w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,249)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626f w351 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcca y626f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(98)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccb y626f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccc y626f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y626f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(98)</div></td><td class=\"c n xd44 y626f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0a y626f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0b y626f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0c y626f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6270 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0d y6270 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0e y6270 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0f y6270 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d8 y6270 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe10 y6270 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(635)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe11 y6270 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe12 y6270 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y6270 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(635)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6272 w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y6271 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y620f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">771<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe14 y620f wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe15 y620f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe16 y620f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">781<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe17 y620f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(650)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe18 y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe19 y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)</div></td><td class=\"c n xe1a y620f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(658)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6273 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,090<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">180<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y6211 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">326</div></td><td class=\"c n x2b2 y6211 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe1c y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y6211 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y6211 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329</div></td><td class=\"c n xe1f y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6274 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,090<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce6 y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">180<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe20 y5f8d wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">326</div></td><td class=\"c n xe21 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe22 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe23 y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd04 y5f8d w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329</div></td><td class=\"c n xd05 y5f8d w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6275 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y5f8f w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y5f8f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6276 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,090<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">180<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">326</div></td><td class=\"c n x2b2 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe1c y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,108<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">213<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329</div></td><td class=\"c n xe1f y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h20 ff4 fs6 fc3 sc0 lse ws6b gs7d7\">1 <span class=\"_ _19\"> </span>Other movement<span class=\"_ _1\"></span>s in both periods presented princip<span class=\"_ _1\"></span>ally relate to foreign<span class=\"_ _5\"></span> cur<span class=\"_ _1\"></span>renc<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs7d9\">F2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Movements in<span class=\"_ _5\"></span> l<span class=\"_ _1\"></span>iabilities for<span class=\"_ _5\"></span> remaining coverage<span class=\"_ _5\"></span> and liabilities for incurred<span class=\"_ _5\"></span> cl<span class=\"_ _1\"></span>aims for insuranc<span class=\"_ _5\"></span>e contracts<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7da\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns sh<span class=\"_ _1\"></span>ow h<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7db\">ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs7dc\">incurred claims. </div><div class=\"gs7dd\"><table class=\"s w35d h1f8\" id=\"_b1588332-1bbd-4273-bb5d-f7cdfa8d5687\"><tr><td></td><td></td><td></td><td class=\"c n xd73 y6277 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd74 y6277 w35a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xe24 hd y6278 ff2 fs6 fc3 sc0 lsbd wsc4\">Liabilities for<span class=\"_ _5\"></span> remaining </td><td></td><td></td><td></td><td class=\"t m0 x7a2 hd y6278 ff12 fs6 fc3 sc0 lsbe wsc5\">Liabilities for remaining<span class=\"_ _5\"></span> </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe25 hd y6279 ff2 fs6 fc3 sc0 ls25 ws25\">coverag<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 xe26 hd y6279 ff12 fs6 fc3 sc0 ls7c ws7d\">coverage<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x91e hd y627a ff2 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 xe27 hd y627a ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities </td><td></td><td class=\"t m0 x80d hd y627a ff12 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 x469 hd y627a ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities </td><td></td></tr><tr><td></td><td class=\"t m0 xe28 hd y627b ff2 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe29 hd y627b ff2 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 xe2a hd y627b ff2 fs6 fc3 sc0 lsbd wsc4\">for incurred<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x44a hd y627b ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe2b hd y627b ff12 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 x756 hd y627b ff12 fs6 fc3 sc0 lsbe wsc5\">for incurred </td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y627c ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y627c ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"c n xe2c y627d w35e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2d y627d w35f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x68b hd y627c ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y627c ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y627d w360 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2e y627d w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y627e w340 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement Solutions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4d y627e wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4e y627e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4f y627e wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc50 y627e w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc51 y627e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc52 y627e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc53 y627e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc54 y627e w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y627f w361 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xe2f y627f w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe30 y627f w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe31 y627f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">298</div></td><td class=\"c n xe32 y627f w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,760</div></td><td class=\"c n xe33 y627f w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,126<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe34 y627f w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n x863 y627f w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49</div></td><td class=\"c n xe35 y627f w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,229<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6280 w342 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y6280 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y6280 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y6280 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y6280 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y6280 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y6280 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y6280 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y6280 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6281 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6282 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6282 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd00 y6282 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd01 y6282 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">298</div></td><td class=\"c n x2ff y6282 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42,760</div></td><td class=\"c n xd02 y6282 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,126<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd03 y6282 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe36 y6282 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">49</div></td><td class=\"c n xd72 y6282 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">40,229<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6283 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6284 w362 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue (no<span class=\"_ _1\"></span>te C1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe37 y6284 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,373)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe38 y6284 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe39 y6284 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xa6d y6284 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,373)</div></td><td class=\"c n xe3a y6284 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,918)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0a y6284 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0b y6284 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe3b y6284 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3,918)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6285 ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6286 w363 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Incurred claims<span class=\"_ _5\"></span> and other expen<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3c y6286 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3d y6286 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)</div></td><td class=\"c n xe3e y6286 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,956</div></td><td class=\"c n xe3f y6286 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,952<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y6286 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe40 y6286 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(4)</div></td><td class=\"c n xe41 y6286 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,569</div></td><td class=\"c n x403 y6286 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,565<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6287 ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of ins<span class=\"_ _5\"></span>urance </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6247 w364 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">acquisition cash flows<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe42 y6247 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe43 y6247 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe44 y6247 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe45 y6247 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe46 y6247 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe47 y6247 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe48 y6247 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d8 y6247 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6204 w365 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">Losses on oner<span class=\"_ _5\"></span>ous contracts and<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe49 y6204 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4a y6204 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4b y6204 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4c y6204 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4d y6204 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4e y6204 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4f y6204 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x631 y6204 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6288 ff3 fs2 fc3 sc0 ls1c ws6\">Changes to<span class=\"_ _5\"></span> liabilities for i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>curred </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6289 w366 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe50 y6289 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y6289 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe51 y6289 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe52 y6289 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3a y6289 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe53 y6289 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe54 y6289 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe55 y6289 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6206 w34c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe56 y6206 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,366)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe57 y6206 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)</div></td><td class=\"c n x396 y6206 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,960<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe58 y6206 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(418)</div></td><td class=\"c n xe59 y6206 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,917)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdda y6206 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)</div></td><td class=\"c n xe5a y6206 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,569<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5b y6206 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(364)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624a w34d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e/(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcae y624a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,856<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfc y624a w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdfd y624a w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1</div></td><td class=\"c n xdfe y624a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,858<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5c y624a w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(552)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5d y624a w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5e y624a w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5f y624a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(536)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y628a w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe60 y628a w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,510)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe61 y628a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(11)</div></td><td class=\"c n xa9a y628a w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,961</div></td><td class=\"c n xa9b y628a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,440</div></td><td class=\"c n xcc7 y628a w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4,469)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdaa y628a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)</div></td><td class=\"c n xe62 y628a wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,584<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe63 y628a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(900)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624b w367 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe64 y624b w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(384)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe65 y624b wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe66 y624b w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">384<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe67 y624b wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe68 y624b w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(301)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe69 y624b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4b y624b w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y624b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y628b ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y626d w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbc y626d w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,407<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbd y626d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y626d wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xaff y626d w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,407</div></td><td class=\"c n xcbf y626d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,853<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc0 y626d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc1 y626d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc2 y626d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,853<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624e w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6a y624e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y624e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6b y624e w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,036)</div></td><td class=\"c n xe6c y624e w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,036)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y624e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6c y624e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6d y624e w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,657)</div></td><td class=\"c n xe6e y624e w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,657)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y624f w351 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcca y624f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccb y624f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccc y624f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y624f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccd y624f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcce y624f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccf y624f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd0 y624f w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(73)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6270 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd1 y6270 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,325<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd2 y6270 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6f y6270 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4,036)</div></td><td class=\"c n xe70 y6270 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,289</div></td><td class=\"c n x990 y6270 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,780<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe71 y6270 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe72 y6270 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,657)</div></td><td class=\"c n x9de y6270 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,123<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6272 w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y6271 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb1 y6252 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb2 y6252 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe73 y6252 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe74 y6252 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)</div></td><td class=\"c n xe75 y6252 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,287<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe76 y6252 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe77 y6252 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21</div></td><td class=\"c n xe78 y6252 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,308<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y628c ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w368 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">liabilities as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe79 y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">44,854<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7a y6211 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7b y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">601</div></td><td class=\"c n x2da y6211 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xe7c y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7d y6211 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7e y6211 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">298</div></td><td class=\"c n xe7f y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y628d ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">44,854<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6d y5f8d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6e y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">601</div></td><td class=\"c n xd6f y5f8d w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xd70 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd71 y5f8d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">298</div></td><td class=\"c n xd72 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y628e ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y604e w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y604e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y628f ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w368 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">liabilities as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe79 y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">44,854<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7a y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7b y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">601</div></td><td class=\"c n x2da y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">45,483</div></td><td class=\"c n xe7c y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7d y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7e y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">298</div></td><td class=\"c n xe7f y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">42,760<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h20 ff4 fs6 fc3 sc0 ls9 ws0 gs7de\">1<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7df\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flo<span class=\"_ _1\"></span>ws i<span class=\"_ _1\"></span>n 2024 in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s \u00a31,3<span class=\"_ _1\"></span>05 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m in r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e P<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>L Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs2de\"><table class=\"s w369 h1f9\" id=\"_47d93511-6284-425e-925e-073bf69d711c\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y6290 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y6290 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xe24 hd y6291 ff2 fs6 fc3 sc0 lsbd wsc4\">Liabilities for<span class=\"_ _5\"></span> remaining </td><td></td><td></td><td></td><td class=\"t m0 x7a2 hd y6291 ff12 fs6 fc3 sc0 lsbe wsc5\">Liabilities for remaining<span class=\"_ _5\"></span> </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe25 hd y6292 ff2 fs6 fc3 sc0 ls25 ws25\">coverag<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 xe26 hd y6292 ff12 fs6 fc3 sc0 ls7c ws7d\">coverage<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x91e hd y6293 ff2 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 xe27 hd y6293 ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities </td><td></td><td class=\"t m0 x80d hd y6293 ff12 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 x469 hd y6293 ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities </td><td></td></tr><tr><td></td><td class=\"t m0 xe28 hd y6294 ff2 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe29 hd y6294 ff2 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 xe2a hd y6294 ff2 fs6 fc3 sc0 lsbd wsc4\">for incurred<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x44a hd y6294 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe2b hd y6294 ff12 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 x756 hd y6294 ff12 fs6 fc3 sc0 lsbe wsc5\">for incurred </td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y6295 ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y6295 ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"c n xe2c y6296 w35e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2d y6296 w35f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x68b hd y6295 ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y6295 ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y6296 w360 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2e y6296 w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6297 w357 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; S<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf3 y6297 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf4 y6297 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf5 y6297 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x669 y6297 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf6 y6297 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf7 y6297 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf8 y6297 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf9 y6297 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6298 w361 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xcdd y6298 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y6298 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">94<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd67 y6298 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">384</div></td><td class=\"c n xd68 y6298 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,507</div></td><td class=\"c n xd69 y6298 w59 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">22,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb37 y6298 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">115<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb38 y6298 w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">442</div></td><td class=\"c n xcff y6298 w59 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,449<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6299 w342 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y6299 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y6299 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y6299 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y6299 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y6299 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y6299 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y6299 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y6299 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y629a ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6223 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6223 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd00 y6223 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">94<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd01 y6223 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">384</div></td><td class=\"c n x2ff y6223 w5d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22,507</div></td><td class=\"c n xd02 y6223 w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">22,892<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7b y6223 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">115<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd7c y6223 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">442</div></td><td class=\"c n xd7d y6223 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,449<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y629b ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6226 w362 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue (no<span class=\"_ _1\"></span>te C1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe80 y6226 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(269)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4d y6226 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0b y6226 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6a y6226 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(269)</div></td><td class=\"c n xc89 y6226 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(274)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe81 y6226 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe82 y6226 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe83 y6226 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(274)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y629c ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y629d w363 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Incurred claims<span class=\"_ _5\"></span> and other expen<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3c y629d w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe84 y629d w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe85 y629d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">221<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe86 y629d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">201<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb84 y629d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8c y629d w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y629d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">271<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe87 y629d w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">257<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6229 w365 h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls1c ws6\">Losses on oner<span class=\"_ _5\"></span>ous contracts and<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe49 y6229 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe88 y6229 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe89 y6229 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd34 y6229 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8a y6229 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd86 y6229 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8b y6229 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8c y6229 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y629e ff3 fs2 fc3 sc0 ls1c ws6\">Changes to<span class=\"_ _5\"></span> liabilities for i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>curred </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y629f w366 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe50 y629f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y629f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8d y629f wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8e y629f wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa6e y629f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8f y629f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae6 y629f w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe90 y629f w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6195 w34c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y6195 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(269)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca7 y6195 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca8 y6195 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">215<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe91 y6195 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(97)</div></td><td class=\"c n xd9d y6195 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(274)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9e y6195 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe92 y6195 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">249<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e7 y6195 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6196 w35c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda0 y6196 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,763<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe93 y6196 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe94 y6196 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10</div></td><td class=\"c n x957 y6196 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,773</div></td><td class=\"c n xe95 y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,708<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe96 y6196 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe97 y6196 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">14</div></td><td class=\"c n xc3f y6196 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,722<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62a0 w34e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe98 y62a0 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,494<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe99 y62a0 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9a y62a0 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225</div></td><td class=\"c n xcd4 y62a0 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,676</div></td><td class=\"c n xcd5 y62a0 wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,434<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9b y62a0 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9c y62a0 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">263</div></td><td class=\"c n xe9d y62a0 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,677<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622d w367 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9e y622d w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,439)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9f y622d wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea0 y622d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,439<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea1 y622d w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea2 y622d w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,679)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea3 y622d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea4 y622d w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,679<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y622d we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62a1 ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y622f w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd54 y622f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y622f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd56 y622f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd57 y622f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n x897 y622f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">377<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd58 y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd59 y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x359 y622f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">377<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62a2 w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6a y62a2 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y62a2 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6b y62a2 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,730)</div></td><td class=\"c n xe6c y62a2 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,730)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y62a2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6c y62a2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6d y62a2 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,999)</div></td><td class=\"c n xe6e y62a2 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,999)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6231 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea5 y6231 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea6 y6231 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea7 y6231 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,730)</div></td><td class=\"c n xea8 y6231 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,401)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea9 y6231 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">377<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeaa y6231 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xeab y6231 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,999)</div></td><td class=\"c n xeac y6231 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,622)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620f w359 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5f y620f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd60 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd61 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd62 y620f wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd63 y620f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xead y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeae y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeaf y620f we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62a3 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w368 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">liabilities as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe79 y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7a y6211 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7b y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318</div></td><td class=\"c n x2da y6211 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xe7c y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7d y6211 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">94<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7e y6211 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">384</div></td><td class=\"c n xe7f y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62a4 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6d y5f8d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd6e y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318</div></td><td class=\"c n xd6f y5f8d w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xd70 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd71 y5f8d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">94<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3c y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">384</div></td><td class=\"c n xd72 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62a5 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y5f8f w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y5f8f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6142 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w368 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1c ws6\">liabilities as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe79 y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7a y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7b y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">318</div></td><td class=\"c n x2da y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,782</div></td><td class=\"c n xe7c y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7d y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">94<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7e y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">384</div></td><td class=\"c n xe7f y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,507<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w369 h1fa\" id=\"_cf386dad-adff-4b8c-958b-fd79d2b12c48\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y62a6 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xc43 y62a6 w33d h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2<span class=\"_ _1\"></span>024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xe24 hd y62a7 ff2 fs6 fc3 sc0 lsbd wsc4\">Liabilities for<span class=\"_ _5\"></span> remaining </td><td></td><td></td><td></td><td class=\"t m0 x7a2 hd y62a7 ff12 fs6 fc3 sc0 lsbe wsc5\">Liabilities for remaining<span class=\"_ _5\"></span> </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe25 hd y62a8 ff2 fs6 fc3 sc0 ls25 ws25\">coverag<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 xe26 hd y62a8 ff12 fs6 fc3 sc0 ls7c ws7d\">coverage<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x91e hd y62a9 ff2 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 xe27 hd y62a9 ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities </td><td></td><td class=\"t m0 x80d hd y62a9 ff12 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 x469 hd y62a9 ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities </td><td></td></tr><tr><td></td><td class=\"t m0 xe28 hd y62aa ff2 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe29 hd y62aa ff2 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 xe2a hd y62aa ff2 fs6 fc3 sc0 lsbd wsc4\">for incurred<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x44a hd y62aa ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe2b hd y62aa ff12 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 x756 hd y62aa ff12 fs6 fc3 sc0 lsbe wsc5\">for incurred </td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y62ab ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y62ab ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"c n xe2c y62ac w35e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2d y62ac w35f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x68b hd y62ab ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y62ab ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y62ac w360 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2e y62ac w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ad w35b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls76 ws76\">With<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4d y62ad wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4e y62ad wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc4f y62ad wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc50 y62ad w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc51 y62ad w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd75 y62ad w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd76 y62ad w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd77 y62ad w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ae w361 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xcdd y62ae w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25,972<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y62ae wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">238<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y62ae w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">664</div></td><td class=\"c n x2b2 y62ae w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,874</div></td><td class=\"c n xe1c y62ae w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">27,520<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y62ae w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">312<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y62ae w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">561</div></td><td class=\"c n xe1f y62ae w59 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28,393<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6298 w342 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y6298 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y6298 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y6298 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y6298 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y6298 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y6298 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y6298 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y6298 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62af ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6222 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y6222 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25,972<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc61 y6222 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">238<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc7 y6222 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">664</div></td><td class=\"c n xdc8 y6222 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26,874</div></td><td class=\"c n xdc9 y6222 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">27,520<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdca y6222 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">312<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y6222 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">561</div></td><td class=\"c n xdcb y6222 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28,393<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62b0 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62b1 w362 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue (no<span class=\"_ _1\"></span>te C1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe80 y62b1 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(327)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4d y62b1 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0b y62b1 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6a y62b1 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(327)</div></td><td class=\"c n xc89 y62b1 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(378)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe81 y62b1 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe82 y62b1 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe83 y62b1 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(378)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62b2 ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62b3 w363 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Incurred claims<span class=\"_ _5\"></span> and other expen<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3c y62b3 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe84 y62b3 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe85 y62b3 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">299<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe86 y62b3 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb84 y62b3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8c y62b3 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y62b3 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">316<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe87 y62b3 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">273<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62b4 w365 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls1c ws6\">Losses on oner<span class=\"_ _5\"></span>ous contracts and<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe49 y62b4 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe88 y62b4 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe89 y62b4 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd34 y62b4 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8a y62b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb0 y62b4 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb1 y62b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb2 y62b4 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62b5 ff3 fs2 fc3 sc0 ls1c ws6\">Changes to<span class=\"_ _5\"></span> liabilities for i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>curred </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62b6 w366 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe50 y62b6 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y62b6 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb3 y62b6 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb4 y62b6 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(71)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb5 y62b6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd15 y62b6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb6 y62b6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb7 y62b6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y629f w34c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y629f w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(327)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca7 y629f w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(89)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca8 y629f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">228<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca9 y629f w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(188)</div></td><td class=\"c n xcaa y629f w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(378)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb8 y629f w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb9 y629f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">278<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeba y629f w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(176)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6195 w35c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda0 y6195 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,518<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebb y6195 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebc y6195 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10</div></td><td class=\"c n xda2 y6195 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,529</div></td><td class=\"c n xda3 y6195 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,098<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebd y6195 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x905 y6195 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23</div></td><td class=\"c n x9fa y6195 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,122<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6196 w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe98 y6196 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,191<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe99 y6196 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(88)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9a y6196 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">238</div></td><td class=\"c n xcd4 y6196 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,341<span class=\"_ _37b\"> </span></div></td><td class=\"c n x903 y6196 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">720<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdda y6196 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(75)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8ac y6196 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">301<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y6196 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">946<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622c w367 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9e y622c w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,264)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9f y622c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea0 y622c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,264<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea1 y622c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea2 y622c w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,369)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea3 y622c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea4 y622c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,369<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y622c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62b7 ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62b8 w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y62b8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdad y62b8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdae y62b8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdaf y62b8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb0 y62b8 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y62b8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y62b8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y62b8 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y622f w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6a y622f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y622f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6b y622f w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,811)</div></td><td class=\"c n xe6c y622f w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,811)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6c y622f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6d y622f w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,567)</div></td><td class=\"c n xe6e y622f w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,567)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6230 w351 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebe y6230 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebf y6230 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7a y6230 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec0 y6230 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec1 y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec2 y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec3 y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec4 y6230 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f45 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0d y5f45 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0e y5f45 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xec5 y5f45 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,811)</div></td><td class=\"c n xc01 y5f45 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,750)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc02 y5f45 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">101<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd15 y5f45 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xec6 y5f45 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,567)</div></td><td class=\"c n x21e y5f45 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,466)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y620f w359 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd5f y620f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd60 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd61 y620f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd62 y620f wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y620f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec7 y620f we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8b y620f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec8 y620f w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62b9 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6211 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y6211 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,960<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y6211 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">150<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y6211 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">355</div></td><td class=\"c n x2b2 y6211 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xe1c y6211 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25,972<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y6211 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">238<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y6211 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">664</div></td><td class=\"c n xe1f y6211 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62ba ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f8d w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,960<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce6 y5f8d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">150<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe20 y5f8d wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">355</div></td><td class=\"c n xe21 y5f8d w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xe22 y5f8d w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25,972<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe23 y5f8d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">238<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd04 y5f8d w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">664</div></td><td class=\"c n xd05 y5f8d w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62bb ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y604e w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y604e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y604e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y604e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62bc ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,960<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">150<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">355</div></td><td class=\"c n x2b2 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26,465</div></td><td class=\"c n xe1c y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25,972<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">238<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">664</div></td><td class=\"c n xe1f y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26,874<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w369 h1f8\" id=\"_6923b93c-822b-462f-9b69-25803c8601ea\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y6277 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y6277 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xe24 hd y62bd ff2 fs6 fc3 sc0 lsbd wsc4\">Liabilities for<span class=\"_ _5\"></span> remaining </td><td></td><td></td><td></td><td class=\"t m0 x7a2 hd y62bd ff12 fs6 fc3 sc0 lsbe wsc5\">Liabilities for remaining<span class=\"_ _5\"></span> </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe25 hd y62be ff2 fs6 fc3 sc0 ls25 ws25\">coverag<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 xe26 hd y62be ff12 fs6 fc3 sc0 ls7c ws7d\">coverage<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x91e hd y62bf ff2 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 xe27 hd y62bf ff2 fs6 fc3 sc0 lsc8 wscb\">Liabilities </td><td></td><td class=\"t m0 x80d hd y62bf ff12 fs6 fc3 sc0 lsbe wsc5\">Excluding </td><td></td><td class=\"t m0 x469 hd y62bf ff12 fs6 fc3 sc0 ls54 ws50\">Liabilities </td><td></td></tr><tr><td></td><td class=\"t m0 xe28 hd y62c0 ff2 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe29 hd y62c0 ff2 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 xe2a hd y62c0 ff2 fs6 fc3 sc0 lsbd wsc4\">for incurred<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x44a hd y62c0 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe2b hd y62c0 ff12 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 x756 hd y62c0 ff12 fs6 fc3 sc0 lsbe wsc5\">for incurred </td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y62c1 ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y62c1 ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"c n xe2c y627d w35e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2d y627d w35f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x68b hd y62c1 ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y62c1 ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y627d w360 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2e y627d w2f2 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y627e w153 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdb9 y627e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdba y627e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbb y627e wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbc y627e wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbd y627e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbe y627e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdbf y627e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc0 y627e w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y627f w361 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws6\">Insurance<span class=\"_ _5\"></span> contract liabilities as<span class=\"_ _5\"></span> at 1 January</div></td><td class=\"c n xcdd y627f w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y627f wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y627f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">204</div></td><td class=\"c n x2b2 y627f w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,650</div></td><td class=\"c n xe1c y627f w5e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,055<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y627f w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y627f w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">459</div></td><td class=\"c n xe1f y627f w59 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,656<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62c2 w342 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s as a<span class=\"_ _1\"></span>t 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5c y62c2 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5d y62c2 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xba2 y62c2 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x441 y62c2 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7f9 y62c2 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y62c2 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y62c2 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5f y62c2 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62c3 ff2 fs2 fc3 sc0 ls14 ws12\">Net insurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62c4 w343 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9a ws43\">liabilities<span class=\"_ _5\"></span> as at 1<span class=\"_ _5\"></span> Januar<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc60 y62c4 w27c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc61 y62c4 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc7 y62c4 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">204</div></td><td class=\"c n xdc8 y62c4 w58 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23,650</div></td><td class=\"c n xdc9 y62c4 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,055<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdca y62c4 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y62c4 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">459</div></td><td class=\"c n xdcb y62c4 w5e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23,656<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62c5 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62c6 w362 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue (no<span class=\"_ _1\"></span>te C1<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe80 y62c6 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(543)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4d y62c6 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd0b y62c6 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6a y62c6 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(543)</div></td><td class=\"c n xc89 y62c6 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(569)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe81 y62c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe82 y62c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe83 y62c6 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(569)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62c7 ff3 fs2 fc3 sc0 ls68 ws63\">Insura<span class=\"_ _5\"></span>nce service e<span class=\"_ _5\"></span>xpenses:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62c8 w363 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Incurred claims<span class=\"_ _5\"></span> and other expen<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3c y62c8 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe84 y62c8 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe85 y62c8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">508<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe86 y62c8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">491<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb84 y62c8 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8c y62c8 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(34)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd8d y62c8 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">521<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe87 y62c8 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">487<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62c9 ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation of ins<span class=\"_ _5\"></span>urance </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62ca w364 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">acquisition cash flows<span class=\"_ _37b\"> </span></div></td><td class=\"c n xec9 y62ca w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeca y62ca wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xecb y62ca wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xecc y62ca w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n xecd y62ca w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe69 y62ca we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xece y62ca we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xecf y62ca w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6248 w365 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls1c ws6\">Losses on oner<span class=\"_ _5\"></span>ous contracts and<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe49 y6248 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4a y6248 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4b y6248 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4c y6248 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe4d y6248 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed0 y6248 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb9 y6248 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c6 y6248 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62cb ff3 fs2 fc3 sc0 ls1c ws6\">Changes to<span class=\"_ _5\"></span> liabilities for i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>curred </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6268 w366 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">claims (past ser<span class=\"_ _1\"></span>vice)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe50 y6268 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y6268 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb3 y6268 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb4 y6268 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb5 y6268 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd15 y6268 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed1 y6268 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed2 y6268 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6269 w34c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca6 y6269 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(531)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca7 y6269 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xca8 y6269 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">486<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe91 y6269 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(66)</div></td><td class=\"c n xd9d y6269 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(558)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd9e y6269 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe92 y6269 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">513<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e7 y6269 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(61)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62cc w35c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda0 y62cc w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,192<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebb y62cc wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xebc y62cc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11</div></td><td class=\"c n xda2 y62cc w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,204</div></td><td class=\"c n xda3 y62cc wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,326<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed3 y62cc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed4 y62cc w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4</div></td><td class=\"c n xed5 y62cc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,348<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626a w34e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed6 y626a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">661<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed7 y626a w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed8 y626a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">497</div></td><td class=\"c n xda8 y626a w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,138<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda9 y626a w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">768<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed9 y626a w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeda y626a w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">517</div></td><td class=\"c n xe06 y626a wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,287<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626b w367 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9e y626b w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,455)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9f y626b wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea0 y626b w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,455<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea1 y626b w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea2 y626b w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,485)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea3 y626b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xea4 y626b w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,485<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y626b we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62cd ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"ff3\">:<span class=\"_ _37b\"> </span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62ce w34f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Premiums<span class=\"_ _5\"></span> received<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbc y62ce w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,025<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbd y62ce w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y62ce wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xaff y62ce w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,025</div></td><td class=\"c n xcbf y62ce w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,720<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc0 y62ce we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc1 y62ce we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xcc2 y62ce w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,720<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626e w350 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6a y626e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd55 y626e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6b y626e w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,900)</div></td><td class=\"c n xe6c y626e w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,900)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y626e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6c y626e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6d y626e w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,249)</div></td><td class=\"c n xe6e y626e w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,249)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y626f w351 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcca y626f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(98)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccb y626f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccc y626f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y626f w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(98)</div></td><td class=\"c n xd44 y626f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0a y626f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0b y626f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe0c y626f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6270 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd1 y6270 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,927<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd2 y6270 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6f y6270 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,900)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xedb y6270 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27</div></td><td class=\"c n xedc y6270 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,614<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y6270 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xedd y6270 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,249)</div></td><td class=\"c n xede y6270 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(635)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62cf w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y6271 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x984 y620f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">780<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe14 y620f wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xedf y620f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xee0 y620f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">781<span class=\"_ _37b\"> </span></div></td><td class=\"c n xee1 y620f w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(646)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xee2 y620f w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xee3 y620f wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)</div></td><td class=\"c n xee4 y620f w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(658)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62d0 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62d1 w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y62d1 w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,219<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y62d1 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y62d1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">256</div></td><td class=\"c n x2b2 y62d1 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe1c y62d1 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y62d1 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y62d1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204</div></td><td class=\"c n xe1f y62d1 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62d2 ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y616e w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce5 y616e w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,219<span class=\"_ _37b\"> </span></div></td><td class=\"c n xce6 y616e w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe20 y616e wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">256</div></td><td class=\"c n xe21 y616e w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe22 y616e w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe23 y616e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd04 y616e w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204</div></td><td class=\"c n xd05 y616e w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62d3 ff3 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<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 x1e3 y5f8f w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">as at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xced y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcee y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcef y5f8f wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf0 y5f8f w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x861 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf1 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb81 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcf2 y5f8f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62d4 ff2 fs2 fc3 sc0 ls1c ws6\">Net insurance contract<span class=\"_ _5\"></span> liabili<span class=\"_ _1\"></span>ties </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w354 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcdd y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,219<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcde y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">121<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1b y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">256</div></td><td class=\"c n x2b2 y5edc w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">25,596</div></td><td class=\"c n xe1c y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,306<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1d y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe1e y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204</div></td><td class=\"c n xe1f y5edc w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23,650<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h20 ff4 fs6 fc3 sc0 lse ws6b gs7e3\">1 <span class=\"_ _2d\"> </span>Other movement<span class=\"_ _1\"></span>s in both periods presented principally relate to foreign currency.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "<div class=\"t m0 hf ff1 fs2 fc1 sc0 lsf ws12 gs7e5\">F3<span class=\"_ _1\"></span>. Reinsuranc<span class=\"_ _5\"></span>e contracts held<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs7e6\">F<span class=\"_ _1\"></span>3.1 Movem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>SM o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7e7\">Th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns b<span class=\"_ _1\"></span>elow p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a ro<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>war<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s held b<span class=\"_ _1\"></span>y me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7e8\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g est<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM<span class=\"_ _1\"></span>. </div><div class=\"gs7d2\"><table class=\"s w36a h1fb\" id=\"_d5622088-685c-4c2c-89d7-fe86b2c4e359\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y62d5 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y62d5 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y62d6 ff2 fs6 fc3 sc0 ls25 wsc4\">Estimates of<span class=\"_ _0\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x79e hd y62d6 ff12 fs6 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s of </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y62d7 ff2 fs6 fc3 sc0 lse wscb\">the present </td><td></td><td></td><td></td><td class=\"t m0 x68b hd y62d7 ff12 fs6 fc3 sc0 ls9 ws0\">th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x748 hd y62d8 ff2 fs6 fc3 sc0 ls25 wsc4\">value of<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xc45 hd y62d8 ff2 fs6 fc3 sc0 lsbd wsc4\">Contractual </td><td></td><td class=\"t m0 xc46 hd y62d8 ff12 fs6 fc3 sc0 ls9 ws0\">va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td></td><td class=\"t m0 x756 hd y62d8 ff12 fs6 fc3 sc0 lsbe wsc5\">Contractual </td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y62d9 ff2 fs6 fc3 sc0 ls7c ws115\">future cash<span class=\"_ _5\"></span> </td><td class=\"t m0 xc48 hd y62d9 ff2 fs6 fc3 sc0 ls13c ws144\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc49 hd y62d9 ff2 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td><td class=\"t m0 x68b hd y62d9 ff12 fs6 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h </td><td class=\"t m0 x4d9 hd y62d9 ff13 fs6 fc3 sc0 lsd1 wsd2\">Risk<span class=\"_ _37b\"> </span></td><td class=\"t m0 x9fe hd y62d9 ff12 fs6 fc3 sc0 ls9 ws0\">se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </td><td></td></tr><tr><td></td><td class=\"t m0 xc4a hd y62da ffa fs6 fc3 sc0 ls105 ws111\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y62da ff2 fs6 fc3 sc0 lsc7 wsf5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee5 hd y62da ff2 fs6 fc3 sc0 lsbd wsc4\">margin<span class=\"_ _37b\"> </span></td><td class=\"t m0 x481 hd y62da ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></td><td class=\"t m0 x75a hd y62da ff13 fs6 fc3 sc0 ls76 ws76\">flows<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y62da ff12 fs6 fc3 sc0 lsbe wsc5\">adjustment<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee6 hd y62da ff12 fs6 fc3 sc0 ls6c ws6d\">margin<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y62da ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 xee7 hd y62db ff2 fs6 fc3 sc0 lse ws1b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y62db ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y62db ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y62db ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y62db ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y62db ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y62db ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y62db ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y62dc ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62dd w36b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">as at 1<span class=\"_ gse8\"> </span>J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeea y62dd w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeeb y62dd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeec y62dd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeed y62dd w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(158)</div></td><td class=\"c n xeee y62dd w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(244)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeef y62dd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92b y62dd w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e5 y62dd w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62de ff2 fs2 fc3 sc0 ls14 ws12\">Reinsurance c<span class=\"_ _5\"></span>ontract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62df w36c h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 1 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x906 y62df w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,621<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef0 y62df w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">652</div></td><td class=\"c n xef1 y62df w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,914</div></td><td class=\"c n xcb7 y62df w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,187</div></td><td class=\"c n xef2 y62df w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,410<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdca y62df w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">596</div></td><td class=\"c n xef3 y62df w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,870</div></td><td class=\"c n x2ad y62df w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,876<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62e0 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62e1 w36c h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 1<span class=\"_ gs1a4\"> </span>J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x906 y62e1 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,369<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef0 y62e1 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">686</div></td><td class=\"c n xef1 y62e1 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,974</div></td><td class=\"c n xcb7 y62e1 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,029</div></td><td class=\"c n xef2 y62e1 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,166<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdca y62e1 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">633</div></td><td class=\"c n xef3 y62e1 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,930</div></td><td class=\"c n x2ad y62e1 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,729<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62e2 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62e3 w36d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices r<span class=\"_ _5\"></span>eceived<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef4 y62e3 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef5 y62e3 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef6 y62e3 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(171)</div></td><td class=\"c n xef7 y62e3 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(171)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb1a y62e3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaca y62e3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xacb y62e3 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(163)</div></td><td class=\"c n xef8 y62e3 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62e4 w345 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6f y62e4 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc70 y62e4 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc71 y62e4 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc72 y62e4 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc73 y62e4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc74 y62e4 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(58)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc75 y62e4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x393 y62e4 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(58)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62e5 w358 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce adjustment<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd98 y62e5 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xef9 y62e5 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xefa y62e5 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xefb y62e5 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xefc y62e5 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xefd y62e5 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xefe y62e5 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeff y62e5 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62e6 w346 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd20 y62e6 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd89 y62e6 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(67)</div></td><td class=\"c n xf00 y62e6 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(171)</div></td><td class=\"c n xaa9 y62e6 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(267)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf01 y62e6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf02 y62e6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(58)</div></td><td class=\"c n xf03 y62e6 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(163)</div></td><td class=\"c n x89a y62e6 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62e7 w347 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Contract<span class=\"_ _1\"></span>s initially rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnised in the period</div></td><td class=\"c n xc85 y62e7 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(369)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc86 y62e7 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc87 y62e7 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc88 y62e7 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc89 y62e7 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8a y62e7 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc92 y62e7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x304 y62e7 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62e8 w348 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf04 y62e8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">264<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf05 y62e8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(56)</div></td><td class=\"c n xf06 y62e8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6b y62e8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd3d y62e8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf07 y62e8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe5e y62e8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb08 y62e8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62e9 w349 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">Changes in<span class=\"_ _5\"></span> estimates that<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">do n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc93 y62e9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2b y62e9 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2c y62e9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2d y62e9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y62e9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2f y62e9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd30 y62e9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd31 y62e9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ea w34a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc9a y62ea w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(119)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd32 y62ea w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd33 y62ea w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">72<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd34 y62ea w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)</div></td><td class=\"c n xd35 y62ea w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(295)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf08 y62ea w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf09 y62ea w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">150<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf0a y62ea w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62eb w36e h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">Net (<span class=\"_ _5\"></span>expenses)<span class=\"_ _5\"></span>/<span class=\"_ _1\"></span>income from<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">reinsurance<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>contract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf0b y62eb w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(148)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf0c y62eb w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf0d y62eb w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)</div></td><td class=\"c n xf0e y62eb w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(290)</div></td><td class=\"c n xf0f y62eb w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(316)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9c2 y62eb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">84<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf10 y62eb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)</div></td><td class=\"c n x1ff y62eb w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ec w36f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e (exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf11 y62ec w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(110)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfa y62ec w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf12 y62ec w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf13 y62ec w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf14 y62ec w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(130)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf15 y62ec w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(28)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf16 y62ec w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf17 y62ec w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(109)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ed w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf18 y62ed w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(258)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf19 y62ed w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1a y62ed w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(42)</div></td><td class=\"c n xf1b y62ed w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(262)</div></td><td class=\"c n xf1c y62ed w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(446)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1d y62ed w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde8 y62ed w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1e y62ed w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(354)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62ee ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62ef w370 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Premiums paid<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1f y62ef w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf20 y62ef w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf21 y62ef wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xa9b y62ef w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,156</div></td><td class=\"c n xf22 y62ef w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,658<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y62ef we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf23 y62ef we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x95d y62ef w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,658<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62f0 w371 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d</div></td><td class=\"c n xf24 y62f0 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf25 y62f0 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf26 y62f0 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xf27 y62f0 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,300)</div></td><td class=\"c n xf28 y62f0 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,000)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaca y62f0 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf29 y62f0 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xf2a y62f0 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,000)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62f1 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea5 y62f1 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">856<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea6 y62f1 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf2b y62f1 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf2c y62f1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">856<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf2d y62f1 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">658<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd6 y62f1 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd7 y62f1 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y62f1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">658<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62f3 w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y62f2 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc76 y62f4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf2e y62f4 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf2f y62f4 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf30 y62f4 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf31 y62f4 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf32 y62f4 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf33 y62f4 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf34 y62f4 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62f5 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62f6 w372 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 31<span class=\"_ gs1a4\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf35 y62f6 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,966<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf36 y62f6 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">727</div></td><td class=\"c n xf37 y62f6 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,935</div></td><td class=\"c n x406 y62f6 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xf38 y62f6 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,369<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf39 y62f6 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">686</div></td><td class=\"c n xe41 y62f6 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,974</div></td><td class=\"c n x403 y62f6 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62f7 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62f8 w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">as at 31<span class=\"_ gse8\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3a y62f8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(266)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3b y62f8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3c y62f8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3d y62f8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(180)</div></td><td class=\"c n xf3e y62f8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3f y62f8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf40 y62f8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf41 y62f8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(158)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62f9 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></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 x1e3 y62fa w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">as at 31<span class=\"_ gse8\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf42 y62fa w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,232<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf43 y62fa w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">695</div></td><td class=\"c n xf44 y62fa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,881</div></td><td class=\"c n xf45 y62fa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,808</div></td><td class=\"c n xf46 y62fa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,621<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf47 y62fa w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">652</div></td><td class=\"c n xf48 y62fa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,914</div></td><td class=\"c n xf49 y62fa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y62fb ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62fc w372 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 31<span class=\"_ gs1a4\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf35 y62fc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,966<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf36 y62fc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">727</div></td><td class=\"c n xf37 y62fc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,935</div></td><td class=\"c n x406 y62fc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xf38 y62fc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,369<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf39 y62fc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">686</div></td><td class=\"c n xe41 y62fc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,974</div></td><td class=\"c n x403 y62fc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y62fd ff3 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62fe w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4a y62fe w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,193<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4b y62fe wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">660</div></td><td class=\"c n xf4c y62fe w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,652</div></td><td class=\"c n xf4d y62fe w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,505</div></td><td class=\"c n xf4e y62fe w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,307<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4f y62fe w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">575</div></td><td class=\"c n xf50 y62fe w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,694</div></td><td class=\"c n xf51 y62fe wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ff w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf52 y62ff w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf53 y62ff wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf54 y62ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf55 y62ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf56 y62ff w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf57 y62ff we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf58 y62ff w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e0 y62ff w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6300 w329 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf59 y6300 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">432<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5a y6300 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5b y6300 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td><td class=\"c n x40b y6300 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">586<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5c y6300 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">736<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5d y6300 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5e y6300 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">141<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57b y6300 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">911<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6302 w373 h1fc\"><div class=\"t m0 x1dd h7 y6301 ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5f y6303 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">337<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf60 y6303 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf61 y6303 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">130<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c7 y6303 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf62 y6303 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">322<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3f y6303 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdc5 y6303 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf63 y6303 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">531<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w372 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 31<span class=\"_ gs1a4\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf35 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,966<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf36 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">727</div></td><td class=\"c n xf37 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,935</div></td><td class=\"c n x406 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xf38 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,369<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf39 y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">686</div></td><td class=\"c n xe41 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,974</div></td><td class=\"c n x403 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls3d ws3e gs7e9\">1 <span class=\"_ _2d\"> </span>O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in bot<span class=\"_ _1\"></span>h pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ds p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng to fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y. P<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te F<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>2 fo<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r amo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r 2025<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs7eb\">F3.<span class=\"_ _1\"></span>2 Movements in assets for<span class=\"_ _5\"></span> remaining coverage<span class=\"_ _5\"></span> and assets for incurred claims for<span class=\"_ _5\"></span> reinsurance contracts held<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7ec\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g re<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns sh<span class=\"_ _1\"></span>ow h<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs7ed\">ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs7ee\">incurred claims. </div><div class=\"gs7ef\"><table class=\"s w374 h1fd\" id=\"_0c7cf0b0-1f85-4a05-b356-63db5d597201\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y6304 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y6304 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc44 hd y6305 ff2 fs6 fc3 sc0 lsbd wsc4\">Assets for remaining<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x814 hd y6305 ff12 fs6 fc3 sc0 lsbe wsc5\">Asset<span class=\"_ _1\"></span>s for remaining<span class=\"_ _5\"></span> </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xe25 hd y6306 ff2 fs6 fc3 sc0 ls25 ws25\">coverag<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 xe26 hd y6306 ff12 fs6 fc3 sc0 ls7c ws7d\">coverage<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x91e hd y6307 ff2 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Excluding </td><td></td><td></td><td class=\"t m0 x80d hd y6307 ff12 fs6 fc3 sc0 lsbe wsc5\" colspan=\"2\">Excluding </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe28 hd y6308 ff2 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe29 hd y6308 ff2 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 xf64 hd y6308 ff2 fs6 fc3 sc0 lsbd wsc4\">Assets for </td><td></td><td class=\"t m0 x44a hd y6308 ff12 fs6 fc3 sc0 ls9 ws0\">lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 xe2b hd y6308 ff12 fs6 fc3 sc0 ls9 ws0\">Lo<span class=\"_ _1\"></span>ss </td><td class=\"t m0 x44f hd y6308 ff12 fs6 fc3 sc0 lsd1 wsd2\">Asset<span class=\"_ _1\"></span>s for </td><td></td></tr><tr><td></td><td class=\"t m0 x284 hd y6309 ff2 fs6 fc3 sc0 ls25 ws25\">recover<span class=\"_ _1\"></span>y </td><td class=\"t m0 x8e3 hd y6309 ff2 fs6 fc3 sc0 ls25 ws25\">recover<span class=\"_ _1\"></span>y </td><td class=\"t m0 x480 hd y6309 ff2 fs6 fc3 sc0 lsbd wsc4\">incurred </td><td></td><td class=\"t m0 x7a2 hd y6309 ff12 fs6 fc3 sc0 ls7c ws7d\">recover<span class=\"_ _1\"></span>y </td><td class=\"t m0 x60b hd y6309 ff12 fs6 fc3 sc0 ls7c ws7d\">recover<span class=\"_ _1\"></span>y </td><td class=\"t m0 xb5f hd y6309 ff12 fs6 fc3 sc0 lsbe wsc5\">incurred </td><td></td></tr><tr><td></td><td class=\"t m0 x28b hd y630a ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x27f hd y630a ff2 fs6 fc3 sc0 lsbd wsc4\">component<span class=\"_ _37b\"> </span></td><td class=\"c n xe2c y630b w35e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2d y630b w35f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x68b hd y630a ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"t m0 x779 hd y630a ff12 fs6 fc3 sc0 lsbe wsc5\">component<span class=\"_ _37b\"> </span></td><td class=\"c n x798 y630b w360 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">claims<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2e y630b w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x8ef y630c wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y630c wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y630c wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y630c w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y630c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y630c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y630c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y630c w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y630d ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y630e w36b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">as at 1<span class=\"_ gse8\"> </span>J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeea y630e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf65 y630e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf66 y630e w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf67 y630e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(158)</div></td><td class=\"c n xd28 y630e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(152)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7d y630e we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf68 y630e w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf69 y630e w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(147)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y630f ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></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 x1e3 y6310 w36b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">as at 1<span class=\"_ gse8\"> </span>J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd4c y6310 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">7,076<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd66 y6310 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xf6a y6310 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,929)</div></td><td class=\"c n xf6b y6310 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,187</div></td><td class=\"c n xf6c y6310 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">7,147<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf6d y6310 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">37</div></td><td class=\"c n xa91 y6310 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,308)</div></td><td class=\"c n xf6e y6310 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,876<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6311 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6312 w36c h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as a<span class=\"_ _1\"></span>t 1<span class=\"_ gs1a4\"> </span>J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x906 y6312 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">6,913<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd32 y6312 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xf6f y6312 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,924)</div></td><td class=\"c n xf70 y6312 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,029</div></td><td class=\"c n xf71 y6312 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,995<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeef y6312 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">37</div></td><td class=\"c n xf72 y6312 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,303)</div></td><td class=\"c n xf73 y6312 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,729<span class=\"_ _37b\"> </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 x5f0 h7 y6313 ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y6314 ff2 fs2 fc3 sc0 ls33 wsb\">Changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6315 w375 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Reinsurance expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf74 y6315 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3,001)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf75 y6315 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd83 y6315 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xf76 y6315 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3,001)</div></td><td class=\"c n xf77 y6315 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,504)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf78 y6315 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf79 y6315 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xf7a y6315 w6b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,504)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6316 w376 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">expenses<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>incur<span class=\"_ _1\"></span>red<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf7b y6316 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd11 y6316 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x9ed y6316 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,734</div></td><td class=\"c n xf7c y6316 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,734<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf7d y6316 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf7e y6316 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xc65 y6316 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,267</div></td><td class=\"c n xf7f y6316 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,267<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6317 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM d<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6318 ff3 fs2 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d reve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f a los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6319 w377 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">from oner<span class=\"_ _5\"></span>ous underlying contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf80 y6319 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf81 y6319 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xccc y6319 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8aa y6319 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(22)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf82 y6319 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf83 y6319 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf84 y6319 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf85 y6319 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y631a w378 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Cos<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve cov<span class=\"_ _1\"></span>er on<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf86 y631a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf87 y631a wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf88 y631a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf89 y631a wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x368 y631a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8a y631a w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8b y631a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8c y631a w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y631b w379 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t (exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e)/<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8d y631b w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3,001)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8e y631b w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)</div></td><td class=\"c n xea0 y631b w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,734<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8f y631b w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(290)</div></td><td class=\"c n xf90 y631b w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,504)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf91 y631b wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)</div></td><td class=\"c n xf92 y631b w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,267<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf93 y631b w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(245)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y631c w37a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e/(exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf94 y631c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd11 y631c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf95 y631c wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb93 y631c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf96 y631c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(94)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf97 y631c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd87 y631c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)</div></td><td class=\"c n xd88 y631c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(109)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ec w34e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal changes in<span class=\"_ _5\"></span> income statement<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe60 y62ec w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,966)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe61 y62ec w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)</div></td><td class=\"c n xa9a y62ec w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,727<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf98 y62ec w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(262)</div></td><td class=\"c n xf99 y62ec w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,598)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf9a y62ec w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)</div></td><td class=\"c n xce3 y62ec w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,251<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e5 y62ec w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(354)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y631d w367 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>omponent<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe64 y631d w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe65 y631d wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe66 y631d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe67 y631d wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe68 y631d w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(126)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe69 y631d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4b y631d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">126<span class=\"_ _37b\"> </span></div></td><td class=\"c n xadb y631d we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </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 x5f0 h7 y631e ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y631f w37b h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xf9b y631f we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ef w370 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Premiums paid<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1f y62ef w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf20 y62ef w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf21 y62ef wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xa9b y62ef w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,156</div></td><td class=\"c n xf22 y62ef w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,658<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7eb y62ef we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf23 y62ef we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x95d y62ef w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,658<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62f0 w371 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms re<span class=\"_ _1\"></span>cov<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf9c y62f0 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf9d y62f0 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xf9e y62f0 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,300)</div></td><td class=\"c n xf9f y62f0 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfa0 y62f0 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfa1 y62f0 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xfa2 y62f0 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,000)</div></td><td class=\"c n xfa3 y62f0 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,000)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62f1 w352 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd1 y62f1 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,156<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcd2 y62f1 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xe6f y62f1 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,300)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfa4 y62f1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">856</div></td><td class=\"c n xfa5 y62f1 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,658<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfa6 y62f1 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n xfa7 y62f1 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,000)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x258 y62f1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">658<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62f3 w353 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s</div><div class=\"t m0 xcd8 h11 y62f2 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb98 y6320 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,494)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfa8 y6320 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)</div></td><td class=\"c n xfa9 y6320 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,500<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfaa y6320 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfab y6320 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfac y6320 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf68 y6320 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfad y6320 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y62f6 w37c h1fe\"><div class=\"t m0 x1dd hc y5f8e ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract assets as at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfae y62f6 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,466<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfaf y62f6 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb0 y62f6 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">146</div></td><td class=\"c n xfb1 y62f6 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xfb2 y62f6 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,913<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf1d y62f6 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xfb3 y62f6 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,924)</div></td><td class=\"c n xfb4 y62f6 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6321 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62f8 w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">as at 31<span class=\"_ gse8\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf3a y62f8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(185)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb5 y62f8 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb6 y62f8 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb7 y62f8 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(180)</div></td><td class=\"c n xfb8 y62f8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6d y62f8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb9 y62f8 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfba y62f8 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(158)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6322 ff3 fs2 fc3 sc0 ls18 ws16\">Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract asset<span class=\"_ _1\"></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 x1e3 y6323 w355 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">as at 31<span class=\"_ gse8\"> </span>De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf42 y6323 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,651<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfbb y6323 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb34 y6323 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">141</div></td><td class=\"c n xfbc y6323 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,808</div></td><td class=\"c n x922 y6323 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y6323 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xfbd y6323 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,929)</div></td><td class=\"c n x4f8 y6323 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,187<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6324 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62fc w37d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">assets as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfbe y62fc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,466<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfbf y62fc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc0 y62fc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">146</div></td><td class=\"c n xfc1 y62fc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xfc2 y62fc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,913<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcab y62fc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xfc3 y62fc w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,924)</div></td><td class=\"c n xfc4 y62fc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6325 ff3 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y62fe w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4a y62fe w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,393<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc5 y62fe w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe20 y62fe wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">107</div></td><td class=\"c n xfc6 y62fe w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,505</div></td><td class=\"c n xfc7 y62fe wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,543<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc8 y62fe w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">25</div></td><td class=\"c n xfc9 y62fe w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,992)</div></td><td class=\"c n x61d y62fe w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,576<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y62ff w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfca y62ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbd y62ff w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y62ff wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfcb y62ff w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfcc y62ff w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfcd y62ff we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfce y62ff w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfcf y62ff w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6300 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd0 y6300 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">570<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb5 y6300 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd1 y6300 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd2 y6300 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">586<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd3 y6300 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">879<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf7e y6300 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xada y6300 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd4 y6300 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">911<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6302 w373 h1fc\"><div class=\"t m0 x1dd h7 y6301 ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">Net reinsurance<span class=\"_ _5\"></span> contract<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf5f y6303 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">489<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf60 y6303 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd5 y6303 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd6 y6303 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd7 y6303 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">484<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd8 y6303 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd9 y6303 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfda y6303 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">531<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w37d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">assets as at<span class=\"_ _5\"></span> 31 Dec<span class=\"_ _5\"></span>ember<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfbe y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,466<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfbf y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc0 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">146</div></td><td class=\"c n xfc1 y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,628</div></td><td class=\"c n xfc2 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,913<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcab y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">40</div></td><td class=\"c n xfc3 y5edc w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,924)</div></td><td class=\"c n xfc4 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,029<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f0\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as re<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m is re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d he<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f1\">po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k el<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as a s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 17<span class=\"_ _5\"></span>. It h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n id<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t in 20<span class=\"_ _1\"></span>24 cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f2\">ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n w<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s (\u2018A<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>\u2019<span class=\"_ _2\"></span>), wh<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is t<span class=\"_ _1\"></span>o re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in A<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f3\">re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s for R<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Co<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e (\u2018A<span class=\"_ _1\"></span>RC<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is h<span class=\"_ _1\"></span>as r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of \u00a3<span class=\"_ _1\"></span>2,<span class=\"_ _1\"></span>052 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n A<span class=\"_ _1\"></span>RC a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f4\">AI<span class=\"_ _1\"></span>C i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in \u2018<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019.</div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f5\"> <span class=\"_ _fa\"> </span>A<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n \u2018O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r Mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s\u2019 i<span class=\"_ _1\"></span>n A<span class=\"_ _1\"></span>RC i<span class=\"_ _1\"></span>s \u00a355<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k ob<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f6\">pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f7\"> <span class=\"_ _fa\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ha<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d er<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>r as t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t is l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to a di<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e mi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f8\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n AI<span class=\"_ _1\"></span>C a<span class=\"_ _1\"></span>nd A<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>C wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h no i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t on </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs7f9\">ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c de<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as n<span class=\"_ _1\"></span>ot r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "<div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs7fb\">F4<span class=\"_ _2\"></span>. An<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M by ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h in de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r pos<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for n<span class=\"_ _1\"></span>ew co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7fc\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>how a<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M fo<span class=\"_ _1\"></span>r ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s iss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d, s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs7fd\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h at t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y ret<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs7fe\">approach and amou<span class=\"_ _0\"></span>nts for new<span class=\"_ _5\"></span> contract<span class=\"_ _1\"></span>s incepted s<span class=\"_ _5\"></span>ince transition.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs7ff\">F4.<span class=\"_ _5\"></span>1 Insurance contracts<span class=\"_ _37b\"> </span></div><div class=\"gs800\"><table class=\"s w37e h1ff\" id=\"_dfe070b0-5c60-4e6a-a5a4-56cc1145e683\"><tr><td></td><td></td><td class=\"c n xfdb y6326 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xfdc y6326 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x295 hd y6327 ff2 fs6 fc3 sc0 lsbd wsc4\">Fully<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x290 hd y6327 ff12 fs6 fc3 sc0 ls9 ws0\">Ful<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e8 hd y6328 ff2 fs6 fc3 sc0 lsbd wsc4\">retrospective<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x5ef hd y6328 ff12 fs6 fc3 sc0 lsbe wsc5\">retrospective </td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y6329 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue </td><td class=\"t m0 xfdd hd y6329 ff2 fs6 fc3 sc0 lsc7 wsf5\">approach at<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xfde hd y6329 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair<span class=\"_ _5\"></span> value </td><td class=\"t m0 xfdf hd y6329 ff12 fs6 fc3 sc0 lsbd wsc4\">approach at<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x285 hd y632a ff2 fs6 fc3 sc0 lsc7 wsf5\">approach at<span class=\"_ _5\"></span> </td><td class=\"t m0 xfe0 hd y632a ff2 fs6 fc3 sc0 lsbd wsc4\">transition and<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x3f6 hd y632a ff12 fs6 fc3 sc0 lsbd wsc4\">approach at<span class=\"_ _5\"></span> </td><td class=\"t m0 xfe1 hd y632a ff12 fs6 fc3 sc0 lsc8 wscb\">transition and<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y632b ff2 fs6 fc3 sc0 lsbd wsc4\">transition<span class=\"_ _37b\"> </span></td><td class=\"c n xfe2 y632c w37f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">new c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>racts<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe3 y632c w35f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x60a hd y632b ff12 fs6 fc3 sc0 ls10b ws115\">transition<span class=\"_ _37b\"> </span></td><td class=\"c n xfe4 y632c w380 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">ne<span class=\"_ _1\"></span>w co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe5 y632c w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xfe6 y632d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe7 y632d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe8 y632d wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe9 y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfea y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfeb y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f0c w381 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M as a<span class=\"_ _1\"></span>t 1 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfec y5f0c w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfed y5f0c w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6b5 y5f0c w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,231<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfee y5f0c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,977<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfef y5f0c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,806<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff0 y5f0c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,783<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y632e ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6002 w344 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices pr<span class=\"_ _5\"></span>ovided<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff1 y6002 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(198)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff2 y6002 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(247)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff3 y6002 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(445)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff4 y6002 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(222)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff5 y6002 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(222)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff6 y6002 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(444)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y632f ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f10 w347 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Contract<span class=\"_ _1\"></span>s initially rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnised in the period<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff7 y5f10 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff8 y5f10 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">430<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff9 y5f10 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">430<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffa y5f10 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffb y5f10 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">405<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffc y5f10 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">405<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f11 w348 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffd y5f11 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffe y5f11 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfff y5f11 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">393<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1000 y5f11 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">347<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1001 y5f11 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1002 y5f11 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">366<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w34c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Insurance ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ice result<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1003 y5f12 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1004 y5f12 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">408<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1005 y5f12 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">378<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1006 y5f12 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">125<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1007 y5f12 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">202<span class=\"_ _37b\"> </span></div></td><td class=\"c n x48f y5f12 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w382 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1008 y5ed4 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1009 y5ed4 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100a y5ed4 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">125<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100b y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100c y5ed4 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">78<span class=\"_ _37b\"> </span></div></td><td class=\"c n x849 y5ed4 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w383 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100d y5ed5 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100e y5ed5 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">501<span class=\"_ _37b\"> </span></div></td><td class=\"c n x100f y5ed5 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">503<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1010 y5ed5 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">176<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1011 y5ed5 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1012 y5ed5 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">456<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w359 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1013 y5f72 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1014 y5f72 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1015 y5f72 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1016 y5f72 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1017 y5f72 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1018 y5f72 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w384 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">CSM as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1019 y5f16 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2,159<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101a y5f16 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3,582<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101b y5f16 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,741<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101c y5f16 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x687 y5f16 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3,079<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc2 y5f16 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,231<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6330 ff3 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101d y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,145<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101e y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,307<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101f y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1020 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,199<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1021 y5ed8 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,801<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1022 y5ed8 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1023 y5ed9 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">214<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1024 y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1025 y5ed9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">306<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1026 y5ed9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">181<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1027 y5ed9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">88<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1028 y5ed9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1029 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">577<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102a y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102b y5f77 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">657<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102c y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">547<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102d y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">86<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5a2 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">223<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102f y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1030 y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">326<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1031 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1032 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">104<span class=\"_ _37b\"> </span></div></td><td class=\"c n x952 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w384 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">CSM as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1019 y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,159<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101a y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,582<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101b y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,741<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101c y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,152<span class=\"_ _37b\"> </span></div></td><td class=\"c n x687 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,079<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcc2 y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,231<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs801\">F4.<span class=\"_ _1\"></span>2 Reinsurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>racts held<span class=\"_ _37b\"> </span></div><div class=\"gs802\"><table class=\"s w385 h1ff\" id=\"_7e234d55-998c-429e-91b8-fcf53d42040e\"><tr><td></td><td></td><td class=\"c n xfdb y6326 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n xfdc y6326 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x295 hd y6331 ff2 fs6 fc3 sc0 lsbd wsc4\">Fully<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x290 hd y6331 ff12 fs6 fc3 sc0 ls9 ws0\">Ful<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e8 hd y6332 ff2 fs6 fc3 sc0 lsbd wsc4\">retrospective<span class=\"_ _5\"></span> </td><td></td><td></td><td class=\"t m0 x5ef hd y6332 ff12 fs6 fc3 sc0 lsbe wsc5\">retrospective </td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y6333 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue </td><td class=\"t m0 xfdd hd y6333 ff2 fs6 fc3 sc0 lsc7 wsf5\">approach at<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 xfde hd y6333 ff12 fs6 fc3 sc0 lsbe wsc5\">Fair<span class=\"_ _5\"></span> value </td><td class=\"t m0 xfdf hd y6333 ff12 fs6 fc3 sc0 lsbd wsc4\">approach at<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x285 hd y6334 ff2 fs6 fc3 sc0 lsc7 wsf5\">approach at<span class=\"_ _5\"></span> </td><td class=\"t m0 xfe0 hd y6334 ff2 fs6 fc3 sc0 lsbd wsc4\">transition and<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x3f6 hd y6334 ff12 fs6 fc3 sc0 lsbd wsc4\">approach at<span class=\"_ _5\"></span> </td><td class=\"t m0 xfe1 hd y6334 ff12 fs6 fc3 sc0 lsc8 wscb\">transition and<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x8e7 hd y6335 ff2 fs6 fc3 sc0 lsbd wsc4\">transition<span class=\"_ _37b\"> </span></td><td class=\"c n xfe2 y632c w37f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">new c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>racts<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe3 y632c w35f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al</div></td><td class=\"t m0 x60a hd y6335 ff12 fs6 fc3 sc0 ls10b ws115\">transition<span class=\"_ _37b\"> </span></td><td class=\"c n xfe4 y632c w380 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">ne<span class=\"_ _1\"></span>w co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe5 y632c w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xfe6 y632d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe7 y632d wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe8 y632d wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfe9 y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfea y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfeb y632d w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f0c w381 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M as a<span class=\"_ _1\"></span>t 1 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4b y5f0c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1033 y5f0c w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1034 y5f0c w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1035 y5f0c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">823<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1036 y5f0c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,107<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1037 y5f0c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,930<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6336 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y6002 w36d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">C<span class=\"_ _1\"></span>SM recogn<span class=\"_ _5\"></span>ised for serv<span class=\"_ _1\"></span>ices r<span class=\"_ _5\"></span>eceived<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1038 y6002 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1039 y6002 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(78)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103a y6002 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(171)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103b y6002 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(87)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103c y6002 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(76)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103d y6002 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6337 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f10 w347 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Contract<span class=\"_ _1\"></span>s initially rec<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>gnised in the period<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff7 y5f10 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff8 y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xff9 y5f10 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td><td class=\"c n xffa y5f10 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103e y5f10 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x103f y5f10 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f11 w348 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1040 y5f11 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">93<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1041 y5f11 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(301)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1042 y5f11 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(208)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1043 y5f11 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1044 y5f11 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">71<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1045 y5f11 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">76<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w51 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Net expenses<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>rom r<span class=\"_ _5\"></span>einsurance contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1046 y5f12 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1047 y5f12 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1048 y5f12 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(99)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1049 y5f12 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(82)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104a y5f12 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">69<span class=\"_ _37b\"> </span></div></td><td class=\"c n xddc y5f12 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f13 w386 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104b y5f13 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104c y5f13 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">44<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104d y5f13 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104e y5f13 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a2 y5f13 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a3 y5f13 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w383 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfaf y5ed5 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x104f y5ed5 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1050 y5ed5 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1051 y5ed5 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1052 y5ed5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1053 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w359 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other movement<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1013 y5f72 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1054 y5f72 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1055 y5f72 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1056 y5f72 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1057 y5f72 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1058 y5f72 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w384 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">CSM as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1059 y5f16 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">780<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105a y5f16 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,155<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105b y5f16 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,935<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105c y5f16 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105d y5f16 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105e y5f16 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,974<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6338 ff3 fs2 fc3 sc0 ls9 ws0\">An<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105f y5ed8 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">507<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101e y5ed8 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,145<span class=\"_ _37b\"> </span></div></td><td class=\"c n x101f y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,652<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1060 y5ed8 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">489<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1061 y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,205<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,694<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1062 y5ed9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1063 y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1064 y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1065 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1066 y5ed9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5e3 y5ed9 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1029 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1067 y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1068 y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">143<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1069 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">141<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106a y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106b y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">141<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">130<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106c y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106d y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">130<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106e y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td><td class=\"c n x106f y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x457 y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">133<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w384 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">CSM as at 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1059 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">780<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105a y5edc w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,155<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105b y5edc w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,935<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105c y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">763<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105d y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x105e y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,974</div></td></tr></table></div>",
   "dimensions": {
    "concept": "standardlifeplc:AnalysisOfCSM",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "<div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs804\">F5<span class=\"_ _1\"></span>. Rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>SM i<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs805\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs806\">st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>is is s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>wn a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs807\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ked in r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed re<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>n eac<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs808\">exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ue l<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M on G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs809\">in in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs80a\"><table class=\"s w387 h200\" id=\"_8fca8331-bd7b-44d1-b0c0-3049c5033804\"><tr><td></td><td class=\"t m0 x8e5 hd y6339 ff2 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 1 </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x424 hd y6339 ff2 fs6 fc3 sc0 ls9 ws0\">Mo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n </td><td></td></tr><tr><td></td><td class=\"c n x9b5 y633a w388 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6b ws6c\">year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1070 y633a w389 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1-2 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1071 y633a w389 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">2-3 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div></td><td class=\"c n x1072 y633a w38a h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs</div></td><td class=\"c n x1073 y633a w31e h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div></td><td class=\"c n x1074 y633a w38b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsa4 ws66\">5<span class=\"_ _2\"></span>-10 y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1075 y633a w31f h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">10 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1076 y633a wc7 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y633b w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81a y633b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81b y633b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81c y633b wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81d y633b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81e y633b w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x81f y633b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x820 y633b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x821 y633b wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y633c ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contracts<span class=\"_ _0\"></span> issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f5d w10a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd0 y5f5d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">309<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1077 y5f5d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">295<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1078 y5f5d wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">282<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1079 y5f5d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">268<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107a y5f5d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">255</div></td><td class=\"c n x107b y5f5d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,080</div></td><td class=\"c n x107c y5f5d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,963</div></td><td class=\"c n x3af y5f5d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,452<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbb w10b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfca y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107d y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd42 y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d8 y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107e y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd03 y5fbb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">79<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd04 y5fbb w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7c5 y5fbb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">306<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbc w10c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107f y5fbc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1080 y5fbc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">52<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1081 y5fbc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1082 y5fbc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">42<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1083 y5fbc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc64 y5fbc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">153<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1084 y5fbc w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1085 y5fbc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">657<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbd w10d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1086 y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">35<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1087 y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1088 y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1089 y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108a y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108b y5fbd w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108c y5fbd w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">112<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108d y5fbd w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">326<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w38c h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108e y5f72 wdd h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">426<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108f y5f72 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">402<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1090 y5f72 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">380<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1091 y5f72 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">356<span class=\"_ _37b\"> </span></div></td><td class=\"c n x910 y5f72 w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">336</div></td><td class=\"c n x1092 y5f72 w67 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,385</div></td><td class=\"c n xb1c y5f72 w67 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">2,456</div></td><td class=\"c n x1093 y5f72 w67 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">5,741<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y633d ff2 fs2 fc3 sc0 ls14 ws12\">Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y633e w10a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1094 y633e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(125)</div></td><td class=\"c n x1095 y633e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(118)</div></td><td class=\"c n xf06 y633e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(111)</div></td><td class=\"c n x1096 y633e w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(105)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1097 y633e w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(99)</div></td><td class=\"c n x1098 y633e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(406)</div></td><td class=\"c n x1099 y633e w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(688)</div></td><td class=\"c n x109a y633e w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,652)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6187 w10b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x109b y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x109c y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x109d y6187 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x109e y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x109f y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a0 y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a1 y6187 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a2 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f33 w10c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcca y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(14)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a3 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb58 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb59 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1097 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a4 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(36)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a5 y5f33 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)</div></td><td class=\"c n x10a6 y5f33 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y606b w10d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a7 y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a8 y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a9 y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac8 y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10aa y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ab y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(40)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ac y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(36)</div></td><td class=\"c n x10ad y606b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(130)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w38c h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ae y5edc w127 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(155)</div></td><td class=\"c n x10af y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(143)</div></td><td class=\"c n x10b0 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(136)</div></td><td class=\"c n x10b1 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(127)</div></td><td class=\"c n x10b2 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(120)</div></td><td class=\"c n x10b3 y5edc w73 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(483)</div></td><td class=\"c n x10b4 y5edc w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(771)</div></td><td class=\"c n x10b5 y5edc w4d h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(1,935)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs80b\"><table class=\"s w38d h201\" id=\"_616ac99a-848f-49f2-bf0a-2331019742cb\"><tr><td></td><td class=\"t m0 xc47 hd y633f ff12 fs6 fc3 sc0 ls9 ws0\">Le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an 1 </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x44f hd y633f ff12 fs6 fc3 sc0 ls9 ws0\">Mo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>an </td><td></td></tr><tr><td></td><td class=\"c n x10b6 y6340 w38e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10b7 y6340 w38f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">1-2 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10b8 y6340 w325 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">2-3 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s</div></td><td class=\"c n x10b9 y6340 w326 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>4 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div></td><td class=\"c n x10ba y6340 w326 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">4<span class=\"_ _2\"></span>-5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s</div></td><td class=\"c n x10bb y6340 w390 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">5<span class=\"_ _1\"></span>-10 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x420 y6340 w391 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls31 ws32\">10 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10bc y6340 we0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6341 w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x872 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x873 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x874 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x875 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x876 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x877 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x878 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x548 y6341 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6342 ff2 fs2 fc3 sc0 ls14 ws12\">Insurance contracts<span class=\"_ _0\"></span> issued<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed2 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfd0 y5ed2 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">263<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1077 y5ed2 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">250<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1078 y5ed2 wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">239<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1079 y5ed2 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">228<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107a y5ed2 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">218<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc59 y5ed2 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">933</div></td><td class=\"c n xc5a y5ed2 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,869</div></td><td class=\"c n x1093 y5ed2 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,000<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed3 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfca y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107d y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd42 y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d8 y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107e y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd03 y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">68<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe36 y5ed3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10bd y5ed3 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">269<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107f y5ed4 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">65<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1080 y5ed4 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1081 y5ed4 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1082 y5ed4 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1083 y5ed4 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc64 y5ed4 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">139<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1084 y5ed4 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">244<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1085 y5ed4 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">633<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1086 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">35<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1087 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1088 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1089 y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108a y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108b y5ed5 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108c y5ed5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">114<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108d y5ed5 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">329<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w38c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108e y5f72 wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">393<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108f y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">362<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1090 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">340<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1091 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">316<span class=\"_ _37b\"> </span></div></td><td class=\"c n x910 y5f72 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">297</div></td><td class=\"c n x1092 y5f72 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,215</div></td><td class=\"c n x10be y5f72 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,308</div></td><td class=\"c n x10bf y5f72 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,231<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6343 ff2 fs2 fc3 sc0 ls14 ws12\">Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s held<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed8 w10a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10c0 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(120)</div></td><td class=\"c n x10c1 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(113)</div></td><td class=\"c n x10c2 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(107)</div></td><td class=\"c n x10c3 y5ed8 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(101)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10c4 y5ed8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(96)</div></td><td class=\"c n x10c5 y5ed8 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(401)</div></td><td class=\"c n x10c6 y5ed8 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(756)</div></td><td class=\"c n x452 y5ed8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,694)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w10b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10c7 y5ed9 w392 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10c8 y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10c9 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ca y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cb y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cc y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cd y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ce y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w10c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rofit<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cf y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d0 y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d1 y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d2 y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d3 y5f17 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d4 y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7e6 y5f17 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(54)</div></td><td class=\"c n x10d5 y5f17 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(141)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w10d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a7 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d6 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d7 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d8 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd85 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe9b y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(43)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d9 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(40)</div></td><td class=\"c n x10da y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(133)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w38c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ae y5edc w12d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(145)</div></td><td class=\"c n x10db y5edc w12d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(138)</div></td><td class=\"c n x10dc y5edc w12d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(128)</div></td><td class=\"c n x10dd y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(121)</div></td><td class=\"c n x10de y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(114)</div></td><td class=\"c n x10df y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(477)</div></td><td class=\"c n xb50 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(851)</div></td><td class=\"c n x52e y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,974)</div></td></tr></table></div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfRecognitionOfCSMInProfitOrLoss",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "<div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs80d\">F6<span class=\"_ _1\"></span>. E<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs80e\">Th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ari<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs80f\">yea<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>is<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s bel<span class=\"_ _1\"></span>ow. Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d comp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e of pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ris<span class=\"_ _1\"></span>k tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs810\">protection<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>business<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs811\">F6.<span class=\"_ _5\"></span>1 Insurance con<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>racts<span class=\"_ _37b\"> </span></div><div class=\"gs812\"><table class=\"s w393 h202\" id=\"_f8167aef-58d9-49a7-860a-9a1adddd1247\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x3ec y6344 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x3ed y6344 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x10e0 hd y6345 ff2 fs6 fc3 sc0 lsbd wsc4\">Retirement </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x984 y6346 w394 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">Solutions<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x10e1 y6346 w395 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Europe &amp;<span class=\"_ _5\"></span> Other<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x10e2 y6346 w340 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Retirement Solutions<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x10e3 y6346 w396 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e &amp; O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x10e4 y6347 w397 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 lsfd ws9c\">Profitable</div></td><td class=\"c n x10e5 y6347 w398 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls54 ws50\">Onerou<span class=\"_ _1\"></span>s</div></td><td class=\"c n x10e6 y6347 w399 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 lsfd ws9c\">Pro<span class=\"_ _1\"></span>fitable</div></td><td class=\"c n x10e7 y6347 w39a h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls54 ws50\">Onerous</div></td><td class=\"c n x10e8 y6347 w320 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Total</div></td><td class=\"c n x10e9 y6347 w39b h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls15a ws16b\">Profitable</div></td><td class=\"c n x10ea y6347 w39c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Onerous</div></td><td class=\"c n x10eb y6347 w39d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls15a ws16b\">Profit<span class=\"_ _1\"></span>able</div></td><td class=\"c n x10ec y6347 w39e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">O<span class=\"_ _1\"></span>nerous</div></td><td class=\"c n x10ed y6347 w318 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6348 w39f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls76 ws76\">Contract<span class=\"_ _1\"></span>s Issued<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1094 y6348 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ee y6348 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m</div></td><td class=\"c n x10ef y6348 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f0 y6348 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f1 y6348 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f2 y6348 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f3 y6348 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f4 y6348 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f5 y6348 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f6 y6348 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6349 w3a0 h1a5\"><div class=\"t m0 x1dd h7 y5f27 ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ou<span class=\"_ _1\"></span>tfl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div></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 x232 y634a w351 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f7 y634a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10f8 y634a w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1</div></td><td class=\"c n x10f9 y634a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">72<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10fa y634a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x10fb y634a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">154</div></td><td class=\"c n x10fc y634a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10fd y634a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x10fe y634a w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">79<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10ff y634a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x67d y634a w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">152<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x22a h7 y634b ff3 fs2 fc3 sc0 ls9 ws0\">Cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly </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 x232 y634c w3a1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">attributable expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1100 y634c w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,112</div></td><td class=\"c n x1101 y634c w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">77</div></td><td class=\"c n x1102 y634c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">155<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1103 y634c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1104 y634c w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,344</div></td><td class=\"c n x1105 y634c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,320<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1106 y634c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1107 y634c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">156</div></td><td class=\"c n x1108 y634c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">22</div></td><td class=\"c n x1109 y634c wa6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,498<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y634d ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e </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 x1e3 y5f82 w3a2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>flo<span class=\"_ _1\"></span>ws<span class=\"_ _37b\"> </span></div></td><td class=\"c n x110a y5f82 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,193</div></td><td class=\"c n x110b y5f82 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">78</div></td><td class=\"c n xc1d y5f82 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">227<span class=\"_ _37b\"> </span></div></td><td class=\"c n x110c y5f82 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x110d y5f82 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,498</div></td><td class=\"c n x110e y5f82 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,393<span class=\"_ _37b\"> </span></div></td><td class=\"c n x110f y5f82 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1110 y5f82 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">235</div></td><td class=\"c n x1111 y5f82 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">22</div></td><td class=\"c n x1112 y5f82 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">6,650<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y634e ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e </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 x1e3 y5f32 w3a3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1113 y5f32 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4,687)</div></td><td class=\"c n x1114 y5f32 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(78)</div></td><td class=\"c n x1115 y5f32 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(253)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1116 y5f32 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1117 y5f32 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(5,018)</div></td><td class=\"c n x1118 y5f32 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6,881)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1119 y5f32 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x111a y5f32 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(285)</div></td><td class=\"c n x111b y5f32 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(23)</div></td><td class=\"c n x111c y5f32 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7,189)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6127 w3a4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Risk adjustment incurred<span class=\"_ _37b\"> </span></div></td><td class=\"c n x111d y6127 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">86<span class=\"_ _37b\"> </span></div></td><td class=\"c n x111e y6127 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x111f y6127 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1120 y6127 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1121 y6127 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">90</div></td><td class=\"c n x1122 y6127 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1123 y6127 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1124 y6127 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1125 y6127 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1</div></td><td class=\"c n x94b y6127 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">134<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f85 w338 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1126 y5f85 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">408<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1127 y5f85 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x1128 y5f85 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1129 y5f85 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x112a y5f85 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">430</div></td><td class=\"c n x112b y5f85 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">360<span class=\"_ _37b\"> </span></div></td><td class=\"c n x112c y5f85 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x112d y5f85 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">45<span class=\"_ _37b\"> </span></div></td><td class=\"c n x112e y5f85 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td><td class=\"c n x112f y5f85 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">405<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y634f ff2 fs2 fc3 sc0 ls14 ws12\">Losses on<span class=\"_ _5\"></span> onerous contracts </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 x1e3 y5edc w3a5 h203\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls14 ws12\">at initial<span class=\"_ _5\"></span> recognition</div><div class=\"t m0 x1130 h11 y6350 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1131 y6351 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1132 y6351 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1133 y6351 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1134 y6351 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1135 y6351 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1136 y6351 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1137 y6351 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1138 y6351 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1139 y6351 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x113a y6351 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs813\">1 <span class=\"_ _19\"> </span>L<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s on o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n we<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n \u00a30<span class=\"_ _1\"></span>.5 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs814\">F6.<span class=\"_ _1\"></span>2 Reinsurance c<span class=\"_ _5\"></span>ontract<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"gs815\"><table class=\"s w305 h204\" id=\"_fad5294e-8525-4469-85e7-37a1a2ef6d02\"><tr><td></td><td class=\"c n x1de y6352 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6352 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x44c hd y6353 ff2 fs6 fc3 sc0 ls9 ws0\">Wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t a lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </td><td class=\"t m0 x113b hd y6353 ff12 fs6 fc3 sc0 ls9 ws0\">Wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut a l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ss </td></tr><tr><td></td><td class=\"t m0 x3f1 hd y6354 ff2 fs6 fc3 sc0 ls25 ws25\">recover<span class=\"_ _1\"></span>y </td><td class=\"t m0 x60f hd y6354 ff12 fs6 fc3 sc0 ls7c ws7d\">recover<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x5ef hd y6355 ff2 fs6 fc3 sc0 lsbd wsc4\">component</td><td class=\"t m0 x113c hd y6355 ff12 fs6 fc3 sc0 lsbe wsc5\"> component<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f76 w3a6 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Contracts purchased<span class=\"_ _37b\"> </span></div></td><td class=\"c n x113d y5f76 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc54 y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w3a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>flo<span class=\"_ _1\"></span>ws<span class=\"_ _37b\"> </span></div></td><td class=\"c n x113e y5ed8 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4,870<span class=\"_ _37b\"> </span></div></td><td class=\"c n x113f y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">5,597<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w3a8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1140 y5ed9 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,239)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1141 y5ed9 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5,787)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w3a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Risk adjustment incurred<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1142 y5f17 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">89<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1143 y5f17 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w338 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">CSM<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">280<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57f y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3a9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Income rec<span class=\"_ _5\"></span>ogni<span class=\"_ _1\"></span>sed on<span class=\"_ _0\"></span> initial recogn<span class=\"_ _0\"></span>ition<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1144 y5edc wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa63 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs816\">All c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>.</div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfEffectOfContractsInitiallyRecognisedInTheYear",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "<div class=\"t m0 hf ff7 fs2 fc1 sc0 ls7 ws5 gs818\">F<span class=\"_ _1\"></span>7<span class=\"_ _5\"></span>. Un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ite<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs819\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs81a\">measured<span class=\"_ _5\"></span> using the variable<span class=\"_ _5\"></span> fee approach.<span class=\"_ _37b\"> </span></div><div class=\"gs81b\"><table class=\"s w3aa h205\" id=\"_e9d12e7d-34a8-4293-a9c0-aedd973452fc\"><tr><td></td><td></td><td></td><td class=\"c n x1145 y6356 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x1146 y6356 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x8e5 hd y6357 ff2 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td class=\"t m0 x8ed hd y6357 ff2 fs6 fc3 sc0 lsbd wsc4\">Europe &amp;<span class=\"_ _5\"></span> </td><td></td><td class=\"t m0 x774 hd y6357 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s &amp; </td><td></td><td class=\"t m0 x32f hd y6357 ff12 fs6 fc3 sc0 ls9 ws0\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe &amp; </td><td></td></tr><tr><td></td><td class=\"c n xb98 y6358 w143 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls13c ws144\">Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1147 y6358 w3ab h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls13c ws144\">W<span class=\"_ _1\"></span>ith-profits<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe2c y6358 w3ac h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1148 y6358 w3ad h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>al<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1149 y6358 w151 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls25 ws25\">Savi<span class=\"_ _1\"></span>ngs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x114a y6358 w3ae h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">With-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x798 y6358 w3af h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x114b y6358 w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x114c y6359 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x114d y6359 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x114e y6359 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x114f y6359 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1150 y6359 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1151 y6359 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1152 y6359 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1153 y6359 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635a w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1154 y635a w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">17,943<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1155 y635a w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">23,619<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1156 y635a w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">16,626<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1157 y635a w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">58,188<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1158 y635a w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17,753<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1159 y635a w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21,736<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115a y635a w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14,598<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115b y635a w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54,087<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635b w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115c y635b w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,487<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115d y635b w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,385<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115e y635b w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">5,157<span class=\"_ _37b\"> </span></div></td><td class=\"c n x115f y635b w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14,029<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1160 y635b w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x535 y635b wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,569<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1161 y635b w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4,881<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1162 y635b w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14,004<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635c w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1163 y635c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,685<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1164 y635c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,337<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1165 y635c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,084<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1166 y635c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">6,106<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1167 y635c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,753<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1168 y635c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,987<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1169 y635c wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,135<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116a y635c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,875<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635d w96 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">Invest<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt prop<span class=\"_ _1\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116b y635d wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116c y635d w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">800<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116d y635d w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116e y635d w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,009<span class=\"_ _37b\"> </span></div></td><td class=\"c n x116f y635d w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1170 y635d w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">788<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1171 y635d w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1172 y635d w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,068<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635e w3b0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivative<span class=\"_ _5\"></span> asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1173 y635e wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1174 y635e wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">150<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1175 y635e w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">926<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1176 y635e w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,080<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1177 y635e w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1178 y635e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">159<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1179 y635e w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">893<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117a y635e w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,053<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y635f wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117b y635f w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">90<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117c y635f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">118<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117d y635f wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">403<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117e y635f w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">611<span class=\"_ _37b\"> </span></div></td><td class=\"c n x117f y635f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">85<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1180 y635f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">79<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1181 y635f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">363<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1182 y635f w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">527<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6360 w1e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Loa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1183 y6360 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1184 y6360 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1185 y6360 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">195<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1186 y6360 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">197<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1187 y6360 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1188 y6360 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1189 y6360 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118a y6360 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">144<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y608a w1db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Other ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118b y608a w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118c y608a w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">688<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118d y608a wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">548<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118e y608a w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,316<span class=\"_ _37b\"> </span></div></td><td class=\"c n x118f y608a w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1190 y608a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">806<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1191 y608a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">621<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1192 y608a w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,502<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6361 w3b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Derivative liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1193 y6361 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1194 y6361 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(477)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1195 y6361 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(615)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1196 y6361 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,093)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1197 y6361 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1198 y6361 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(494)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1199 y6361 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(152)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119a y6361 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(649)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6362 w3b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls16 ws0\">Obligation for repayment of collateral received<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119b y6362 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119c y6362 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119d y6362 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(20)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119e y6362 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(89)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x119f y6362 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a0 y6362 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(90)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a1 y6362 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(181)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a2 y6362 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(271)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6363 w3b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">Deposits received from reinsurers<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a3 y6363 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">432<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a4 y6363 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a5 y6363 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a6 y6363 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">417<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a7 y6363 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a8 y6363 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11a9 y6363 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11aa y6363 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6364 wb4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Insurance c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ab y6364 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ac y6364 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,461)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ad y6364 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ae y6364 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,467)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1187 y6364 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11af y6364 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,132)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b0 y6364 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b1 y6364 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,136)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6365 w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b2 y6365 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b3 y6365 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,189)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b4 y6365 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b5 y6365 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9,189)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b6 y6365 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b7 y6365 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b8 y6365 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b9 y6365 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8,550)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6366 w3b4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Other liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ba y6366 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(48)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11bb y6366 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,352)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11bc y6366 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(912)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11bd y6366 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2,312)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11be y6366 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(38)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11bf y6366 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,171)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c0 y6366 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(855)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c1 y6366 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2,064)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11c2 y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">22,868<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c3 y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21,536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c4 y5edc w27c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">23,399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c5 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">67,803<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c6 y5edc w59 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c7 y5edc w59 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21,689<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c8 y5edc w59 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21,455<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11c9 y5edc w59 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">65,590</div></td></tr></table></div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfUnderlyingItems",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "<div class=\"t m0 hf ff1 fs2 fc1 sc0 lse wsb gs827\">F9. Risk<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>anagement \u2013<span class=\"_ _5\"></span> insurance risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs828\">Th<span class=\"_ _1\"></span>is no<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s on<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>es in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vie<span class=\"_ _1\"></span>w of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs829\">ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h to r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s out<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in no<span class=\"_ _1\"></span>te I3 a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s is de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>led i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te E6.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs82a\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>isk re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n ear<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d/or va<span class=\"_ _1\"></span>lue, t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs82b\">var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, f<span class=\"_ _1\"></span>req<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y and s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f ins<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d/u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd to fl<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d amo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs82c\">se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs82d\"><table class=\"s w3b5 h206\" id=\"_095f46d9-4d66-414f-90d8-4144d14e4ef8\"><tr><td class=\"c n x1e3 y6367 w3b6 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Mortalit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ca y6367 w3b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g as<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6368 ff6 fs2 fc3 sc0 ls9 ws0\">a<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f dea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6369 ff3 fs2 fc3 sc0 ls9 ws0\">imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y or a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y ra<span class=\"_ _1\"></span>tes o<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e Mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tga<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y636a w3b8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Longevity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11cc y636a w3b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d/or v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y636b ff6 fs2 fc3 sc0 ls9 ws0\">a<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f low<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>hs e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r gre<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y636c ff3 fs2 fc3 sc0 ls1c ws6\">expected impr<span class=\"_ _5\"></span>ovement<span class=\"_ _1\"></span>s in annu<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ant mortalit<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y636d w3ba h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls1c ws6\">Morbidit<span class=\"_ _1\"></span>y/Disability</div></td><td class=\"c n x11cd y636d w3bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d/or v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y636e ff6 fs2 fc3 sc0 ls9 ws0\">a<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>han e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on c<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y636f ff3 fs2 fc3 sc0 ls1c ws6\">lower<span class=\"_ _5\"></span> than expected rec<span class=\"_ _5\"></span>over<span class=\"_ _1\"></span>y rates on<span class=\"_ _5\"></span> income protection policies<span class=\"_ _5\"></span> or adverse movements in morbidity </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6370 ff3 fs2 fc3 sc0 ls1c ws6\">rates on<span class=\"_ _5\"></span> Equit<span class=\"_ _1\"></span>y Rele<span class=\"_ _5\"></span>ase Mortgages.<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6371 w3bc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ce y6371 w3bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk o<span class=\"_ _1\"></span>f re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n ear<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh a fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or re<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g as<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6372 ff6 fs2 fc3 sc0 ls9 ws0\">a<span class=\"_ gse8\"> </span>res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6373 w3be h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Persistency<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11cf y6373 w3bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">The r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of re<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>, c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d/or v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l or r<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l lo<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>s a<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6374 ff3 fs2 fc3 sc0 ls9 ws0\">res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in su<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (\u2018G<span class=\"_ _2\"></span>AO\u2019<span class=\"_ _1\"></span>) su<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, G<span class=\"_ _1\"></span>AO </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6375 ff3 fs2 fc3 sc0 ls9 ws0\">ta<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ret<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nce o<span class=\"_ _1\"></span>f a ma<span class=\"_ _1\"></span>ss l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6376 ff3 fs2 fc3 sc0 ls9 ws0\">mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s lea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng to l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6377 w3c0 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Concentration<span class=\"_ _5\"></span> of risk</div></td><td class=\"c n x11d0 y6377 w3c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s mi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>ist w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6378 ff6 fs2 fc3 sc0 ls9 ws0\">exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c d<span class=\"_ _1\"></span>emo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>e, sm<span class=\"_ _1\"></span>oke<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y6379 ff6 fs2 fc3 sc0 ls9 ws0\">exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s a di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o of p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rox<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly 1<span class=\"_ _5\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637a ff6 fs2 fc3 sc0 ls9 ws0\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>Con<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k mi<span class=\"_ _1\"></span>ght a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p to </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637b ff6 fs2 fc3 sc0 ls9 ws0\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t of o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637c ff3 fs2 fc3 sc0 ls1c ws6\">approach to<span class=\"_ _5\"></span> managing these featur<span class=\"_ _5\"></span>es are contained<span class=\"_ _5\"></span> in F9<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>3 Managing<span class=\"_ _5\"></span> Product Risk. </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637d ff6 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s a key con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n it<span class=\"_ _2\"></span>s Ris<span class=\"_ _1\"></span>k A<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e Fra<span class=\"_ _1\"></span>mew<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k lim<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s are </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637e ff3 fs2 fc3 sc0 ls9 ws0\">rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>wed a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d pe<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>it co<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s onl<span class=\"_ _1\"></span>y </td></tr><tr><td></td><td class=\"t m0 x11cb h7 y637f ff6 fs2 fc3 sc0 ls9 ws0\">wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>an b<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s aff<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs82e\">Objectives and<span class=\"_ _5\"></span> policies for mitigating insuranc<span class=\"_ _0\"></span>e risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls122 ws184 gs82f\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s are man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed by mo<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ris<span class=\"_ _1\"></span>k expo<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re aga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>st pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ite li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. If a risk is mov<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g out of app<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e, the Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls122 ws0 gs830\">ca<span class=\"_ _1\"></span>n ch<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e to mi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te it v<span class=\"_ _1\"></span>ia r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, mor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>r by t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs831\">Th<span class=\"_ _1\"></span>is is s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>tor i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce ri<span class=\"_ _1\"></span>sk e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s for b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>s of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs832\">over<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ds in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs833\">ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>cena<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t are re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>ed at le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs834\">ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly f<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls62 ws10d gs835\">Th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of the ru<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>off of th<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s lega<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, to a sign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, on the val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s of cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s paid in t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls62 ws0 gs836\">fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dat<span class=\"_ _1\"></span>e of c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>. T<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly, over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t, p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls62 ws0 gs837\">exce<span class=\"_ _1\"></span>ed cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>im co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>t is ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y to se<span class=\"_ _1\"></span>t asi<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s to me<span class=\"_ _1\"></span>et f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f suc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls21 ws21 gs838\">future <span class=\"_ _5\"></span>obligations is<span class=\"_ _5\"></span> assessed on <span class=\"_ _5\"></span>actuarial principles<span class=\"_ _5\"></span> by r<span class=\"_ _5\"></span>eference <span class=\"_ _5\"></span>to assumptions<span class=\"_ _5\"></span> about the<span class=\"_ _5\"></span> development<span class=\"_ _5\"></span> of financi<span class=\"_ _5\"></span>al and <span class=\"_ _5\"></span>insurance <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs839\">It is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h li<span class=\"_ _1\"></span>fe co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any t<span class=\"_ _1\"></span>o make d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ens<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs83a\">ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve to l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs83b\">dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n exi<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s on ea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs83c\">In t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>, lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ri<span class=\"_ _1\"></span>sk ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e to in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e as a r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Ri<span class=\"_ _1\"></span>sk T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs83d\">dea<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s it h<span class=\"_ _1\"></span>as s<span class=\"_ _1\"></span>ucc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, how<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs83f\">F9.<span class=\"_ _4\"></span>1 Sensitivities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs840\">Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve to c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs841\">sin<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>lte<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g fr<span class=\"_ _1\"></span>om in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs842\">investment conditions also have an<span class=\"_ _5\"></span> impa<span class=\"_ _1\"></span>ct on the value<span class=\"_ _5\"></span> of insurance liabilities themselves. Additionally,<span class=\"_ _5\"></span> insurance liabilities are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs843\">se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, suc<span class=\"_ _1\"></span>h as m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs844\">mus<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t on f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t or po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic s<span class=\"_ _1\"></span>cena<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs845\">cou<span class=\"_ _1\"></span>ld lea<span class=\"_ _1\"></span>d to ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et mi<span class=\"_ _1\"></span>x or f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>st si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs846\">mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d la<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>. The t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble b<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ow an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>ow th<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>, pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r ta<span class=\"_ _1\"></span>x an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y wo<span class=\"_ _1\"></span>uld h<span class=\"_ _1\"></span>ave in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs847\">(dec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>) if c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n un<span class=\"_ _1\"></span>der<span class=\"_ _2\"></span>w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t we<span class=\"_ _1\"></span>re rea<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>y po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te ha<span class=\"_ _1\"></span>d o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs848\">pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk mi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion b<span class=\"_ _1\"></span>y rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs849\"><table class=\"s w3c2 h207\" id=\"_183fe90b-88d0-408c-9564-042054d3cc46\"><tr><td></td><td></td><td></td><td class=\"c n x984 y6380 w3c3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fit a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d1 y6380 w3c4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Impact on<span class=\"_ _5\"></span> equit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x11d2 y6380 w3c5 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>SM<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x3f3 hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 xfe0 hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x3f5 hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 xe26 hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x74a hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x299 hd y6381 ff2 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x11d3 hd y6382 ff2 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k </td><td class=\"t m0 x97b hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28d hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x89c hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x89d hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 xfe1 hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x7a0 hd y6382 ff2 fs6 fc3 sc0 lsbd wsc4\">reinsurance<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y6383 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x330 hd y6383 ff2 fs6 fc3 sc0 ls10b ws115\">variable<span class=\"_ _37b\"> </span></td><td class=\"t m0 x11d4 hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6383 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fbe w3c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">A<span class=\"_ _1\"></span>ssurance mortalit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d5 y5fbe w3c7 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d6 y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(61)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d7 y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d8 y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(61)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae4 y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11d9 y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11da y5fbe w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11db y5f16 w3c8 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">-5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11dc y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11dd y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11de y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">36<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11df y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e0 y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e1 y5f16 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">87<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6384 w3c9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Annuit<span class=\"_ _1\"></span>ant longevity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e2 y6384 w3ca h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e3 y6384 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e4 y6384 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">140<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e5 y6384 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">318<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e6 y6384 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">138<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e7 y6384 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,281)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e8 y6384 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(466)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11db y5ed8 w3c8 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">-5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11e9 y5ed8 w127 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(334)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ea y5ed8 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(144)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11eb y5ed8 w73 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ec y5ed8 w52 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">(142)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ed y5ed8 w67 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">1,236<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ee y5ed8 w55 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">461<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6187 w3cb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Lapse rates<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ef y6187 w302 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f0 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f1 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(34)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f2 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac9 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(34)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f3 y6187 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f4 y6187 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11f5 y5f17 w304 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f6 y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f7 y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f8 y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11f9 y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11fa y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11fb y5f17 w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y606b w3cc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>enses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11fc y606b w301 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11fd y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11fe y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11ff y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1200 y606b w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1201 y606b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(192)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1202 y606b w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(192)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n xa26 y5edc w304 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1203 y5edc w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1204 y5edc w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1205 y5edc w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1206 y5edc w5b h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">38<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1207 y5edc w50 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">227<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1208 y5edc w55 h19d\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">227<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs84a\"><table class=\"s w3cd h208\" id=\"_39b0fa7d-2719-4e34-86b8-f5bbc8160450\"><tr><td></td><td></td><td></td><td class=\"c n x984 y6385 w3ce h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1209 y6385 w3cf h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Impact on<span class=\"_ _5\"></span> equit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x120a y6385 w3d0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on C<span class=\"_ _2\"></span>SM<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xee7 hd y6386 ff13 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x8e8 hd y6386 ff12 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td><td class=\"t m0 xb9b hd y6386 ff13 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 xe26 hd y6386 ff12 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x46a hd y6386 ff13 fs6 fc3 sc0 ls9 ws0\">Gr<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x476 hd y6386 ff12 fs6 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x120b hd y6387 ff13 fs6 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e in r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk </td><td class=\"t m0 x120c hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc15 hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x120d hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x120e hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ef hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td><td class=\"t m0 x113c hd y6387 ff12 fs6 fc3 sc0 lsbe wsc5\">reinsurance<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hd y6388 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td class=\"t m0 x120f hd y6388 ff12 fs6 fc3 sc0 lsc8 wscb\">variable<span class=\"_ _37b\"> </span></td><td class=\"t m0 x11d4 hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42a hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6388 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f72 w3c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">A<span class=\"_ _1\"></span>ssurance mortalit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1210 y5f72 w3d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">+5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1211 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(53)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1212 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1213 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(53)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1214 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1215 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1216 y5f72 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(54)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1217 y5fbf w3d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">-5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1218 y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1219 y5fbf w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121a y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121b y5fbf w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121c y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">92<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121d y5fbf w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w3c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuit<span class=\"_ _1\"></span>ant longevity<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121e y5fb1 w3d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">+5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x121f y5fb1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">330<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1220 y5fb1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">146<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8fa y5fb1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">308<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1221 y5fb1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">144<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1222 y5fb1 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,236)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1223 y5fb1 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(452)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1217 y5ff9 w3d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">-5%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1224 y5ff9 w12d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(323)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1225 y5ff9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(145)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1226 y5ff9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(303)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1227 y5ff9 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(143)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1228 y5ff9 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,183<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1229 y5ff9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">433<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w3cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Lapse rates<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122a y5f93 w3d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1211 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1212 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1213 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1214 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9f1 y5f93 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122b y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x122c y5f77 w3d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122d y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122e y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122f y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1230 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1231 y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1232 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w3cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>enses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1233 y5f4c w3d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">+10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1234 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1235 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac8 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1236 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1237 y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(251)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1238 y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(251)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x122c y5edc w3d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">-10%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122d y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122e y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x122f y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1230 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1239 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">277<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123a y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">277<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs84b\">F9.2 A<span class=\"_ _1\"></span>ssumptions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs84c\">Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed to d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at ea<span class=\"_ _1\"></span>ch re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng da<span class=\"_ _1\"></span>te to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce, unl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s IF<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>S 1<span class=\"_ _4\"></span>7 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs84d\">req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _2\"></span>wi<span class=\"_ _1\"></span>se. M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>, in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ce of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs84e\">ab<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>int<span class=\"_ _2\"></span>y over f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce. T<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs84f\">F9.2<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 Discount rat<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs850\">All c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ves a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y, liq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span>y cha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs851\">of t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e yie<span class=\"_ _1\"></span>ld cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ish<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A an<span class=\"_ _1\"></span>d EI<span class=\"_ _1\"></span>OPA for re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs852\">Where nec<span class=\"_ _5\"></span>es<span class=\"_ _1\"></span>sar<span class=\"_ _1\"></span>y, yiel<span class=\"_ _5\"></span>d cur<span class=\"_ _1\"></span>ves are i<span class=\"_ _0\"></span>nterpolated between the last<span class=\"_ _5\"></span> available marke<span class=\"_ _5\"></span>t data point and the u<span class=\"_ _5\"></span>lt<span class=\"_ _1\"></span>imate f<span class=\"_ _5\"></span>or<span class=\"_ _2\"></span>ward<span class=\"_ _5\"></span> rate.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs853\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es a t<span class=\"_ _1\"></span>op<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly fo<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a bo<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r al<span class=\"_ _1\"></span>l ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs854\">top<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>it i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs855\">of<span class=\"_ gse8\"> </span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs856\">For a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s inves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs857\">Th<span class=\"_ _1\"></span>e ref<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>lio c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ba<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs858\">dat<span class=\"_ _1\"></span>e.<span class=\"_ gse8\"> </span>Ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is ma<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e, whe<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ate, to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w for t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>hat h<span class=\"_ _1\"></span>as no<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs859\">be<span class=\"_ _1\"></span>en f<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>y dep<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re no i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to ac<span class=\"_ _1\"></span>hie<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et m<span class=\"_ _1\"></span>ix<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct any<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs85a\">st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>way to re<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>sha<span class=\"_ _1\"></span>pe t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io.<span class=\"_ gse8\"> </span>I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, exce<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are rem<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs85b\">th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s exc<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ds t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y to me<span class=\"_ _1\"></span>et th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs85c\">po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs85e\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>de fo<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs85f\">an allo<span class=\"_ _5\"></span>wance for cr<span class=\"_ _5\"></span>edit defaults<span class=\"_ _1\"></span>. The credit<span class=\"_ _5\"></span> default deduction comprises<span class=\"_ _5\"></span> an allowance<span class=\"_ _5\"></span> for both expected<span class=\"_ _5\"></span> an<span class=\"_ _1\"></span>d unexpected<span class=\"_ _5\"></span> default<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs860\">and takes<span class=\"_ _5\"></span> into consideration<span class=\"_ _5\"></span> long<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>term hist<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>ical data on actual<span class=\"_ _5\"></span> default<span class=\"_ _1\"></span>s and an<span class=\"_ _5\"></span> allowance f<span class=\"_ _5\"></span>or variability around these defaul<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. The </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs861\">cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s held a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n da<span class=\"_ _1\"></span>te.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs862\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>d a cr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>it m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nal M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A in 2025. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs863\">Th<span class=\"_ _1\"></span>e ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>d mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ut a st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>l mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el fo<span class=\"_ _1\"></span>r cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d all<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s for<span class=\"_ _2\"></span>: (i<span class=\"_ _1\"></span>) a b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e vi<span class=\"_ _1\"></span>ew t<span class=\"_ _1\"></span>o be d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs864\">lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m his<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>aul<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>; (i<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>) ap<span class=\"_ _1\"></span>pli<span class=\"_ _1\"></span>es a st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s to th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ter<span class=\"_ _1\"></span>m his<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult<span class=\"_ _2\"></span>s to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs865\">def<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d, (<span class=\"_ _1\"></span>ii<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>) th<span class=\"_ _1\"></span>e ou<span class=\"_ _1\"></span>tp<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s use<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on fo<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>fau<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s. O<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r 2025 the G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>wed<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs866\">cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o va<span class=\"_ _1\"></span>lue I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>7 a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>hil<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ov<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ll c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs867\">assumption model structure<span class=\"_ _5\"></span> remained unchanged, cr<span class=\"_ _5\"></span>edit risk assumptions applied<span class=\"_ _5\"></span> to the top-<span class=\"_ _1\"></span>down refere<span class=\"_ _5\"></span>nce portfolio were<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls14 ws12 gs868\">stre<span class=\"_ _5\"></span>ngthened.<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs869\">Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>fre<span class=\"_ _1\"></span>e yi<span class=\"_ _1\"></span>eld c<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve, ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s in li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs86a\">cha<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>s by a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>n ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um is d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d for ea<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs86b\">ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to al<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs86c\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w se<span class=\"_ _1\"></span>t out t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s for ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs86d\"><table class=\"s w3d6 h209\" id=\"_226aa05a-79e1-448a-a5c3-d6331c67cc45\"><tr><td></td><td></td><td></td><td class=\"t m0 x4da hd y6389 ff2 fs6 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e (b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f79 w147 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123b y5f79 w3d7 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123c y5f79 w3d8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">5 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123d y5f79 w3d9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">10 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x361 y5f79 w3da h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">20 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123e y5f79 w3da h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>0 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w3db h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls20 ws20\">GBP<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123f y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">354<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3c y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">367<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3d y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">404<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3e y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">454<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">459<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3dc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4f ws4c\">Euro<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1240 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">208<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1241 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">248<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1242 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">286<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1243 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">321<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d7 y5edc w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">320<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs86e\"><table class=\"s w333 h20a\" id=\"_70c17011-7f13-43c1-b72d-194f07a69d22\"><tr><td></td><td></td><td></td><td class=\"t m0 x68b hd y638a ff13 fs6 fc3 sc0 ls9 ws0\">Ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k-f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te (<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ps)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f79 w155 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1244 y5f79 w3dd h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">1 yea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1245 y5f79 w3de h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1246 y5f79 w3df h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls31 ws32\">10 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1247 y5f79 w3e0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1248 y5f79 w3e1 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">3<span class=\"_ _1\"></span>0 ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w3db h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls20 ws20\">GBP<span class=\"_ _37b\"> </span></div></td><td class=\"c n x123f y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">446<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3c y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">404<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3d y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">407<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc3e y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">430<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21c y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">423<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4f ws4c\">Euro<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1240 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">224<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1241 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">214<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1242 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">227<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1243 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">226<span class=\"_ _37b\"> </span></div></td><td class=\"c n x9d7 y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">200<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs86f\"><table class=\"s w3e2 h20b\" id=\"_25ae2513-48e1-4248-a670-6a777a503121\"><tr><td></td><td></td><td class=\"t m0 x607 hd y638b ff13 fs6 fc3 sc0 ls9 ws0\">Il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>m ov<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x1de y601c w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601c w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x1075 y601d w3e3 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">bps<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1249 y601d w3e4 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">b<span class=\"_ _1\"></span>ps<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w3e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuities GB<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ff9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y5ff9 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">169<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w3e6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Annuities Euro<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">62<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">67<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w3e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>P \u2013 li<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124b y5f77 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124c y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w3e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Eu<span class=\"_ _1\"></span>ro \u2013 li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>id l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124d y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">40<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124e y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3e9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>P \u2013 ill<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124f y5edc w3ea h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws0\">119 \u2013 168</div></td><td class=\"c n x1250 y5edc w3eb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws0\">104 \u2013 169<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws6 gs870\">F9.2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Risk adjustment<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs871\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has us<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>e to der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs872\">is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s vie<span class=\"_ _1\"></span>w of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>isk<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e div<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs873\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s Int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs874\">is no di<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s mea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nda<span class=\"_ _1\"></span>rd fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nfi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce le<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs875\">pe<span class=\"_ _1\"></span>rcen<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>le is c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d on a on<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>year b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is s<span class=\"_ _1\"></span>et at le<span class=\"_ _1\"></span>ast a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly, off<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>yc<span class=\"_ _1\"></span>le, ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs876\">cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt v<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w of r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s rea<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t ea<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dat<span class=\"_ _1\"></span>e, i.e. t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is n<span class=\"_ _1\"></span>ot lo<span class=\"_ _1\"></span>cke<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n at </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs877\">initial recognition. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs878\">For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>n allo<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>nce fo<span class=\"_ _1\"></span>r bu<span class=\"_ _1\"></span>rn<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h cost<span class=\"_ _2\"></span>s to th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs879\">sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r) is al<span class=\"_ _1\"></span>lowe<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r in th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. For no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n a wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs87a\">ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d by b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs87b\">Con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce le<span class=\"_ _1\"></span>vel te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re us<span class=\"_ _1\"></span>ed to d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ll ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l ri<span class=\"_ _1\"></span>sk an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>is is a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d do<span class=\"_ _1\"></span>wn to ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs87c\">gro<span class=\"_ _1\"></span>up of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>sk p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce le<span class=\"_ _1\"></span>vel p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs87d\">is as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs87e\"><table class=\"s w3ec h20c\" id=\"_d03edb02-340c-4a8e-a1d7-90d767d7535b\"><tr><td></td><td class=\"c n x1de y5f7b w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f7b w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3ed h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws0\">Insurance c<span class=\"_ _5\"></span>ontracts (gross of r<span class=\"_ _5\"></span>einsurance)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1251 y5edc w3ee h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80th<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1252 y5edc w338 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">80th<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs87f\">Th<span class=\"_ _1\"></span>e on<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce lev<span class=\"_ _1\"></span>el us<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roxi<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs880\">leve<span class=\"_ _1\"></span>l us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h invo<span class=\"_ _1\"></span>lv<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g by t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>are ro<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>me d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gs881\"><table class=\"s w3ef h20c\" id=\"_f731ab15-ca2f-4ef6-a628-c5e67cb9d416\"><tr><td></td><td class=\"c n x1e3 y5f7b w3f0 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _2c2\"> </span><span class=\"ff2 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></span></div></td><td class=\"c n x1253 y5f7b w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w3ed h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws0\">Insurance c<span class=\"_ _5\"></span>ontracts (gross of r<span class=\"_ _5\"></span>einsurance)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1254 y5edc w3f1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">61st<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1255 y5edc w3f2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">61st<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs883\">F9.2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Other assumptions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs884\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s suc<span class=\"_ _1\"></span>h as p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d su<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s), exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hic a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs885\">(i<span class=\"_ _1\"></span>.e. lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, mor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y) a<span class=\"_ _1\"></span>re a key com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs886\">under<span class=\"_ _1\"></span>writing risk variables<span class=\"_ _5\"></span> and assumptions are<span class=\"_ _5\"></span> set based on past<span class=\"_ _5\"></span> experience and/<span class=\"_ _5\"></span>or relevant<span class=\"_ _5\"></span> industr<span class=\"_ _2\"></span>y data, mark<span class=\"_ _5\"></span>et practice,<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs887\">reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ab<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. Eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs888\">market consistent.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs889\">Expen<span class=\"_ _1\"></span>ses and<span class=\"_ _5\"></span> expense inflation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs88a\">Insurance<span class=\"_ _5\"></span> contract liabilities include<span class=\"_ _5\"></span> an allowance<span class=\"_ _5\"></span> for the best<span class=\"_ _5\"></span> est<span class=\"_ _1\"></span>imate of<span class=\"_ _5\"></span> future expenses associated<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith the admini<span class=\"_ _5\"></span>st<span class=\"_ _1\"></span>ration of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs88b\">in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>forc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s fut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs88c\">in<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>forc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ne<span class=\"_ _1\"></span>w bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>ch a<span class=\"_ _1\"></span>s cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is a l<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs88d\">jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>is t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly, ju<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs88e\">projected<span class=\"_ _5\"></span> cost<span class=\"_ _1\"></span>s of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup,<span class=\"_ _5\"></span> in particular where those pro<span class=\"_ _0\"></span>jections include<span class=\"_ _5\"></span> the impact of transition and<span class=\"_ _5\"></span> integration activit<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs88f\">E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed to i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>t eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x (\u2018<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>PI<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), o<span class=\"_ _1\"></span>r a rat<span class=\"_ _1\"></span>e der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e UK i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs890\">sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e, plu<span class=\"_ _1\"></span>s fixed m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s in ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e var<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ous m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s (\u2018M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>s\u2019<span class=\"_ _1\"></span>) t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s in pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs891\">ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>our<span class=\"_ _1\"></span>ce pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e rat<span class=\"_ _1\"></span>e of R<span class=\"_ _1\"></span>PI i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on is d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch st<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic s<span class=\"_ _1\"></span>cena<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io. Fo<span class=\"_ _1\"></span>r ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs892\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s it is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>ank o<span class=\"_ _1\"></span>f En<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sp<span class=\"_ _1\"></span>ot cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve. For M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>et by re<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nce to n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs893\">aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, thi<span class=\"_ _1\"></span>s is ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oxim<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>r RP<span class=\"_ _1\"></span>I in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n plu<span class=\"_ _1\"></span>s 1<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span>. In in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s in w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk is n<span class=\"_ _1\"></span>ot </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs894\">mit<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te ma<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>al ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns of e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ngs i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n exces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f RP<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs895\">Mortalit<span class=\"_ _1\"></span>y and l<span class=\"_ _5\"></span>ongevit<span class=\"_ _1\"></span>y rates<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs896\">Mortalit<span class=\"_ _1\"></span>y rates are<span class=\"_ _5\"></span> based on company<span class=\"_ _5\"></span> experience and publi<span class=\"_ _5\"></span>shed tables<span class=\"_ _1\"></span>, adjusted<span class=\"_ _5\"></span> appropriately to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ake ac<span class=\"_ _5\"></span>count of changes<span class=\"_ _5\"></span> in the </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs897\">underlying population mortalit<span class=\"_ _1\"></span>y since<span class=\"_ _5\"></span> the table was publi<span class=\"_ _5\"></span>shed<span class=\"_ _1\"></span>, compan<span class=\"_ _5\"></span>y experience and<span class=\"_ _5\"></span> forecast changes in<span class=\"_ _5\"></span> future mortalit<span class=\"_ _1\"></span>y. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs898\">An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ake al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce fo<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ner l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs899\">Lapse and surrender<span class=\"_ _5\"></span> rates (persistenc<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs89a\">Th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d vo<span class=\"_ _1\"></span>lun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e a po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en i<span class=\"_ _1\"></span>n for<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs89b\">th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e. Wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hdr<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>al ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ved e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en i<span class=\"_ _1\"></span>t is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs89c\">con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r wi<span class=\"_ _1\"></span>ll be i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d by di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n in th<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, it is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs89d\">as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d tha<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>awa<span class=\"_ _1\"></span>l ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s for un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r on po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t Value </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsf ws12 gs89e\">Adjustments do not<span class=\"_ _5\"></span> apply.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs89f\">Discretionary participating bonus rate<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8a0\">The regular bonus<span class=\"_ _5\"></span> rates assumed in<span class=\"_ _5\"></span> each scenario are<span class=\"_ _5\"></span> determined in acc<span class=\"_ _5\"></span>ordance with each<span class=\"_ _5\"></span> company<span class=\"_ _1\"></span>\u2019s<span class=\"_ _5\"></span> Principles and Practices<span class=\"_ _5\"></span> of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8a1\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t (<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span>FM'<span class=\"_ _2\"></span>). Fin<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t a lev<span class=\"_ _1\"></span>el su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a2\">sm<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ru<span class=\"_ _1\"></span>les s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut in t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>PF<span class=\"_ _1\"></span>M and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs8a3\">Policyholder options and<span class=\"_ _5\"></span> guarantees<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a4\">So<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s prod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>y valu<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, or g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e opt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ca<span class=\"_ _1\"></span>n be e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8a5\">at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>low.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a6\">Mo<span class=\"_ _1\"></span>st wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ve a gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t on a sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d da<span class=\"_ _1\"></span>te or r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e of d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s or o<span class=\"_ _1\"></span>n dea<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h if be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a7\">dat<span class=\"_ _1\"></span>e or da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d dat<span class=\"_ _1\"></span>e is th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>\u2019s ch<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t da<span class=\"_ _1\"></span>te or a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s aro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a8\">dat<span class=\"_ _1\"></span>e. Fo<span class=\"_ _1\"></span>r end<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>t is th<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y da<span class=\"_ _1\"></span>te of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. For w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s bon<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>t is of<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n a spe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8a9\">com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, in s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>erea<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter. Ann<span class=\"_ _1\"></span>ual b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d to wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s usu<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8aa\">the guaranteed<span class=\"_ _5\"></span> amount<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8ab\">Th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re g<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s on a s<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>umb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8ac\">Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s a com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, are \u00a3<span class=\"_ _1\"></span>739 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ad\">(202<span class=\"_ _5\"></span>4: \u00a3529 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) in t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s and \u00a38<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a373 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8ae\">In co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>ife co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he U<span class=\"_ _1\"></span>K w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>ut b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t up </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8af\">pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ha<span class=\"_ _1\"></span>ve b<span class=\"_ _1\"></span>een c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8b0\">fro<span class=\"_ _1\"></span>m da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ed fil<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ws o<span class=\"_ _1\"></span>f sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing a ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h gi<span class=\"_ _1\"></span>ve a res<span class=\"_ _1\"></span>ult v<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8b1\">sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar t<span class=\"_ _1\"></span>o a ma<span class=\"_ _1\"></span>rket c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e to<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8b2\">wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w and p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8b3\">as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>re \u00a31<span class=\"_ _4\"></span>33 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>55 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) and \u00a34 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>2 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) resp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8b4\">Wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te in p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>nly u<span class=\"_ _1\"></span>p to th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. At re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, a gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8b5\">all<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er to com<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>ash o<span class=\"_ _1\"></span>n gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d ter<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gs8b7\">Assumption changes<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8b8\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar a nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er o<span class=\"_ _1\"></span>f cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ere ma<span class=\"_ _1\"></span>de t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to r<span class=\"_ _1\"></span>efle<span class=\"_ _1\"></span>ct c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct of m<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8b9\">cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear w<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs8ba\"><table class=\"s w3f3 h20d\" id=\"_4bc22a14-230e-4ca4-8d56-a2769fcc256c\"><tr><td></td><td></td><td class=\"c n xbfa y638c w21b h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls13d ws146\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1256 y638c w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xb97 hd y638d ff2 fs6 fc3 sc0 lsbd wsc4\">(Decrease)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x422 hd y638e ff2 fs6 fc3 sc0 lsbd wsc4\">Increase/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1257 hd y638e ff12 fs6 fc3 sc0 lsc7 wsf5\">Increase/<span class=\"_ _37b\"> </span></td><td class=\"t m0 x812 hd y638e ff12 fs6 fc3 sc0 lsbd wsc4\">(Decrease)<span class=\"_ _5\"></span>/<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x1258 hd y638f ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x79e hd y6390 ff2 fs6 fc3 sc0 lsbd ws117\">(decrease<span class=\"_ _5\"></span>) in loss<span class=\"_ _5\"></span> </td><td class=\"t m0 x1259 hd y6390 ff12 fs6 fc3 sc0 lsbd wsc4\">(decrease<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td class=\"t m0 x125a hd y6390 ff12 fs6 fc3 sc0 ls9 ws0\">in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in </td></tr><tr><td></td><td class=\"t m0 x125b hd y6391 ff2 fs6 fc3 sc0 ls9 ws0\">in C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></td><td class=\"t m0 x120e hd y6392 ff2 fs6 fc3 sc0 lsbd wsc4\">component</td><td class=\"t m0 x46b hd y6392 ff12 fs6 fc3 sc0 ls9 ws0\"> in C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M<span class=\"_ _37b\"> </span></td><td class=\"t m0 x7fd hd y6392 ff12 fs6 fc3 sc0 lsbe wsc5\">loss component<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x652 y5fa0 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x125c y5fa0 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x125d y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x125e y5fa0 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6393 ff2 fs2 fc3 sc0 ls14 ws12\">For insurance<span class=\"_ _5\"></span> contracts<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f14 w3f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Change in longevity assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x125f y5f14 w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(234)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1260 y5f14 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1261 y5f14 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1262 y5f14 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w3f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Change in persisten<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y assumptio<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1263 y5f72 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1264 y5f72 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1265 y5f72 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1266 y5f72 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w3f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Change in mortalit<span class=\"_ _1\"></span>y assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1267 y5f16 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1268 y5f16 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1269 y5f16 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126a y5f16 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed7 w3f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Change in<span class=\"_ _5\"></span> expenses assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126b y5ed7 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">368<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126c y5ed7 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(74)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126d y5ed7 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(74)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126e y5ed7 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">72<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6394 ff2 fs2 fc3 sc0 ls14 ws12\">For reinsuranc<span class=\"_ _5\"></span>e contracts:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ed9 w3f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Change in longevity assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x126f y5ed9 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">285<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1270 y5ed9 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1271 y5ed9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1272 y5ed9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f17 w3f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Change in persisten<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y assumptio<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1263 y5f17 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1273 y5f17 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1274 y5f17 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1275 y5f17 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edb w3f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Change in mortalit<span class=\"_ _1\"></span>y assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1267 y5edb w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1276 y5edb w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1277 y5edb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1278 y5edb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5edc w3f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Change in<span class=\"_ _5\"></span> expenses assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1279 y5edc w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127a y5edc wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127b y5edc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(45)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127c y5edc we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls9 ws0 gs8bb\">2025:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8bc\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns h<span class=\"_ _1\"></span>ave g<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>n r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to a \u00a351 milli<span class=\"_ _1\"></span>on n<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8bd\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t up<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to ba<span class=\"_ _1\"></span>se an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g la<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8be\">Refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on n<span class=\"_ _1\"></span>et of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs8bf\">\u00a3<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 million increase in<span class=\"_ _5\"></span> loss component<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8c0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y dr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>en by l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>ave r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ed in a \u00a31<span class=\"_ _5\"></span>0 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs8c1\">\u00a35 million increase in<span class=\"_ _5\"></span> loss component<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8c2\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a \u00a3<span class=\"_ _1\"></span>362 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on n<span class=\"_ _1\"></span>et of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>4 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8c3\">com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d cost s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. This i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8c4\">dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ue f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r mi<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he TC<span class=\"_ _1\"></span>S B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>NC<span class=\"_ _2\"></span>S pl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8c5\">Wi<span class=\"_ _1\"></span>pro u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ew st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip; t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8c6\">sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s; a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>f inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls98 ws11a gs8c7\">2024<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8c8\">Th<span class=\"_ _1\"></span>e \u00a369 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in C<span class=\"_ _2\"></span>SM a<span class=\"_ _1\"></span>nd \u00a3(1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>) mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e in l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8c9\">as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s refle<span class=\"_ _1\"></span>ct u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es to b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>st ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>aly<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ca\">A<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>ll as a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enc<span class=\"_ _2\"></span>y up<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>es to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e, ass<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s were m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e for l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>AO<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8cb\">take-<span class=\"_ _1\"></span>up rates during the<span class=\"_ _5\"></span> year<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8cc\">Th<span class=\"_ _1\"></span>e \u00a3<span class=\"_ _1\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t fr<span class=\"_ _1\"></span>om c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns is l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>ly dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven b<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8cd\">off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et by a re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8ce\">Th<span class=\"_ _1\"></span>e \u00a3(1<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>9) mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n n<span class=\"_ _1\"></span>et of r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>M a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>72 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8cf\">as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n by a<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ves p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly in r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ver<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>del f<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>T an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d0\">Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e TC<span class=\"_ _1\"></span>S p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is is p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8d1\">off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et by c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>led e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s cost s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>me to<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>her w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d2\">rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gs8d4\">F9.3 Managing product risk<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d5\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g s<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ve an a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s mai<span class=\"_ _1\"></span>n lif<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e way<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d6\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"gs8d7\"><table class=\"s w3f8 h20e\" id=\"_bb7e4545-f106-4d5c-9552-90bfbd81da90\"><tr><td class=\"c n x1e3 y6395 w3f9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">Product<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127d y6395 w3fa h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Primar<span class=\"_ _1\"></span>y segment<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127e y6395 w3fb h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 ls9 ws0\">Ma<span class=\"_ _1\"></span>in i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6396 ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed4 w3fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Unitised &amp;<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>raditional \u2013 without guar<span class=\"_ _5\"></span>antees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x127f y5ed4 w329 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1280 y5ed4 w3fd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Longevit<span class=\"_ _1\"></span>y &amp; Lapse<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w3fe h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Unitised &amp; T<span class=\"_ _4\"></span>raditional \u2013 with guarantees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1281 y5ed5 w329 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls14 ws12\">With-<span class=\"_ _1\"></span>profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1282 y5ed5 w3ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Lapse<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w32d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Annuities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1283 y5f72 w329 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls14 ws12\">With<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1284 y5f72 w400 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">Lon<span class=\"_ _1\"></span>gevit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6397 ff6 fs2 fc3 sc0 ls14 ws12\">Non<span class=\"_ _1\"></span>-profit<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ed7 w401 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Deferred<span class=\"_ _5\"></span> annuities \u2013 with guarantees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1285 y5ed7 w10a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Retirement Solut<span class=\"_ _1\"></span>ions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1286 y5ed7 w402 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">Longev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w403 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Deferred<span class=\"_ _5\"></span> annuities \u2013 without guarantees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1287 y5ed8 w404 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ret<span class=\"_ _1\"></span>irement Soluti<span class=\"_ _1\"></span>ons<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1288 y5ed8 w402 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">Longev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w405 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Immediate annu<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1289 y5ed9 w30d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Retirement So<span class=\"_ _1\"></span>lutions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128a y5ed9 w402 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">Long<span class=\"_ _1\"></span>evit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w32f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Protection<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128b y5f77 w10d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128c y5f77 w406 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Mort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> M<span class=\"_ _1\"></span>orbidit<span class=\"_ _1\"></span>y &amp; Lapse<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w407 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Unit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>linked<span class=\"_ _5\"></span> \u2013 with guarantees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128d y5f4c w408 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1280 y5f4c w409 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Longevity &amp; Lapse<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w40a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Unit<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>linked<span class=\"_ _5\"></span> \u2013 without guarantees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128e y5edc w10b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Pensions &amp; Savings<span class=\"_ _37b\"> </span></div></td><td class=\"c n x128f y5edc w40b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Mortal<span class=\"_ _1\"></span>ity, Morbidit<span class=\"_ _1\"></span>y &amp; Lapse<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d8\">Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wi<span class=\"_ _1\"></span>ll al<span class=\"_ _2\"></span>so b<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket ri<span class=\"_ _1\"></span>sk a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E6.<span class=\"_ _1\"></span>2.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8d9\">\u00a3<span class=\"_ _5\"></span>19<span class=\"_ _5\"></span>,8<span class=\"_ _1\"></span>98 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>5<span class=\"_ _1\"></span>,692 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) of li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>jec<span class=\"_ _1\"></span>t to l<span class=\"_ _1\"></span>ong<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y sw<span class=\"_ _1\"></span>ap a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsa ws1a gs8da\">With<span class=\"_ _1\"></span>-profi<span class=\"_ _1\"></span>ts fund (<span class=\"_ _5\"></span>unitised and traditional)<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8db\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s a num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds i<span class=\"_ _1\"></span>n whi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s po<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t fro<span class=\"_ _1\"></span>m a dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8dc\">bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>(<span class=\"_ _1\"></span>gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d on<span class=\"_ _1\"></span>ce ad<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in mo<span class=\"_ _1\"></span>st c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es) an<span class=\"_ _1\"></span>d a dis<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l bo<span class=\"_ _1\"></span>nus<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s is al<span class=\"_ _2\"></span>so wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n in so<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8dd\">of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ma<span class=\"_ _1\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de i<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8de\">Rates (\u2018GAR\u2019<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8df\">Th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t str<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y of ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h fu<span class=\"_ _1\"></span>nd di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, but i<span class=\"_ _1\"></span>s bro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t in a mi<span class=\"_ _1\"></span>xtu<span class=\"_ _1\"></span>re of fi<span class=\"_ _1\"></span>xed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>/<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e0\">or<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s in su<span class=\"_ _1\"></span>ch pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns as i<span class=\"_ _1\"></span>s app<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>isk e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>osu<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 lsa ws1a gs8e1\">capital<span class=\"_ gse8\"> </span>resourc<span class=\"_ _5\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e2\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>y, bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d ea<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>y ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e3\">exerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g dis<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s is se<span class=\"_ _1\"></span>t out i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e PP<span class=\"_ _1\"></span>FM for ea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d and i<span class=\"_ _1\"></span>s over<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e4\">by wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce is al<span class=\"_ _2\"></span>so t<span class=\"_ _1\"></span>aken f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of ea<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e PP<span class=\"_ _1\"></span>FM </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e5\">is rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>d ann<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e PR<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>, Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l Con<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t Aut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y (\u2018<span class=\"_ _1\"></span>FC<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e6\">Th<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o dis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e to po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a fai<span class=\"_ _1\"></span>r sh<span class=\"_ _1\"></span>are o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds to<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8e7\">wi<span class=\"_ _1\"></span>th o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>re en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ive o<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>h o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e8\">bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r som<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds an<span class=\"_ _1\"></span>d \u00a3ni<span class=\"_ _1\"></span>l for o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he H<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge W<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s Fund (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>HW<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>F\u2019<span class=\"_ _1\"></span>), un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e of </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8e9\">Dem<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>eho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d to rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ve cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g on s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d bl<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s of U<span class=\"_ _1\"></span>K an<span class=\"_ _1\"></span>d Ir<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ea\">Uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l wi<span class=\"_ _1\"></span>th<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>hat u<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8eb\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s in a wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d whe<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l wit<span class=\"_ _1\"></span>h<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r uni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ec\">po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>en de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t on un<span class=\"_ _1\"></span>it pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>f a cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>, al<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh c<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s may b<span class=\"_ _1\"></span>e app<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. A un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s fu<span class=\"_ _1\"></span>nd pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ed\">is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>ot<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>o fal<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>ine w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h any d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y bo<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>ne ye<span class=\"_ _1\"></span>ar.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs8ee\">Deferred annuities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ef\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>n to pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er a c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit at re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>e to bu<span class=\"_ _1\"></span>y an a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8f0\">on the te<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ms then applicable<span class=\"_ _5\"></span>, or an ann<span class=\"_ _5\"></span>uit<span class=\"_ _1\"></span>y payable fr<span class=\"_ _5\"></span>om retirement. The policies c<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ain an<span class=\"_ _5\"></span> element of guarant<span class=\"_ _5\"></span>ee expressed in the </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f1\">for<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t is wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten i<span class=\"_ _1\"></span>n, i<span class=\"_ _1\"></span>.e. to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh or a<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies w<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>en to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e a ca<span class=\"_ _1\"></span>sh b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit m<span class=\"_ _1\"></span>ay </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f2\">al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n an op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o conv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t to an a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t on gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ed te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s; t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n as G<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>R p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f3\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>en to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e an an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t may a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>so co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in an o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>ash<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f4\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n gu<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s; th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>e kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n as Gu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>ash O<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>\u2018GCO\u2019<span class=\"_ _1\"></span>)<span class=\"_ gse8\"> </span>p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in u<span class=\"_ _1\"></span>nit p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8f5\">HWPF are<span class=\"_ _5\"></span> guaranteed not to<span class=\"_ _5\"></span> dec<span class=\"_ _1\"></span>rease.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs8f6\">Long-<span class=\"_ _1\"></span>term interest<span class=\"_ _5\"></span> rates remain<span class=\"_ _5\"></span> relatively low<span class=\"_ _5\"></span> compared to<span class=\"_ _5\"></span> historical levels and lif<span class=\"_ _5\"></span>e expectanc<span class=\"_ _1\"></span>y has increased<span class=\"_ _5\"></span> more rapidly than<span class=\"_ _5\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f7\">or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ gse8\"> </span>g<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ed te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms on G<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>R p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are m<span class=\"_ _1\"></span>ore f<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le th<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y rat<span class=\"_ _1\"></span>es cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y avai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8f8\">mar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s on G<span class=\"_ _1\"></span>CO pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly n<span class=\"_ _1\"></span>ot v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y pol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ten t<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8f9\">ann<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed in a si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er to im<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ate a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd ar<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8fa\">Th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>R p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>o dow<span class=\"_ _1\"></span>nw<span class=\"_ _1\"></span>ard m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8fb\">an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of c<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>oul<span class=\"_ _1\"></span>d lea<span class=\"_ _1\"></span>d to a re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8fc\">inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>s whi<span class=\"_ _1\"></span>ch co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ely i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t and p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. In or<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>o ad<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st ra<span class=\"_ _1\"></span>te </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8fd\">ri<span class=\"_ _1\"></span>sk (<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ut n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng l<span class=\"_ _1\"></span>ife ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>r cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>hav<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ur w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on), ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs8fe\">sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>ve p<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t an i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d have t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>us </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs8ff\">red<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t to mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ote E6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>2).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs901\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p se<span class=\"_ _1\"></span>ek<span class=\"_ _2\"></span>s to man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>his r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ha<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs902\">ob<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>t op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs903\">Immediate annuities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs904\">Th<span class=\"_ _1\"></span>is t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a s<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>le p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m at t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>set<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>id to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs905\">lif<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e. Pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ay al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inu<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t of a su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e or p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ner a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>\u2019s deat<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s may be<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs906\">leve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>, or es<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e at a fixe<span class=\"_ _1\"></span>d ra<span class=\"_ _1\"></span>te, or ma<span class=\"_ _1\"></span>y es<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h a pri<span class=\"_ _1\"></span>ce in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x an<span class=\"_ _1\"></span>d may b<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e for a mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>mum p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d ir<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e of </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls1a ws2d gs907\">whether the policyholder remains alive<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs908\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sk<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re pa<span class=\"_ _1\"></span>id fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs909\">th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh re<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce (ap<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs90a\">coll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>) o<span class=\"_ _1\"></span>r<span class=\"_ gse8\"> </span>tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r of ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies m<span class=\"_ _1\"></span>ay al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o be a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial \u2018n<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>l he<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>e\u2019 ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed in p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs90b\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (an<span class=\"_ _1\"></span>d vi<span class=\"_ _1\"></span>ce ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a) al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ugh t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ext<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>o wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs90c\">of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>rap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le of ea<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ok of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s in pl<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ps t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t prov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e do<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs90d\">protection ov<span class=\"_ _5\"></span>er longevity risk. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs90e\">The pricing assumption for mortal<span class=\"_ _1\"></span>ity risk is based on both historic inte<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>nal information and external<span class=\"_ _5\"></span> m<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>alit<span class=\"_ _1\"></span>y experience,<span class=\"_ _5\"></span> including </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs90f\">all<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s for f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de a co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in fo<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs910\">Ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is in<span class=\"_ _1\"></span>flu<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by su<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs911\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ gse8\"> </span>is ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is us<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>his p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on a reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls8 ws1e gs912\">Protection<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs913\">Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s are t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lly s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of a re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r a per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs914\">on cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in ev<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y be a si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le lum<span class=\"_ _1\"></span>p sum o<span class=\"_ _1\"></span>r a ser<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es of p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s and ma<span class=\"_ _1\"></span>y be pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs915\">death, serious illness<span class=\"_ _5\"></span> or sickness<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs916\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>his p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>sk is m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>gh t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs917\">(b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>uar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ipl<span class=\"_ _1\"></span>es), th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d a clea<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss fo<span class=\"_ _1\"></span>r ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng cl<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs310\">Ma<span class=\"_ _1\"></span>rket a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k is in<span class=\"_ _1\"></span>flu<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt to w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ash fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by su<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs918\">whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ gse8\"> </span>is ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>M f<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>wor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g is us<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>his p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on a reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ar b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "standardlifeplc:DisclosureOfRiskManagementInsuranceRisk",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "G<span class=\"_ _1\"></span>. Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r sta<span class=\"_ _1\"></span>teme<span class=\"_ _1\"></span>nt of co<span class=\"_ _1\"></span>nsol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ated fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>al pos<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion no<span class=\"_ _1\"></span>tes<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1. Pension s<span class=\"_ _5\"></span>che<span class=\"_ _1\"></span>mes<span class=\"_ _37b\"> </span>Defined contribution <span class=\"_ _5\"></span>pe<span class=\"_ _1\"></span>nsion schemes<span class=\"_ _37b\"> </span>Ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e statement as incurred.<span class=\"_ _37b\"> </span>De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t (t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s have e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s ded<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gra<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ual s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to it<span class=\"_ _2\"></span>s abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er a w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g up o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d by G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t). A cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is made to<span class=\"_ _5\"></span> the car<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ying values<span class=\"_ _5\"></span> of insurance c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>ct liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies and in<span class=\"_ _5\"></span>vestment contract liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e use<span class=\"_ _1\"></span>d to m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. The d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n A<span class=\"_ _2\"></span>A cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at h<span class=\"_ _1\"></span>ave ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roxi<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ed by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>it c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (all r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pension scheme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including any reimbursement asset<span class=\"_ _1\"></span>s (rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed within net in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment income in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidated income statemen<span class=\"_ _1\"></span>t), remeasurements of the pension sch<span class=\"_ _1\"></span>eme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y (recognised in<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>ther comprehensive income) and employer<span class=\"_ _5\"></span> contributions<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is no<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fou<span class=\"_ _1\"></span>r mai<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loye<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>rl G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e\u2019<span class=\"_ _1\"></span>), th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018Abb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e\u2019<span class=\"_ _1\"></span>) t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Sun L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y of C<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>da 1988 UK an<span class=\"_ _1\"></span>d Ir<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h Em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>yee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), and e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s ho<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>An a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y)/as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t for e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w27e h20f\" id=\"_2f10aac9-6737-4c78-91fc-bbeb8129d323\"><tr><td></td><td class=\"t m0 x469 hd y6398 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6398 ff12 fs6 fc3 sc0 ls9 ws0\">2024</td></tr><tr><td></td><td class=\"t m0 xb5f hd y6399 ff2 fs6 fc3 sc0 lsc8 wscb\"> \u00a3m</td><td class=\"t m0 x74e hd y6399 ff12 fs6 fc3 sc0 ls6a ws6b\"> \u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y639a ffa fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (G1.<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y639b w40c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Economic surplus<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y639b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y639b w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639c w40d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Adjustment for insurance<span class=\"_ _5\"></span> pol<span class=\"_ _1\"></span>icies eliminated on<span class=\"_ _5\"></span> consolidat<span class=\"_ _1\"></span>ion<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1290 y639c w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,294)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3b y639c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e6 w40e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, as re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1291 y60e6 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1292 y60e6 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y60e7 w40f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Add<span class=\"_ _1\"></span>: va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>LL w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s</div><div class=\"t m0 x1293 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d4 y5ee5 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,261<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5ee5 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,348<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639d w410 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, as re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (G<span class=\"_ _5\"></span>1.2.<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y639d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">163<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y639d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639e w411 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Adjusted net pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y639e w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">178<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y639e w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">185<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y639f ffa fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (G1.<span class=\"_ _1\"></span>3)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ee9 wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>abilit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c4 y5ee9 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1294 y5ee9 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63a0 ffa fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (G1.4)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63a1 w92 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y63a1 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y63a1 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63a2 ff2 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me (G1.<span class=\"_ _1\"></span>5)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w92 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5eee w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w412 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reimbursement right<span class=\"_ _37b\"> </span></div></td><td class=\"c n x576 y5eef w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y5eef w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y exe<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a Gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>up l<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p's a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a li<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te G1.<span class=\"_ _1\"></span>2 be<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w.   <span class=\"_ _22\"> </span>An a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>, ho<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r as n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, t<span class=\"_ _1\"></span>he mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (as s<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e G1.2) i<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>G1.<span class=\"_ _4\"></span>1 D<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Risks<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s defin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p to a num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y \u2013 t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s\u2019 a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ill v<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket co<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y. The l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng a di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te s<span class=\"_ _1\"></span>et wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s; i<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>is yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>is wi<span class=\"_ _1\"></span>ll c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te a de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ajo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e hel<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in a lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to th<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es (s<span class=\"_ _1\"></span>et w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s). A<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>, to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> bo<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>lds a<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>ut of l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in g<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y wil<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk \u2013 a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es\u2019 b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>re li<span class=\"_ _1\"></span>nked t<span class=\"_ _1\"></span>o infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d hi<span class=\"_ _1\"></span>ghe<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wil<span class=\"_ _1\"></span>l lea<span class=\"_ _1\"></span>d to hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es (alt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h in m<span class=\"_ _1\"></span>ost c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ca<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e leve<span class=\"_ _1\"></span>l of in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>ace to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>tec<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst ex<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). Th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t str<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h all<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, m<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>at ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld no<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y \u2013 the ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s\u2019 o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are t<span class=\"_ _1\"></span>o prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span> lif<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l resu<span class=\"_ _1\"></span>lt in a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>nd Su<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ife of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>his is l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gel<span class=\"_ _1\"></span>y off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>ve in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d on c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e G1<span class=\"_ _5\"></span>.2<span class=\"_ _1\"></span> for f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>isk \u2013 A H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h Cou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t leg<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng in J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2023 (<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n M<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ia L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d v N<span class=\"_ _1\"></span>TL P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es I<span class=\"_ _1\"></span>I L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>) de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span> ru<span class=\"_ _1\"></span>le<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>id i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ey wer<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t acco<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>nfi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me in q<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, i<span class=\"_ _1\"></span>t now fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e be ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly ac<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> pension schem<span class=\"_ _1\"></span>es. On 2 S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025, th<span class=\"_ _1\"></span>e Gov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ndm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e Bi<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h wo<span class=\"_ _1\"></span>uld g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e affe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to re<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>fir<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s met t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e dr<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d by b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s int<span class=\"_ _1\"></span>o la<span class=\"_ _1\"></span>w. Mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s has t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir v<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2024, and no c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d at<span class=\"_ gse8\"> </span>31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025.<span class=\"_ _37b\"> </span><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs955\">Principal assumptions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7d ws7e gs956\">Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns us<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es are s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in the t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs957\"><table class=\"s w413 h210\" id=\"_035334bd-bded-44a5-af18-ced3e631a76f\"><tr><td></td><td class=\"t m0 x469 hd y63a3 ff2 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>5 </td><td class=\"t m0 x333 hd y63a3 ff12 fs6 fc3 sc0 ls9 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 xee6 hd y63a4 ff2 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1295 hd y63a4 ff12 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5fb1 w414 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e for p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t (5% per a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m or R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I if lo<span class=\"_ _1\"></span>wer<span class=\"_ _1\"></span>)</div><div class=\"t m0 x1296 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5fb1 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5fb1 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.00<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6046 w416 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e for d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns</div><div class=\"t m0 x1297 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5ff9 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5ff9 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w24e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Discount rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1298 y5f93 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5.50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1299 y5f93 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5.55<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w417 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n \u2013 RP<span class=\"_ _1\"></span>I<span class=\"_ _37b\"> </span></div></td><td class=\"c n x129a y5ffa w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.85<span class=\"_ _37b\"> </span></div></td><td class=\"c n x129b y5ffa w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6107 w418 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n \u2013 CP<span class=\"_ _1\"></span>I</div><div class=\"t m0 x129c h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5f4c w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5f4c w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w419 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es</div><div class=\"t m0 x129d h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5edc w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5edc w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.70<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs958\">1 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 2<span class=\"_ _1\"></span>.70<span class=\"_ _1\"></span>% (20<span class=\"_ _1\"></span>24: 3.10%).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs959\">2 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 1.95<span class=\"_ _1\"></span>% (2024: 2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>%).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs95a\">3 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 2<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5% (2<span class=\"_ _1\"></span>024: 2.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs95b\">4 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs95c\">Th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>een d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e yie<span class=\"_ _1\"></span>ld cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ves a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs95d\">th<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es an e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs95e\">der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le of p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs95f\">Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs960\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me: p<span class=\"_ _1\"></span>ost-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>ine w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h was d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs961\">mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ce i<span class=\"_ _1\"></span>n rec<span class=\"_ _1\"></span>ent y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he S<span class=\"_ _2\"></span>AP<span class=\"_ _1\"></span>S s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>se. I<span class=\"_ _1\"></span>n bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs962\">2025 and 202<span class=\"_ _5\"></span>4, f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 201<span class=\"_ _4\"></span>7 a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d CM<span class=\"_ _1\"></span>I 2023 Co<span class=\"_ _1\"></span>re Pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs963\">lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f im<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of 1.6% per a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m fo<span class=\"_ _1\"></span>r mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% p<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m for f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs964\">aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>rom r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r a me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y ag<span class=\"_ _1\"></span>ed 4<span class=\"_ _1\"></span>0 re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>e 6<span class=\"_ _1\"></span>0 is 29.<span class=\"_ _4\"></span>1 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 30.4 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs965\">female<span class=\"_ _5\"></span> member<span class=\"_ _1\"></span>s respectively<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs966\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e: po<span class=\"_ _1\"></span>st-r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs967\">ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t 31 March 2024, usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs968\">S<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>4 \u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>se. I<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h 2025 and 2024, fut<span class=\"_ _1\"></span>ure l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>gev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y im<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs969\">1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2024 are bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I 2023 Core P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of 1.6% per a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>um fo<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs96a\">mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% p<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m for f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y fro<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or a m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs96b\">cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 45 reti<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>e 65 is 24.6 year<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd 2<span class=\"_ _1\"></span>5.6 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs96c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me: p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t-ret<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _2\"></span>AP<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es 3 l<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a 102% mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>r fo<span class=\"_ _1\"></span>r </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs96d\">mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd a 95% mult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ier f<span class=\"_ _1\"></span>or fe<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I 201<span class=\"_ _4\"></span>9 p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th a 1.5% pa l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m tr<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d up to a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs96e\">31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2020. In bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h 2025 and 202<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>, fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m 1 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>1 o<span class=\"_ _1\"></span>nwa<span class=\"_ _1\"></span>rds a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs96f\">CM<span class=\"_ _1\"></span>I 2023 Co<span class=\"_ _1\"></span>re Pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f 1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>6% pa fo<span class=\"_ _1\"></span>r mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs970\">aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>rom r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r a me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y ag<span class=\"_ _1\"></span>ed 45 ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g at a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e 60 is 29.9 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 31<span class=\"_ _5\"></span>.5 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs971\">female<span class=\"_ _5\"></span> member<span class=\"_ _1\"></span>s respectively<span class=\"_ _5\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs972\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e: po<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h 2022 VI<span class=\"_ _1\"></span>TA Lite t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s in b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th 2025 an<span class=\"_ _1\"></span>d 202<span class=\"_ _5\"></span>4. </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs973\">Fut<span class=\"_ _1\"></span>ure lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he 2023 C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h no we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht on 2020, 202<span class=\"_ _0\"></span>1<span class=\"_ _5\"></span>, 2022 an<span class=\"_ _1\"></span>d 2023 exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs974\">(202<span class=\"_ _5\"></span>4: 2023 CM<span class=\"_ _1\"></span>I m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>ht o<span class=\"_ _1\"></span>n 2020 and 2021 exper<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5% weig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on 2022 an<span class=\"_ _1\"></span>d 2023 exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e), with a<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs975\">lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d of 1.6% p.a<span class=\"_ _1\"></span>. for m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es (2024<span class=\"_ _5\"></span>: 1.5%) and 1.2% p.<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>. for fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>les (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1.5%<span class=\"_ _5\"></span>). U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs976\">lif<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for a m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 45 reti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g at a<span class=\"_ _1\"></span>ge 65 is 23<span class=\"_ _1\"></span>.9 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 26.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ale a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs977\">mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly (202<span class=\"_ _5\"></span>4: 23<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 26.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely). </div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs978\">G1.2 Pe<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs979\">G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Scheme detail<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs97a\">Th<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es a fin<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, a mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>y pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a hyb<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (a mix of fi<span class=\"_ _1\"></span>nal s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y and m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs97b\">pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e). The P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me is c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>ew m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>as n<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs97c\">De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs97d\">Th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>, an<span class=\"_ _1\"></span>d gov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by, th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs97e\">to a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. A G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any, Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngs L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pe<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>HL<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>), is th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>yer o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs97f\">Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs980\">Th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny, P<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>T. (Pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns) Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs981\">trustee company<span class=\"_ _5\"></span> is comprised of<span class=\"_ _5\"></span> three representatives from<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>, three member nomi<span class=\"_ _5\"></span>nated representatives and<span class=\"_ _5\"></span> one </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs982\">ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>nce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icl<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee i<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>aw to a<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs983\">int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f all re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sib<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y wit<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs984\">A tr<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as at 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>4 was co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 2025 by a qual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y. Th<span class=\"_ _1\"></span>is sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs985\">a<span class=\"_ gse8\"> </span>sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s at 30 J<span class=\"_ _1\"></span>une 202<span class=\"_ _5\"></span>4 o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>nic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>Pension Scheme<span class=\"_ _5\"></span> Commitment Agreement<span class=\"_ _5\"></span> and buy-<span class=\"_ _1\"></span>in transactions<span class=\"_ _37b\"> </span>On 1<span class=\"_ _5\"></span>7 N<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2020, t<span class=\"_ _1\"></span>he Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto a C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gr<span class=\"_ _1\"></span>oup H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s No<span class=\"_ _1\"></span>. 2 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>H2\u2019<span class=\"_ _1\"></span>) to com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ete a s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x L<span class=\"_ _1\"></span>ife L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019s pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, to P<span class=\"_ _1\"></span>LL<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 100% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pe liabilities w<span class=\"_ _5\"></span>ere completed<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween 2<span class=\"_ _5\"></span>020<span class=\"_ _5\"></span> and 20<span class=\"_ _5\"></span>22.<span class=\"_ _37b\"> </span>Up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d pl<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to PL<span class=\"_ _1\"></span>L a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s to rep<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th a s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gle l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 was \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>294 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,358 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>No co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n eit<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. Pe<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span>inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Reimbursement right<span class=\"_ _5\"></span> asset in respect<span class=\"_ _5\"></span> of reinsurance arrangements<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, PL<span class=\"_ _1\"></span>L en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto a q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a sh<span class=\"_ _1\"></span>are r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure a tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rox<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y 91<span class=\"_ _4\"></span>% o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to us<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ay fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en it a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>i.<span class=\"_ _1\"></span>e. to se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to be a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>qu<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd is c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a reim<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h a pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>73<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>81 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>PL<span class=\"_ _1\"></span>L al<span class=\"_ _2\"></span>so en<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nto l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re a p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d fou<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>ght l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed to \u00a31<span class=\"_ _5\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>34 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>G1<span class=\"_ _5\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 S<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n the co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w41a h211\" id=\"_20e8b462-6f0c-41c0-bd40-3feb39660d17\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y63a5 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y63a5 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y63a6 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x129e hd y63a6 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 x4b3 hd y63a6 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td></td><td class=\"t m0 x86a hd y63a7 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63a7 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63a7 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y63a8 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x813 hd y63a8 ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x42a hd y63a8 ff2 fs6 fc3 sc0 lsc7 wsf5\">Scheme </td><td class=\"t m0 x89c hd y63a8 ff2 fs6 fc3 sc0 lsbd wsc4\">Reimburse<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x758 hd y63a9 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63a9 ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x290 hd y63a9 ff12 fs6 fc3 sc0 lsc8 wscb\">Scheme </td><td class=\"t m0 x812 hd y63a9 ff12 fs6 fc3 sc0 ls54 ws50\">Reimburse<span class=\"_ _1\"></span><span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y63aa ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x129f hd y63aa ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x4b3 hd y63aa ff2 fs6 fc3 sc0 lsc8 wscb\">Liability<span class=\"_ _37b\"> </span></td><td class=\"c x12a1 y63ac w41b h212\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">ment rights</div><div class=\"t m0 x12a0 h1a y63ab ff2 fsd fc3 sc0 ls9 ws0\">1</div></td><td class=\"t m0 x8ee hd y63ad ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63ad ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x282 hd y63ad ff12 fs6 fc3 sc0 lsbe wsc5\">Liability </td><td class=\"c x12a4 y63ac w41c h212\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">ment rights</div><div class=\"t m0 x12a3 h1a y63ab ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xee7 hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63af ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y61a8 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a5 y61a8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a6 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a7 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a8 y61a8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a9 y61a8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12aa y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,507)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae0 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,457)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y61a8 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61b8 w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ab y61b8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ac y61b8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(72)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ad y61b8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ae y61b8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12af y61b8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b0 y61b8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b1 y61b8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b2 y61b8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63b0 w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b3 y63b0 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b4 y63b0 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(72)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b5 y63b0 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b6 y63b0 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b7 y63b0 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb8 y63b0 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b8 y63b0 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x471 y63b0 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63b1 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63b2 ff3 fs2 fc3 sc0 ls9 ws0\">Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63b3 w41f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">amount<span class=\"_ _1\"></span>s included in inter<span class=\"_ _5\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b9 y63b3 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ba y63b3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bb y63b3 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bc y63b3 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bd y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87d y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12be y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bf y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y61ad w420 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Los<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">demographic<span class=\"_ gse8\"> </span>assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c0 y61ad wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c1 y61ad w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c2 y61ad wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c3 y61ad wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c4 y61ad we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c5 y61ad w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c6 y61ad w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c7 y61ad we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y618c w421 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">financial<span class=\"_ gse8\"> </span>assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c8 y618c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c9 y618c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ca y618c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y618c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cb y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cc y618c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cd y618c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ce y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w422 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n/ (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cf y63b4 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d0 y63b4 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d1 y63b4 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d2 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d3 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d4 y63b4 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d5 y63b4 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d6 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ff9 w423 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">reimbursement right asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d7 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d8 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d9 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12da y5ff9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12db y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12dc y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12dd y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x502 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w424 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1b wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12de y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12df y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e0 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e1 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e2 y5f93 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e3 y5f93 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e4 y5f93 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">112<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58e y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w425 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income rec<span class=\"_ _5\"></span>eived from ins<span class=\"_ _5\"></span>urance policies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e5 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e6 y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e7 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e8 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e9 y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda4 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe92 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac7 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8d y5f4c w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ea y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">106<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12eb y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ec y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ed y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(100)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ee y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ef y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f0 y5edc w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,294)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6b y5edc w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa2 y5edc w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">163<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f1 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f2 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb3 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span> R<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et \u00a3173 mil<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s \u00a3(10) mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3181 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d \u00a3(3<span class=\"_ _1\"></span>4) m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs9a2\">G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9a3\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs957\"><table class=\"s w427 h213\" id=\"_652c0ca5-bbf6-495e-8988-bebaaa8344e0\"><tr><td></td><td></td><td class=\"c n xbfa y63b5 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63b5 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63b6 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63b6 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63b7 ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63b7 ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63b8 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63b8 ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63b8 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63b8 ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63b9 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63b9 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63b9 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63b9 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f16 w428 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f5 y5f16 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f6 y5f16 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f7 y5f16 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f8 y5f16 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w235 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Hedge funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f9 y5fb1 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fa y5fb1 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fb y5fb1 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x590 y5fb1 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w429 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Cash and other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5ff9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fc y5ff9 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1fe y5ff9 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fd y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w42a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Reported scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cb y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fe y5f93 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21b y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63ba ff3 fs2 fc3 sc0 ls33 wsb\">Add back:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f4c w42b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Insurance policies eliminated<span class=\"_ _0\"></span> on consolidation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ff y5f4c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1300 y5f4c w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1301 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1302 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w42c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Econ<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb05 y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,342<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1303 y5edc w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,299<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1304 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,406<span class=\"_ _37b\"> </span></div></td><td class=\"c n x403 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,363<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs9a4\">G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.4 Defined benefit obligati<span class=\"_ _5\"></span>on<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9a5\">Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9a6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 26<span class=\"_ _5\"></span>% (2024<span class=\"_ _5\"></span>: 29%); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9a7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 7<span class=\"_ _5\"></span>4% (202<span class=\"_ _5\"></span>4: 7<span class=\"_ _5\"></span>1%<span class=\"_ _5\"></span>).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9a8\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _5\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 10 year<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs517\">G1.3 A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs9a9\">G<span class=\"_ _5\"></span>1.<span class=\"_ _1\"></span>3.<span class=\"_ _5\"></span>1 Scheme details<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9aa\">Th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>t up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ab\">emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>er P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee), a cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e are f<span class=\"_ _1\"></span>our<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ac\">tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rs a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ad\">tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ae\">Th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o new e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d has n<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9af\">Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>n by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9b0\">ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs9b1\">measured using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he projected unit<span class=\"_ _5\"></span> credit metho<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws1a gs521\">Funding<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9b2\">Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ut by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y as at 31 March 202<span class=\"_ _5\"></span>4 a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>ed a de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9b3\">of \u00a31<span class=\"_ _4\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an wa<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9b4\">th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me fo<span class=\"_ _1\"></span>r Pe<span class=\"_ _1\"></span>LH<span class=\"_ _1\"></span>L to p<span class=\"_ _1\"></span>ay mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hl<span class=\"_ _1\"></span>y con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons o<span class=\"_ _1\"></span>f \u00a340<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>6 to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs9b5\">funding shortfall<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9b6\">A new s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>e of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s was a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m May 2025, fo<span class=\"_ _1\"></span>r PeL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L to pa<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hly co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9b7\">ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>21<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>607 pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le up t<span class=\"_ _1\"></span>o 31 Marc<span class=\"_ _1\"></span>h 202<span class=\"_ _5\"></span>6<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>hen i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9b8\">as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to 31 May 2030.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9b9\">Th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of \u00a34 mill<span class=\"_ _1\"></span>ion i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e New 201<span class=\"_ _5\"></span>6 C<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d Acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t agr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d as pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he 201<span class=\"_ _5\"></span>6 fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g agr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs52a\">def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il 2027<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ba\">Th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>row a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h wa<span class=\"_ _1\"></span>s cre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in li<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9bb\">de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t hel<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t do<span class=\"_ _1\"></span>es no<span class=\"_ _1\"></span>t for<span class=\"_ _1\"></span>m p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs52d\">Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s at 31 Mar<span class=\"_ _1\"></span>ch </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9bc\">202<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>. A pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>w 201<span class=\"_ _4\"></span>6 C<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e if t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vea<span class=\"_ _1\"></span>l a sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ll </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9bd\">ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9be\">am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ll an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t hel<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 C<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d Ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div>G1<span class=\"_ _5\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w42d h214\" id=\"_ae4a30d7-1790-4b24-b482-7fc122b99a76\"><tr><td></td><td></td><td class=\"c n x1305 y63bb w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x1306 y63bb w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x32f hd y63bc ff12 fs6 fc3 sc0 lsbe wsc5\">Minimum </td><td></td></tr><tr><td></td><td class=\"t m0 x866 hd y63bd ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x4b3 hd y63bd ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 xb9b hd y63bd ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td class=\"t m0 x86a hd y63bd ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63bd ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63bd ff12 fs6 fc3 sc0 lsbe wsc5\">funding </td><td class=\"t m0 x3f7 hd y63bd ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td></tr><tr><td></td><td class=\"t m0 x810 hd y63be ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 xc49 hd y63be ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x125b hd y63be ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x758 hd y63be ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63be ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x1307 hd y63be ff12 fs6 fc3 sc0 lsbe wsc5\">requirement </td><td class=\"t m0 x89b hd y63be ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td></tr><tr><td></td><td class=\"t m0 x428 hd y63bf ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 xf64 hd y63bf ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 xb9b hd y63bf ff2 fs6 fc3 sc0 lsc8 wscb\">liability<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ee hd y63bf ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x44f hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x89b hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">liability<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 xee8 hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63c1 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y63c1 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1308 y63c1 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(194)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1309 y63c1 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea9 y63c1 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130a y63c1 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130b y63c1 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130c y63c1 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c2 w41d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130d y63c2 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130e y63c2 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130f y63c2 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1310 y63c2 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1311 y63c2 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y63c2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c7 y63c2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c3 w42e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1312 y63c3 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1047 y63c3 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1313 y63c3 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1314 y63c3 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1315 y63c3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y63c3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y63c3 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bb w41e h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1316 y61bb wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1317 y61bb w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1318 y61bb w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1319 y61bb we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131a y61bb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131b y61bb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131c y61bb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63c4 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span><span class=\"ff2 ls9 ws0\">:<span class=\"_ _37b\"> </span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63c5 ff3 fs2 fc3 sc0 ls18 ws16\">Return on plan assets excluding amounts </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63c6 w42f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">included in inter<span class=\"_ _0\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131d y63c6 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131e y63c6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131f y63c6 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1320 y63c6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1321 y63c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1322 y63c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1323 y63c6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y618c w430 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1324 y618c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1325 y618c wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1326 y618c w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1327 y618c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1328 y618c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1329 y618c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132a y618c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w431 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132b y63b4 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132c y63b4 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132d y63b4 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a4 y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a5 y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132e y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132f y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x22a h7 y63c7 ff3 fs2 fc3 sc0 ls18 ws16\">Change in minimum<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>unding </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ff9 w432 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">requirement<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1330 y5ff9 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1331 y5ff9 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1332 y5ff9 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1333 y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1334 y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1335 y5ff9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1336 y5ff9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w433 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1337 y5f93 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1338 y5f93 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1339 y5f93 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133a y5f93 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133b y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133c y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133d y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w434 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Employer's<span class=\"_ _5\"></span> contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf2 y5f77 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y5f77 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133e y5f77 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133f y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1340 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1341 y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1344 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf79 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1345 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1346 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">189<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1347 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1348 y5edc w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1349 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134a y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(194)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134b y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr></table>G<span class=\"_ _5\"></span>1.3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w435 h215\" id=\"_c41076d9-b1df-4f61-b736-20e26b14a69f\"><tr><td></td><td></td><td class=\"c n xbfa y63c8 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63c8 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63c9 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63c9 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63ca ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63ca ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63cb ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63cb ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63cb ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63cb ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63cc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63cc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63cc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63cc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fb1 w436 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134c y5fb1 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134d y5fb1 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134e y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdce y5fb1 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w437 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Fixed interest government bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5ff9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134f y5ff9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1350 y5ff9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">131<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1351 y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w438 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1352 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1353 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1354 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">86<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1355 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1356 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1357 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1358 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1359 y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135a y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135b y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135c y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">189<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135d y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135e y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135f y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td></tr></table>G<span class=\"_ _5\"></span>1.3<span class=\"_ _1\"></span>.4 Defined benefit<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 35% <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 35%<span class=\"_ _5\"></span>); a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls52 ws27\">P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 65% (2024: 65%<span class=\"_ _5\"></span>).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>1 year<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _4\"></span>1 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs9cc\">G1.4 Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re Li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs9cd\">G<span class=\"_ _5\"></span>1.4.<span class=\"_ _5\"></span>1 Scheme detail<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9ce\">Th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me, s<span class=\"_ _1\"></span>et u<span class=\"_ _1\"></span>p un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>gal<span class=\"_ _1\"></span>ly s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9cf\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re M<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>co Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (\u2018<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, a co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>x </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9d0\">tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>ur o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9d1\">tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9d2\">Th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w en<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ac<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l fo<span class=\"_ _1\"></span>r ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9d3\">Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9d4\">ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gs9d5\">measured using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he projected unit<span class=\"_ _5\"></span> credit metho<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws1a gs9d6\">Funding<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9d7\">Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023 and sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ed a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9d8\">de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it of \u00a3<span class=\"_ _1\"></span>32 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he 2023 valu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on a rec<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n was a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n Feb<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2025 be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9d9\">an<span class=\"_ _1\"></span>d RM<span class=\"_ _1\"></span>L in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to ma<span class=\"_ _1\"></span>ke goo<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>cit<span class=\"_ _2\"></span>. The r<span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in A<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l 2025 agre<span class=\"_ _1\"></span>ed as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9da\">2020 recove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an wa<span class=\"_ _1\"></span>s rem<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it i<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at \u00a3<span class=\"_ _1\"></span>26 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>id f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>dy A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>n or s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r 1 Ju<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9db\">202<span class=\"_ _5\"></span>6 to re<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ve any re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9dc\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019s pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ead h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y Acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9dd\">inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9de\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>s to co<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9df\">sa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a32 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r to co<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs9e0\">G1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 S<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9e1\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs9e2\"><table class=\"s w305 h216\" id=\"_7512225f-1fb7-44b4-819e-4469330e0c60\"><tr><td></td><td></td><td class=\"c n x1305 y63cd w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x1306 y63cd w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ec hd y63ce ff12 fs6 fc3 sc0 lsd1 wsd2\">Provision for<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x469 hd y63cf ff12 fs6 fc3 sc0 ls9 ws0\">ta<span class=\"_ _1\"></span>x o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x1360 hd y63d0 ff12 fs6 fc3 sc0 lsbd wsc4\">economic<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x866 hd y63d1 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x4b3 hd y63d1 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 xb9b hd y63d1 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td class=\"t m0 x86a hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63d1 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x9fe hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s </td><td class=\"t m0 x3f7 hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td></tr><tr><td></td><td class=\"t m0 x810 hd y63d2 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 xc49 hd y63d2 ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x125b hd y63d2 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x758 hd y63d2 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63d2 ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x1361 hd y63d2 ff12 fs6 fc3 sc0 ls9 ws0\">ava<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>s </td><td class=\"t m0 x89b hd y63d2 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td></tr><tr><td></td><td class=\"t m0 x428 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 xf64 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x1362 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">asset </td><td class=\"t m0 x8ee hd y63d3 ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63d3 ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x282 hd y63d3 ff12 fs6 fc3 sc0 lsc8 wscb\">a refund<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y63d3 ff12 fs6 fc3 sc0 ls10b ws115\">asset<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 xee8 hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63c1 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y63c1 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1308 y63c1 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1363 y63c1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1364 y63c1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">287<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1365 y63c1 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1366 y63c1 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1367 y63c1 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c2 w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130d y63c2 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130e y63c2 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1368 y63c2 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107e y63c2 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1369 y63c2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a1 y63c2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y63c2 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c3 w42e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1312 y63c3 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1047 y63c3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1313 y63c3 w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1314 y63c3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1315 y63c3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y63c3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y63c3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bb w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136a y61bb w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136b y61bb w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136c y61bb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136d y61bb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136e y61bb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136f y61bb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1370 y61bb w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63d5 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63d6 ff3 fs2 fc3 sc0 ls18 ws16\">Return on plan assets excluding amounts </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63c6 w42f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">included in inter<span class=\"_ _0\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131d y63c6 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131e y63c6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131f y63c6 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1320 y63c6 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1321 y63c6 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1322 y63c6 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1323 y63c6 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y618c w430 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1324 y618c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1325 y618c wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1326 y618c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1327 y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1328 y618c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1329 y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132a y618c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w43a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perience loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1371 y63b4 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1372 y63b4 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1373 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1374 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1375 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1376 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1377 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ff9 w43b h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">economic s<span class=\"_ _5\"></span>ur<span class=\"_ _1\"></span>plus av<span class=\"_ _5\"></span>ailable as a r<span class=\"_ _5\"></span>efund<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1378 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1379 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137a y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137b y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137c y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137d y5ff9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137e y5ff9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w433 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1337 y5f93 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1338 y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1339 y5f93 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133a y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133b y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133c y5f93 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133d y5f93 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w434 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Employer's<span class=\"_ _5\"></span> contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf2 y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133e y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133f y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1340 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1341 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1344 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf79 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1345 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1346 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">255<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1347 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(236)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137f y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1380 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1381 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ca y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs9e3\">G<span class=\"_ _5\"></span>1.4.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9e4\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs9e5\"><table class=\"s w43c h217\" id=\"_e0ef3305-422c-4892-80e5-1f74e401a371\"><tr><td></td><td class=\"t m0 x469 hd y63d7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y63d7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x282 hd y63d8 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63d8 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed7 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed7 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed7 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w43d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Govern<span class=\"_ _1\"></span>ment bon<span class=\"_ _1\"></span>ds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">109<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w438 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26c y5ed9 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fc y5ed9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">99<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w43e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Other securit<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f17 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f17 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d7 y5f4c we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d8 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1382 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">255<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94b y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9e6\">In t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ye<span class=\"_ _1\"></span>ar e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d \u00a332 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>. In 2024 all </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs9e7\">scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s were quoted.<span class=\"_ _37b\"> </span></div>G<span class=\"_ _5\"></span>1.4.4 Defined benefit obli<span class=\"_ _5\"></span>gation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 55% <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 66%); and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 45% (202<span class=\"_ _5\"></span>4: 34%).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>3 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>G1.5 S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da 198<span class=\"_ _2\"></span>8 UK an<span class=\"_ _1\"></span>d Ir<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.<span class=\"_ _1\"></span>5.<span class=\"_ _5\"></span>1 Scheme details<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a 1<span class=\"_ _5\"></span>98<span class=\"_ _1\"></span>8 UK a<span class=\"_ _1\"></span>nd Ir<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh Em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>e Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s sch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ada S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019<span class=\"_ _1\"></span>) w<span class=\"_ _1\"></span>as con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s foll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on 3 A<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>il 2023. T<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>ife of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>t up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>r Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe C<span class=\"_ _2\"></span>A Li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly k<span class=\"_ _1\"></span>now<span class=\"_ _1\"></span>n as S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da (<span class=\"_ _1\"></span>U.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>.) L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by a sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y adm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, H<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s Ro<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>so<span class=\"_ _1\"></span>n LL<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>. A Trust<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd i<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r ens<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n in accordanc<span class=\"_ _5\"></span>e with the T<span class=\"_ _4\"></span>rust Deed and Rul<span class=\"_ _5\"></span>es and for e<span class=\"_ _5\"></span>nsuring compliance<span class=\"_ _5\"></span> wit<span class=\"_ _1\"></span>h legis<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ation although c<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>tain task<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> delegated to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hird pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d is mad<span class=\"_ _1\"></span>e up o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ree T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>; an I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee w<span class=\"_ _1\"></span>ho i<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Ch<span class=\"_ _1\"></span>air, a <span class=\"_ _5\"></span>P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l Emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yer ap<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ted T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d a Mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>No<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he In<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee is C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Cr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>eld P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>ru<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w ent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>al fo<span class=\"_ _1\"></span>r ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s have b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nit c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to any w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e. A<span class=\"_ _1\"></span>s a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r ta<span class=\"_ _1\"></span>x is d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Funding<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e was c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d ou<span class=\"_ _1\"></span>t by a qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2022 and sho<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>d a sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f \u00a36 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o be p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loye<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span>G1.5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Sum<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w43c h218\" id=\"_bdcb9b88-9843-4006-a340-780aa8e8a400\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y632d w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y632d w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y63d9 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x129e hd y63d9 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 x4b3 hd y63d9 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td></td><td class=\"t m0 x86a hd y63d9 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63d9 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63d9 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x813 hd y63da ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x42a hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x89c hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">Reimburse<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x758 hd y63da ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63da ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x332 hd y63da ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x812 hd y63da ff12 fs6 fc3 sc0 ls54 ws50\">Reimburse<span class=\"_ _1\"></span><span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x129f hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x75b hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">asset<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc2e hd y63db ff2 fs6 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ht </td><td class=\"t m0 x8ee hd y63db ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63db ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x811 hd y63db ff12 fs6 fc3 sc0 ls10b ws115\">asset<span class=\"_ _37b\"> </span></td><td class=\"t m0 x125a hd y63db ff12 fs6 fc3 sc0 lsbe wsc5\">ment right </td></tr><tr><td></td><td class=\"t m0 xee7 hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63dd w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1383 y63dd w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1384 y63dd w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1385 y63dd w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1386 y63dd w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1387 y63dd w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1388 y63dd w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(280)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1389 y63dd w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa85 y63dd w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63de w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138a y63de w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138b y63de w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138c y63de wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138d y63de w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138e y63de w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5b y63de w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138f y63de we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1351 y63de we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63df w42e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1390 y63df wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y63df wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8d y63df wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde5 y63df w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1391 y63df w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaab y63df we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1392 y63df w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1393 y63df we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63b3 w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1394 y63b3 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1395 y63b3 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y63b3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1396 y63b3 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x846 y63b3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1397 y63b3 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1398 y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1399 y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63e0 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63e1 ff3 fs2 fc3 sc0 ls9 ws0\">Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63e2 w41f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">amount<span class=\"_ _1\"></span>s included in inter<span class=\"_ _5\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139a y63e2 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139b y63e2 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139c y63e2 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139d y63e2 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139e y63e2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139f y63e2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a0 y63e2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a1 y63e2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y63b4 w43f h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">(Lo<span class=\"_ _1\"></span>ss)/gai<span class=\"_ _1\"></span>n fr<span class=\"_ _1\"></span>om c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">demographic assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a2 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a3 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a4 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a5 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a6 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a7 y63b4 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a8 y63b4 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a9 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ed8 w440 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">financial assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13aa y5ed8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ab y5ed8 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ac y5ed8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ad y5ed8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ae y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13af y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b0 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b1 y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed9 w431 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b2 y5ed9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b3 y5ed9 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b4 y5ed9 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b5 y5ed9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b6 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b7 y5ed9 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b8 y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b9 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w441 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls74 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ba y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bb y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bc y5f77 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bd y5f77 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13be y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bf y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c0 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c1 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c2 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c3 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c4 y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c5 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c6 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfe y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c7 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3d y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed6 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c8 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c9 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ca y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cb y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cc y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cd y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr></table><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gsa05\">G<span class=\"_ _5\"></span>1.5<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa06\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs957\"><table class=\"s w427 h219\" id=\"_a12f440d-b1cc-4bb6-ba89-9904021587d2\"><tr><td></td><td></td><td class=\"c n xbfa y63e3 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63e3 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63e4 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63e4 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63e5 ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63e5 ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63e6 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63e6 ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63e6 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63e6 ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63e7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63e7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63e7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63e7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f93 w122 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ce y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d2 y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cf y5f93 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8c y5f93 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa wa3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1359 y5ffa w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135a y5ffa wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135b y5ffa w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135c y5ffa we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6107 w442 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Qualif<span class=\"_ _1\"></span>ying insurance contract<span class=\"_ _1\"></span>s</div><div class=\"t m0 x13d0 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b1 y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d1 y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d2 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d3 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d4 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d5 y5edc w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x950 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsa07\">1 <span class=\"_ _19\"> </span> I<span class=\"_ _1\"></span>n 2018 an<span class=\"_ _1\"></span>d 2021 t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>wo b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y 90<span class=\"_ _1\"></span>% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me\u2019s l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gsa08\">G<span class=\"_ _5\"></span>1.5<span class=\"_ _1\"></span>.4 Defined benefit<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa09\">Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsa0a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 4<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>% (2024<span class=\"_ _5\"></span>: 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%); and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsa0b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 59% (202<span class=\"_ _5\"></span>4: 6<span class=\"_ _1\"></span>0%).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa0c\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls7 ws0 gsa0d\">G1.6 PG<span class=\"_ _1\"></span>L P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa0e\">In Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4, t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e P<span class=\"_ _1\"></span>GL P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h P<span class=\"_ _1\"></span>LL w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa0f\">exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>wo p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa10\">mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, all t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e hav<span class=\"_ _1\"></span>e now b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>lly e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa11\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s at th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>097 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rig<span class=\"_ _1\"></span>ht a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>imb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa12\">liabilities of<span class=\"_ _5\"></span> \u00a34<span class=\"_ _5\"></span>5 million<span class=\"_ _5\"></span> were derec<span class=\"_ _5\"></span>ognised. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa13\">An a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>m fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns) of<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa14\">\u00a3<span class=\"_ _5\"></span>18 milli<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>as pr<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>id by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me to P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L in 2023 and ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa15\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um p<span class=\"_ _1\"></span>aid re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lte<span class=\"_ _1\"></span>d in a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa16\">los<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of \u00a3<span class=\"_ _1\"></span>208 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ing r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa17\">refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is for t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s as p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d by I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 19 and th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa18\">bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>out t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r in t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nal b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa19\">as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s of P<span class=\"_ _1\"></span>LL a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n a S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. On co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa1a\">Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d min<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>ere u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 2024 to cover w<span class=\"_ _1\"></span>ind<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa1b\">th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1.<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsa1c\">G<span class=\"_ _5\"></span>1.7 Sensitivity analysis<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa1d\">A qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa1e\">sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>elow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gsa1f\"><table class=\"s w443 h21a\" id=\"_3dab9a58-28d1-4bc8-87ce-e1a70c38fe52\"><tr><td class=\"t m0 x21d hd y63e8 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63e9 w444 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d6 y63e9 w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Base<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d7 y63e9 w445 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Discount rate<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x13d8 y63e9 w446 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6c ws6d\">RPI<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d9 y63e9 w447 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Life expectancy<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x21d hd y63ea ff2 fs6 fc3 sc0 lsbd wsc4\">Sensitivity level<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x44d hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 xa4d hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13da hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x868 hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x32f hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td><td class=\"t m0 x476 hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td></tr><tr><td class=\"t m0 x21d hd y63eb ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x8e6 hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76a hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60e hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 xfde hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x756 hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed9 w448 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13db y5ed9 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13dc y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13dd y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13de y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13df y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e0 y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e1 y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(40)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w449 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e2 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">190<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e3 y5f77 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e4 y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e5 y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e6 y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e7 y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e8 y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w44a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure Scheme<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e9 y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">236<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ea y5f4c wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13eb y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ec y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ed y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ee y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ef y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w44b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1126 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">246<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f0 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f1 y5edc wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f2 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f3 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f4 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f5 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gsa20\"><table class=\"s w1a4 h21b\" id=\"_dc743c66-1414-4e48-bca6-28022e9a74bc\"><tr><td class=\"t m0 x21d hd y63ec ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63ed w44c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f6 y63ed w44d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc7 wsf5\">Base<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f7 y63ed w44e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f8 y63ed w44f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">RPI<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f9 y63ed w450 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Life expectancy<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hd y63ee ff12 fs6 fc3 sc0 lsbe wsc5\">Sensitivit<span class=\"_ _1\"></span>y level<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x44d hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x5ed hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13da hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13fa hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 xa00 hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td><td class=\"t m0 x13fb hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td></tr><tr><td class=\"t m0 x21d hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x80c hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76a hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x13fc hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x13fd hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1361 hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f93 w448 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13db y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13fe y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(35)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ff y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1400 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1401 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1402 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3cc y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(37)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w449 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e2 y5f77 wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">194<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e3 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1403 y5f77 wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1404 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1405 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1406 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1407 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w44a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure Scheme<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e9 y5f4c wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">242<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ea y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1408 y5f4c wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1409 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b7 y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140a y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140b y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w44b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1126 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">252<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f0 y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140c y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x539 y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140d y5edc wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140e y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140f y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa21\">Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n whi<span class=\"_ _1\"></span>le ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g all o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ce, t<span class=\"_ _1\"></span>his </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa22\">is<span class=\"_ gse8\"> </span>un<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>kely to o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in so<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s may b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>hen c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa23\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d as wh<span class=\"_ _1\"></span>en c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa24\">ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "G<span class=\"_ _5\"></span>1. Pension s<span class=\"_ _5\"></span>che<span class=\"_ _1\"></span>mes<span class=\"_ _37b\"> </span>Defined contribution <span class=\"_ _5\"></span>pe<span class=\"_ _1\"></span>nsion schemes<span class=\"_ _37b\"> </span>Ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e statement as incurred.<span class=\"_ _37b\"> </span>De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t (t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s have e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s ded<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gra<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ual s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to it<span class=\"_ _2\"></span>s abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er a w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g up o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d by G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t). A cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is made to<span class=\"_ _5\"></span> the car<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ying values<span class=\"_ _5\"></span> of insurance c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>ct liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies and in<span class=\"_ _5\"></span>vestment contract liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e use<span class=\"_ _1\"></span>d to m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. The d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n A<span class=\"_ _2\"></span>A cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at h<span class=\"_ _1\"></span>ave ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roxi<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ed by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>it c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (all r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pension scheme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including any reimbursement asset<span class=\"_ _1\"></span>s (rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed within net in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment income in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidated income statemen<span class=\"_ _1\"></span>t), remeasurements of the pension sch<span class=\"_ _1\"></span>eme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y (recognised in<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>ther comprehensive income) and employer<span class=\"_ _5\"></span> contributions<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is no<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s fou<span class=\"_ _1\"></span>r mai<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loye<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>rl G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> (\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e\u2019<span class=\"_ _1\"></span>), th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018Abb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e\u2019<span class=\"_ _1\"></span>) t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Sun L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y of C<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>da 1988 UK an<span class=\"_ _1\"></span>d Ir<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>h Em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>yee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), and e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s ho<span class=\"_ _1\"></span>w th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs932\">An a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y)/as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t for e<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>h p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s se<span class=\"_ _1\"></span>t ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e bel<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gs933\"><table class=\"s w27e h20f\" id=\"_2f10aac9-6737-4c78-91fc-bbeb8129d323\"><tr><td></td><td class=\"t m0 x469 hd y6398 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6398 ff12 fs6 fc3 sc0 ls9 ws0\">2024</td></tr><tr><td></td><td class=\"t m0 xb5f hd y6399 ff2 fs6 fc3 sc0 lsc8 wscb\"> \u00a3m</td><td class=\"t m0 x74e hd y6399 ff12 fs6 fc3 sc0 ls6a ws6b\"> \u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y639a ffa fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (G1.<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y639b w40c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Economic surplus<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y639b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y639b w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639c w40d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Adjustment for insurance<span class=\"_ _5\"></span> pol<span class=\"_ _1\"></span>icies eliminated on<span class=\"_ _5\"></span> consolidat<span class=\"_ _1\"></span>ion<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1290 y639c w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,294)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe3b y639c w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60e6 w40e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, as re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1291 y60e6 w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1292 y60e6 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y60e7 w40f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Add<span class=\"_ _1\"></span>: va<span class=\"_ _1\"></span>lue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ute<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>LL w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s</div><div class=\"t m0 x1293 h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d4 y5ee5 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,261<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5ee5 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,348<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639d w410 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, as re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (G<span class=\"_ _5\"></span>1.2.<span class=\"_ _1\"></span>2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y639d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">163<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y639d w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639e w411 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Adjusted net pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y639e w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">178<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y639e w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">185<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y639f ffa fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (G1.<span class=\"_ _1\"></span>3)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ee9 wb2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Pension scheme li<span class=\"_ _5\"></span>abilit<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c4 y5ee9 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1294 y5ee9 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63a0 ffa fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me (G1.4)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63a1 w92 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y63a1 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y63a1 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63a2 ff2 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me (G1.<span class=\"_ _1\"></span>5)<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5eee w92 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Pension scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5eee w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5eee w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w412 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Reimbursement right<span class=\"_ _37b\"> </span></div></td><td class=\"c n x576 y5eef w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y5eef w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs934\">1 <span class=\"_ _19\"> </span>T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y exe<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a Gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>up l<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p's a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs935\">li<span class=\"_ _1\"></span>ne<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ne b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te G1.<span class=\"_ _1\"></span>2 be<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w. </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs936\">  <span class=\"_ _22\"> </span>An a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L su<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs937\">ri<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs938\">as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>. M<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re r<span class=\"_ _1\"></span>efl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>, ho<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r as n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y, t<span class=\"_ _1\"></span>he </div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs939\">mo<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (as s<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e G1.2) i<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs93a\">G1.<span class=\"_ _4\"></span>1 D<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1e ws2d gs93b\">Risks<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs93c\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s defin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lly e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p to a num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s, t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch ar<span class=\"_ _1\"></span>e:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs93d\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et vo<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y \u2013 t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s\u2019 a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ill v<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket co<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs93e\">vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y. The l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d usi<span class=\"_ _1\"></span>ng a di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te s<span class=\"_ _1\"></span>et wi<span class=\"_ _1\"></span>th r<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce to cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e bo<span class=\"_ _1\"></span>nd yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s; i<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs93f\">yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>is wi<span class=\"_ _1\"></span>ll c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te a de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ajo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e hel<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in a lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ven i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gy w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked to th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs940\">fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ba<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es (s<span class=\"_ _1\"></span>et w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e to go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d yi<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span>s). A<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>, to t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs941\">bo<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>lds a<span class=\"_ _1\"></span>re o<span class=\"_ _1\"></span>ut of l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in g<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, v<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y wil<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs942\">In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ri<span class=\"_ _1\"></span>sk \u2013 a sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es\u2019 b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>re li<span class=\"_ _1\"></span>nked t<span class=\"_ _1\"></span>o infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d hi<span class=\"_ _1\"></span>ghe<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wil<span class=\"_ _1\"></span>l lea<span class=\"_ _1\"></span>d to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs943\">hig<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es (alt<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h in m<span class=\"_ _1\"></span>ost c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ca<span class=\"_ _1\"></span>ps o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e leve<span class=\"_ _1\"></span>l of in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>n pl<span class=\"_ _1\"></span>ace to p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>tec<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst ex<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs944\">Th<span class=\"_ _1\"></span>e maj<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin a l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t str<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h all<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>fla<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, m<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs945\">th<span class=\"_ _1\"></span>at ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld no<span class=\"_ _1\"></span>t ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly a<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs946\">Li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y \u2013 the ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s\u2019 o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are t<span class=\"_ _1\"></span>o prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ife of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e mem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs947\">lif<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l resu<span class=\"_ _1\"></span>lt in a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. For t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>nd Su<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ife of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>his is l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>gel<span class=\"_ _1\"></span>y off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs948\">bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>ve in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d on c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e G1<span class=\"_ _5\"></span>.2<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs949\">for f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs94a\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>isk \u2013 A H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h Cou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t leg<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng in J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 2023 (<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>n M<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ia L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d v N<span class=\"_ _1\"></span>TL P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es I<span class=\"_ _1\"></span>I L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>) de<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs94b\">ru<span class=\"_ _1\"></span>le<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>id i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ey wer<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t acco<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>nfi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ile t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on<span class=\"_ _1\"></span>ly ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs94c\">to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fic p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me in q<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, i<span class=\"_ _1\"></span>t now fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ms p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>w an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e be ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly ac<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls8 ws4 gs94d\">pension schem<span class=\"_ _1\"></span>es. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs94e\">On 2 S<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025, th<span class=\"_ _1\"></span>e Gov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ndm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e Bi<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h wo<span class=\"_ _1\"></span>uld g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e affe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs94f\">pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to re<span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in wr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tte<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>fir<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s met t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs950\">st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e dr<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d by b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore i<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s int<span class=\"_ _1\"></span>o la<span class=\"_ _1\"></span>w. Mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>'<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs951\">con<span class=\"_ _1\"></span>fid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>ll no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s has t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>refo<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs952\">inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir v<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2024, and no c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs953\">at<span class=\"_ gse8\"> </span>31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025.<span class=\"_ _37b\"> </span></div>Principal assumptions<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns us<span class=\"_ _1\"></span>ed in th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es are s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in the t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w413 h210\" id=\"_035334bd-bded-44a5-af18-ced3e631a76f\"><tr><td></td><td class=\"t m0 x469 hd y63a3 ff2 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>5 </td><td class=\"t m0 x333 hd y63a3 ff12 fs6 fc3 sc0 ls9 ws0\">2024 </td></tr><tr><td></td><td class=\"t m0 xee6 hd y63a4 ff2 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1295 hd y63a4 ff12 fs6 fc3 sc0 ls9 ws0\">%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5fb1 w414 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e for p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t (5% per a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m or R<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>I if lo<span class=\"_ _1\"></span>wer<span class=\"_ _1\"></span>)</div><div class=\"t m0 x1296 h11 y6030 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5fb1 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5fb1 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.00<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6046 w416 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e for d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns</div><div class=\"t m0 x1297 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5ff9 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5ff9 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w24e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Discount rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1298 y5f93 w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5.50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1299 y5f93 w415 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5.55<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w417 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n \u2013 RP<span class=\"_ _1\"></span>I<span class=\"_ _37b\"> </span></div></td><td class=\"c n x129a y5ffa w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.85<span class=\"_ _37b\"> </span></div></td><td class=\"c n x129b y5ffa w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6107 w418 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n \u2013 CP<span class=\"_ _1\"></span>I</div><div class=\"t m0 x129c h11 y602a ff3 fs8 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5f4c w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">2.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5f4c w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2.70<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w419 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es</div><div class=\"t m0 x129d h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x222 y5edc w13d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">3.35<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe13 y5edc w415 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">3.70<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 2<span class=\"_ _1\"></span>.70<span class=\"_ _1\"></span>% (20<span class=\"_ _1\"></span>24: 3.10%).<span class=\"_ _37b\"> </span>2 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 1.95<span class=\"_ _1\"></span>% (2024: 2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>%).<span class=\"_ _37b\"> </span>3 <span class=\"_ _19\"> </span>R<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is 2<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5% (2<span class=\"_ _1\"></span>024: 2.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%).<span class=\"_ _37b\"> </span>4 <span class=\"_ _19\"> </span>A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d infl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>een d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e yie<span class=\"_ _1\"></span>ld cu<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ves a<span class=\"_ _1\"></span>nd th<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es an e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt si<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>le ra<span class=\"_ _1\"></span>te fo<span class=\"_ _1\"></span>r eac<span class=\"_ _1\"></span>h of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is<span class=\"_ _1\"></span> der<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>le of p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me: p<span class=\"_ _1\"></span>ost-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>ine w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h was d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l </span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ce i<span class=\"_ _1\"></span>n rec<span class=\"_ _1\"></span>ent y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he S<span class=\"_ _2\"></span>AP<span class=\"_ _1\"></span>S s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>se. I<span class=\"_ _1\"></span>n bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h 2025 and 202<span class=\"_ _5\"></span>4, f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 201<span class=\"_ _4\"></span>7 a<span class=\"_ _1\"></span>re ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d CM<span class=\"_ _1\"></span>I 2023 Co<span class=\"_ _1\"></span>re Pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span> lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m ra<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f im<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of 1.6% per a<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>m fo<span class=\"_ _1\"></span>r mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% p<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m for f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>rom r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r a me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y ag<span class=\"_ _1\"></span>ed 4<span class=\"_ _1\"></span>0 re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>e 6<span class=\"_ _1\"></span>0 is 29.<span class=\"_ _4\"></span>1 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 30.4 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd female<span class=\"_ _5\"></span> member<span class=\"_ _1\"></span>s respectively<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e: po<span class=\"_ _1\"></span>st-r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h was d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e </span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>l m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t 31 March 2024, usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>4 \u2018<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019 t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>r of u<span class=\"_ _1\"></span>se. I<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h 2025 and 2024, fut<span class=\"_ _1\"></span>ure l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>gev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y im<span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> 1 Jan<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2024 are bas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I 2023 Core P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m r<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f im<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t of 1.6% per a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>um fo<span class=\"_ _1\"></span>r mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% p<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m for f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he av<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e lif<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y fro<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent f<span class=\"_ _1\"></span>or a m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 45 reti<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>t ag<span class=\"_ _1\"></span>e 65 is 24.6 year<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd 2<span class=\"_ _1\"></span>5.6 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me: p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t-ret<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>re in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _2\"></span>AP<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es 3 l<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a 102% mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>lie<span class=\"_ _1\"></span>r fo<span class=\"_ _1\"></span>r </span>mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd a 95% mult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ier f<span class=\"_ _1\"></span>or fe<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I 201<span class=\"_ _4\"></span>9 p<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th a 1.5% pa l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m tr<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d up to a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2020. In bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h 2025 and 202<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>, fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s fro<span class=\"_ _1\"></span>m 1 Ja<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>1 o<span class=\"_ _1\"></span>nwa<span class=\"_ _1\"></span>rds a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h am<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d CM<span class=\"_ _1\"></span>I 2023 Co<span class=\"_ _1\"></span>re Pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f 1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>6% pa fo<span class=\"_ _1\"></span>r mal<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd 1.2% fo<span class=\"_ _1\"></span>r fem<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>fe ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>rom r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r a me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y ag<span class=\"_ _1\"></span>ed 45 ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g at a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e 60 is 29.9 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 31<span class=\"_ _5\"></span>.5 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd female<span class=\"_ _5\"></span> member<span class=\"_ _1\"></span>s respectively<span class=\"_ _5\"></span>. \u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e: po<span class=\"_ _1\"></span>st-<span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt m<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>n li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h 2022 VI<span class=\"_ _1\"></span>TA Lite t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s in b<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th 2025 an<span class=\"_ _1\"></span>d 202<span class=\"_ _5\"></span>4. </span>Fut<span class=\"_ _1\"></span>ure lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he 2023 C<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>I mo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>el wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h no we<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht on 2020, 202<span class=\"_ _0\"></span>1<span class=\"_ _5\"></span>, 2022 an<span class=\"_ _1\"></span>d 2023 exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> (202<span class=\"_ _5\"></span>4: 2023 CM<span class=\"_ _1\"></span>I m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no w<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>ht o<span class=\"_ _1\"></span>n 2020 and 2021 exper<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5% weig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on 2022 an<span class=\"_ _1\"></span>d 2023 exp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e), with a<span class=\"_ _1\"></span> lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d of 1.6% p.a<span class=\"_ _1\"></span>. for m<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es (2024<span class=\"_ _5\"></span>: 1.5%) and 1.2% p.<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>. for fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>les (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1.5%<span class=\"_ _5\"></span>). U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge lif<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ret<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for a m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r cu<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d 45 reti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g at a<span class=\"_ _1\"></span>ge 65 is 23<span class=\"_ _1\"></span>.9 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 26.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s for m<span class=\"_ _1\"></span>ale a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>le mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly (202<span class=\"_ _5\"></span>4: 23<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d 26.<span class=\"_ _4\"></span>1 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or ma<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>nd fe<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>le me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely). G1.2 Pe<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rl G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>1 Scheme detail<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es a fin<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, a mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>y pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d a hyb<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>d se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (a mix of fi<span class=\"_ _1\"></span>nal s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y and m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey pur<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e). The P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me is c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>ew m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>as n<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fit s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>, an<span class=\"_ _1\"></span>d gov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by, th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>nd h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns to a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ly ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. A G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any, Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l L<span class=\"_ _1\"></span>ife H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngs L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pe<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>HL<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>), is th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>yer o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny, P<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>.<span class=\"_ _5\"></span>T. (Pens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns) Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he trustee company<span class=\"_ _5\"></span> is comprised of<span class=\"_ _5\"></span> three representatives from<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>, three member nomi<span class=\"_ _5\"></span>nated representatives and<span class=\"_ _5\"></span> one ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>nce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>\u2019s ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icl<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee i<span class=\"_ _1\"></span>s req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>aw to a<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f all re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sib<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y wit<span class=\"_ _1\"></span>h re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>A tr<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>al f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as at 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>4 was co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 2025 by a qual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y. Th<span class=\"_ _1\"></span>is sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ed a<span class=\"_ gse8\"> </span>sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus a<span class=\"_ _1\"></span>s at 30 J<span class=\"_ _1\"></span>une 202<span class=\"_ _5\"></span>4 o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>d te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>nic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs987\">Pension Scheme<span class=\"_ _5\"></span> Commitment Agreement<span class=\"_ _5\"></span> and buy-<span class=\"_ _1\"></span>in transactions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs988\">On 1<span class=\"_ _5\"></span>7 N<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2020, t<span class=\"_ _1\"></span>he Pe<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto a C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gr<span class=\"_ _1\"></span>oup H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s No<span class=\"_ _1\"></span>. 2 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>H2\u2019<span class=\"_ _1\"></span>) </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs989\">to com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ete a s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x L<span class=\"_ _1\"></span>ife L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>PL<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) co<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019s pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs98a\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s, i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y imp<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, to P<span class=\"_ _1\"></span>LL<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns cov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 100% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e in s<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pe </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs98b\">liabilities w<span class=\"_ _5\"></span>ere completed<span class=\"_ _5\"></span> bet<span class=\"_ _1\"></span>ween 2<span class=\"_ _5\"></span>020<span class=\"_ _5\"></span> and 20<span class=\"_ _5\"></span>22.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs98c\">Up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d pl<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s to PL<span class=\"_ _1\"></span>L a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs98d\">rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs98e\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s to rep<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ace t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pl<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th a s<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gle l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs98f\">eli<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 was \u00a31<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>294 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1,358 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs990\">No co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>n eit<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t or p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. Pe<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L me<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs991\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ing e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as s<span class=\"_ _1\"></span>et ou<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs992\">Reimbursement right<span class=\"_ _5\"></span> asset in respect<span class=\"_ _5\"></span> of reinsurance arrangements<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs993\">A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, PL<span class=\"_ _1\"></span>L en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto a q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a sh<span class=\"_ _1\"></span>are r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ure </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs994\">a tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>rox<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y 91<span class=\"_ _4\"></span>% o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s to us<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed to p<span class=\"_ _1\"></span>ay fo<span class=\"_ _1\"></span>r it<span class=\"_ _2\"></span>s ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs995\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en it a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rl S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e (<span class=\"_ _1\"></span>i.<span class=\"_ _1\"></span>e. to se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs996\">be a no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>qu<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>f<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd is c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a reim<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to ma<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>h a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs997\">pro<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht is co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs998\">wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d defi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. T<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs999\">\u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>73<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>81 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs99a\">PL<span class=\"_ _1\"></span>L al<span class=\"_ _2\"></span>so en<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nto l<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>p ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>re a p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk<span class=\"_ _2\"></span>s tra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs99b\">of t<span class=\"_ _1\"></span>he fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d fou<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>ght l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed to \u00a31<span class=\"_ _5\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs99c\">(202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>34 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs99d\">G1<span class=\"_ _5\"></span>.<span class=\"_ _2\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 S<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n the co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs99e\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs99f\"><table class=\"s w41a h211\" id=\"_20e8b462-6f0c-41c0-bd40-3feb39660d17\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y63a5 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y63a5 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y63a6 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x129e hd y63a6 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 x4b3 hd y63a6 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td></td><td class=\"t m0 x86a hd y63a7 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63a7 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63a7 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y63a8 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x813 hd y63a8 ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x42a hd y63a8 ff2 fs6 fc3 sc0 lsc7 wsf5\">Scheme </td><td class=\"t m0 x89c hd y63a8 ff2 fs6 fc3 sc0 lsbd wsc4\">Reimburse<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x758 hd y63a9 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63a9 ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x290 hd y63a9 ff12 fs6 fc3 sc0 lsc8 wscb\">Scheme </td><td class=\"t m0 x812 hd y63a9 ff12 fs6 fc3 sc0 ls54 ws50\">Reimburse<span class=\"_ _1\"></span><span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y63aa ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x129f hd y63aa ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x4b3 hd y63aa ff2 fs6 fc3 sc0 lsc8 wscb\">Liability<span class=\"_ _37b\"> </span></td><td class=\"c x12a1 y63ac w41b h212\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">ment rights</div><div class=\"t m0 x12a0 h1a y63ab ff2 fsd fc3 sc0 ls9 ws0\">1</div></td><td class=\"t m0 x8ee hd y63ad ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63ad ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x282 hd y63ad ff12 fs6 fc3 sc0 lsbe wsc5\">Liability </td><td class=\"c x12a4 y63ac w41c h212\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">ment rights</div><div class=\"t m0 x12a3 h1a y63ab ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xee7 hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63ae ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63af ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63af ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y61a8 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a5 y61a8 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a6 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a7 y61a8 w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a8 y61a8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a9 y61a8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12aa y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,507)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xae0 y61a8 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,457)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x581 y61a8 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">168<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61b8 w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ab y61b8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ac y61b8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(72)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ad y61b8 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ae y61b8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12af y61b8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b0 y61b8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b1 y61b8 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b2 y61b8 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63b0 w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b3 y63b0 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b4 y63b0 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(72)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b5 y63b0 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b6 y63b0 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b7 y63b0 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeb8 y63b0 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(67)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b8 y63b0 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(65)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x471 y63b0 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63b1 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63b2 ff3 fs2 fc3 sc0 ls9 ws0\">Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63b3 w41f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">amount<span class=\"_ _1\"></span>s included in inter<span class=\"_ _5\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12b9 y63b3 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ba y63b3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bb y63b3 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bc y63b3 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bd y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x87d y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12be y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12bf y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y61ad w420 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Los<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">demographic<span class=\"_ gse8\"> </span>assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c0 y61ad wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c1 y61ad w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c2 y61ad wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c3 y61ad wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c4 y61ad we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c5 y61ad w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c6 y61ad w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c7 y61ad we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y618c w421 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">financial<span class=\"_ gse8\"> </span>assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c8 y618c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12c9 y618c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ca y618c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x699 y618c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cb y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cc y618c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cd y618c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ce y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w422 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enc<span class=\"_ _1\"></span>e gai<span class=\"_ _1\"></span>n/ (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12cf y63b4 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d0 y63b4 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d1 y63b4 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d2 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d3 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d4 y63b4 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d5 y63b4 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d6 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ff9 w423 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">reimbursement right asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d7 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d8 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12d9 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12da y5ff9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12db y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12dc y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12dd y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x502 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w424 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls1b wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12de y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12df y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">30<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e0 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e1 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e2 y5f93 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e3 y5f93 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e4 y5f93 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">112<span class=\"_ _37b\"> </span></div></td><td class=\"c n x58e y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w425 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Income rec<span class=\"_ _5\"></span>eived from ins<span class=\"_ _5\"></span>urance policies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e5 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e6 y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e7 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e8 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12e9 y5f77 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n xda4 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe92 y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n xac7 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8d y5f4c w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(106)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ea y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">106<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12eb y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ec y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ed y5f4c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(100)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ee y5f4c w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ef y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xad2 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f0 y5edc w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,294)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe6b y5edc w16e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaa2 y5edc w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">163<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f1 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f2 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,358)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfb3 y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,310)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3dc y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">147<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gs9a0\">1 <span class=\"_ _19\"> </span> R<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et \u00a3173 mil<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s \u00a3(10) mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3181 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d \u00a3(3<span class=\"_ _1\"></span>4) m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></div>G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w427 h213\" id=\"_652c0ca5-bbf6-495e-8988-bebaaa8344e0\"><tr><td></td><td></td><td class=\"c n xbfa y63b5 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63b5 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63b6 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63b6 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63b7 ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63b7 ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63b8 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63b8 ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63b8 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63b8 ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63b9 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63b9 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63b9 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63b9 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f16 w428 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f5 y5f16 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f6 y5f16 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f7 y5f16 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f8 y5f16 w87 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w235 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Hedge funds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12f9 y5fb1 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fa y5fb1 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fb y5fb1 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x590 y5fb1 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w429 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls14 ws12\">Cash and other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x433 y5ff9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fc y5ff9 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1fe y5ff9 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">43<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fd y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w42a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Reported scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8cb y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12fe y5f93 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x21b y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">48<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63ba ff3 fs2 fc3 sc0 ls33 wsb\">Add back:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f4c w42b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Insurance policies eliminated<span class=\"_ _0\"></span> on consolidation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12ff y5f4c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1300 y5f4c w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1301 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1302 y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w42c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Econ<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb05 y5edc w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,342<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1303 y5edc w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,299<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1304 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,406<span class=\"_ _37b\"> </span></div></td><td class=\"c n x403 y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,363<span class=\"_ _37b\"> </span></div></td></tr></table>G<span class=\"_ _5\"></span>1.2<span class=\"_ _1\"></span>.4 Defined benefit obligati<span class=\"_ _5\"></span>on<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 26<span class=\"_ _5\"></span>% (2024<span class=\"_ _5\"></span>: 29%); an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 7<span class=\"_ _5\"></span>4% (202<span class=\"_ _5\"></span>4: 7<span class=\"_ _5\"></span>1%<span class=\"_ _5\"></span>).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _5\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 10 year<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>G1.3 A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.<span class=\"_ _1\"></span>3.<span class=\"_ _5\"></span>1 Scheme details<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>t up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>er P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee), a cor<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ate t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e are f<span class=\"_ _1\"></span>our<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rs a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d by P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o new e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d has n<span class=\"_ _1\"></span>o ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ake<span class=\"_ _1\"></span>n by ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n measured using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he projected unit<span class=\"_ _5\"></span> credit metho<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Funding<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>ut by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y as at 31 March 202<span class=\"_ _5\"></span>4 a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>ed a de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> of \u00a31<span class=\"_ _4\"></span>3 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an wa<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me fo<span class=\"_ _1\"></span>r Pe<span class=\"_ _1\"></span>LH<span class=\"_ _1\"></span>L to p<span class=\"_ _1\"></span>ay mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hl<span class=\"_ _1\"></span>y con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons o<span class=\"_ _1\"></span>f \u00a340<span class=\"_ _1\"></span>0,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>il 30 J<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>e 202<span class=\"_ _5\"></span>6 to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>he funding shortfall<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>A new s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>e of con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s was a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m May 2025, fo<span class=\"_ _1\"></span>r PeL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L to pa<span class=\"_ _1\"></span>y mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hly co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>21<span class=\"_ _5\"></span>,<span class=\"_ _1\"></span>607 pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le up t<span class=\"_ _1\"></span>o 31 Marc<span class=\"_ _1\"></span>h 202<span class=\"_ _5\"></span>6<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>hen i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>n lin<span class=\"_ _1\"></span>e w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to 31 May 2030.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>al pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of \u00a34 mill<span class=\"_ _1\"></span>ion i<span class=\"_ _1\"></span>nto t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e New 201<span class=\"_ _5\"></span>6 C<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d Acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t agr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d as pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he 201<span class=\"_ _5\"></span>6 fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g agr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red u<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>il 2027<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is a<span class=\"_ _1\"></span>n E<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>row a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h wa<span class=\"_ _1\"></span>s cre<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in li<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t hel<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t do<span class=\"_ _1\"></span>es no<span class=\"_ _1\"></span>t for<span class=\"_ _1\"></span>m p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s at 31 Mar<span class=\"_ _1\"></span>ch 202<span class=\"_ _5\"></span>7<span class=\"_ _5\"></span>. A pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>w 201<span class=\"_ _4\"></span>6 C<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed A<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e if t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vea<span class=\"_ _1\"></span>l a sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ll ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Agr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ll an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t hel<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he N<span class=\"_ _1\"></span>ew 201<span class=\"_ _5\"></span>6 C<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>d Ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 hc ff9 fs2 fc2 sc0 ls7 ws5 gs9c0\">G1<span class=\"_ _5\"></span>.<span class=\"_ _2\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 Su<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9c1\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs9c2\"><table class=\"s w42d h214\" id=\"_ae4a30d7-1790-4b24-b482-7fc122b99a76\"><tr><td></td><td></td><td class=\"c n x1305 y63bb w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x1306 y63bb w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x32f hd y63bc ff12 fs6 fc3 sc0 lsbe wsc5\">Minimum </td><td></td></tr><tr><td></td><td class=\"t m0 x866 hd y63bd ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x4b3 hd y63bd ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 xb9b hd y63bd ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td class=\"t m0 x86a hd y63bd ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63bd ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63bd ff12 fs6 fc3 sc0 lsbe wsc5\">funding </td><td class=\"t m0 x3f7 hd y63bd ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td></tr><tr><td></td><td class=\"t m0 x810 hd y63be ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 xc49 hd y63be ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x125b hd y63be ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x758 hd y63be ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63be ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x1307 hd y63be ff12 fs6 fc3 sc0 lsbe wsc5\">requirement </td><td class=\"t m0 x89b hd y63be ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td></tr><tr><td></td><td class=\"t m0 x428 hd y63bf ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 xf64 hd y63bf ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 xb9b hd y63bf ff2 fs6 fc3 sc0 lsc8 wscb\">liability<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8ee hd y63bf ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x44f hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x89b hd y63bf ff12 fs6 fc3 sc0 lsbe wsc5\">liability<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 xee8 hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63c0 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63c0 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63c1 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y63c1 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1308 y63c1 w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(194)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1309 y63c1 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xea9 y63c1 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130a y63c1 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(218)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130b y63c1 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130c y63c1 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c2 w41d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130d y63c2 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130e y63c2 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130f y63c2 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1310 y63c2 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1311 y63c2 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y63c2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c7 y63c2 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c3 w42e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1312 y63c3 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1047 y63c3 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1313 y63c3 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1314 y63c3 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1315 y63c3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y63c3 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y63c3 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bb w41e h19d\"><div class=\"t m0 x1dd h7 y5eba ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1316 y61bb wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1317 y61bb w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1318 y61bb w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1319 y61bb we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131a y61bb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131b y61bb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131c y61bb w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63c4 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span><span class=\"ff2 ls9 ws0\">:<span class=\"_ _37b\"> </span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63c5 ff3 fs2 fc3 sc0 ls18 ws16\">Return on plan assets excluding amounts </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63c6 w42f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">included in inter<span class=\"_ _0\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131d y63c6 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131e y63c6 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131f y63c6 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1320 y63c6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1321 y63c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1322 y63c6 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1323 y63c6 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y618c w430 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1324 y618c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1325 y618c wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1326 y618c w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1327 y618c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1328 y618c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1329 y618c we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132a y618c w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w431 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132b y63b4 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132c y63b4 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132d y63b4 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a4 y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8a5 y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132e y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132f y63b4 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x22a h7 y63c7 ff3 fs2 fc3 sc0 ls18 ws16\">Change in minimum<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>unding </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ff9 w432 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">requirement<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1330 y5ff9 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1331 y5ff9 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1332 y5ff9 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1333 y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1334 y5ff9 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1335 y5ff9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1336 y5ff9 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w433 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1337 y5f93 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1338 y5f93 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1339 y5f93 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133a y5f93 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(19)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133b y5f93 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133c y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133d y5f93 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w434 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Employer's<span class=\"_ _5\"></span> contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf2 y5f77 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y5f77 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133e y5f77 we4 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133f y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1340 y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f77 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1341 y5f77 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1344 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf79 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1345 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1346 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">189<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1347 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(190)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1348 y5edc w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1349 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134a y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(194)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb6e y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134b y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gs9c3\">G<span class=\"_ _5\"></span>1.3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9c4\">Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gs9c5\"><table class=\"s w435 h215\" id=\"_c41076d9-b1df-4f61-b736-20e26b14a69f\"><tr><td></td><td></td><td class=\"c n xbfa y63c8 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63c8 w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63c9 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63c9 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63ca ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63ca ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63cb ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63cb ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63cb ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63cb ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63cc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63cc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63cc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63cc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5fb1 w436 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134c y5fb1 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134d y5fb1 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134e y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdce y5fb1 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w437 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Fixed interest government bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5ff9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134f y5ff9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1350 y5ff9 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">131<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1351 y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w438 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1352 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1353 y5f93 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1354 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">86<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa7f y5f93 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1e8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9a ws43\">Derivatives<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1355 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1356 y5f77 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1357 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1358 y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1359 y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135a y5f4c wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135b y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135c y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">189<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135d y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135e y5edc w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">192<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135f y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(86)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs9c6\">G<span class=\"_ _5\"></span>1.3<span class=\"_ _1\"></span>.4 Defined benefit<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9c7\">Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9c8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 35% <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 35%<span class=\"_ _5\"></span>); a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9c9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls52 ws27\">P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 65% (2024: 65%<span class=\"_ _5\"></span>).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9ca\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>1 year<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 1<span class=\"_ _4\"></span>1 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div>G1.4 Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re Li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>aff P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.4.<span class=\"_ _5\"></span>1 Scheme detail<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me, s<span class=\"_ _1\"></span>et u<span class=\"_ _1\"></span>p un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>gal<span class=\"_ _1\"></span>ly s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>r Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re M<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>co Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (\u2018<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>). T<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d by Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, a co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re si<span class=\"_ _1\"></span>x tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>wo o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>ur o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>om a<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>or a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n ac<span class=\"_ _1\"></span>cord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns l<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is c<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w en<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ac<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l fo<span class=\"_ _1\"></span>r ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 un<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by ind<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nt q<span class=\"_ _1\"></span>ual<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n measured using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he projected unit<span class=\"_ _5\"></span> credit metho<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Funding<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e wa<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>s at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023 and sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ed a de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it of \u00a3<span class=\"_ _1\"></span>32 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he 2023 valu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on a rec<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n was a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n Feb<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y 2025 be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee an<span class=\"_ _1\"></span>d RM<span class=\"_ _1\"></span>L in o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er to ma<span class=\"_ _1\"></span>ke goo<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>cit<span class=\"_ _2\"></span>. The r<span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent to p<span class=\"_ _1\"></span>ay t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nal a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ual co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in A<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l 2025 agre<span class=\"_ _1\"></span>ed as p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> 2020 recove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an wa<span class=\"_ _1\"></span>s rem<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d it i<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at \u00a3<span class=\"_ _1\"></span>26 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>id f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Cus<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>dy A<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>n or s<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r 1 Ju<span class=\"_ _1\"></span>ly 202<span class=\"_ _5\"></span>6 to re<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ve any re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t at 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025. Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s hel<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>his a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t do n<span class=\"_ _1\"></span>ot fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019s pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ead h<span class=\"_ _1\"></span>eld i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y Acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>s to co<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d sa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f \u00a32 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on) ha<span class=\"_ _1\"></span>ve be<span class=\"_ _1\"></span>en m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r to co<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>G1<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2 S<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w305 h216\" id=\"_7512225f-1fb7-44b4-819e-4469330e0c60\"><tr><td></td><td></td><td class=\"c n x1305 y63cd w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x1306 y63cd w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x5ec hd y63ce ff12 fs6 fc3 sc0 lsd1 wsd2\">Provision for<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x469 hd y63cf ff12 fs6 fc3 sc0 ls9 ws0\">ta<span class=\"_ _1\"></span>x o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x1360 hd y63d0 ff12 fs6 fc3 sc0 lsbd wsc4\">economic<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x866 hd y63d1 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x4b3 hd y63d1 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 xb9b hd y63d1 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td class=\"t m0 x86a hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63d1 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x9fe hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s </td><td class=\"t m0 x3f7 hd y63d1 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td></tr><tr><td></td><td class=\"t m0 x810 hd y63d2 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 xc49 hd y63d2 ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x125b hd y63d2 ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x758 hd y63d2 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63d2 ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x1361 hd y63d2 ff12 fs6 fc3 sc0 ls9 ws0\">ava<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>s </td><td class=\"t m0 x89b hd y63d2 ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td></tr><tr><td></td><td class=\"t m0 x428 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 xf64 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x1362 hd y63d3 ff2 fs6 fc3 sc0 lsbd wsc4\">asset </td><td class=\"t m0 x8ee hd y63d3 ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63d3 ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x282 hd y63d3 ff12 fs6 fc3 sc0 lsc8 wscb\">a refund<span class=\"_ _37b\"> </span></td><td class=\"t m0 x291 hd y63d3 ff12 fs6 fc3 sc0 ls10b ws115\">asset<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 xee8 hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63d4 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63d4 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63c1 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x102e y63c1 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1308 y63c1 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1363 y63c1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1364 y63c1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">287<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1365 y63c1 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1366 y63c1 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1367 y63c1 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c2 w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130d y63c2 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x130e y63c2 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1368 y63c2 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x107e y63c2 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1369 y63c2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10a1 y63c2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x624 y63c2 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63c3 w42e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1312 y63c3 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1047 y63c3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1313 y63c3 w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1314 y63c3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1315 y63c3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbc8 y63c3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5d y63c3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61bb w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136a y61bb w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136b y61bb w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136c y61bb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136d y61bb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136e y61bb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136f y61bb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1370 y61bb w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63d5 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63d6 ff3 fs2 fc3 sc0 ls18 ws16\">Return on plan assets excluding amounts </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63c6 w42f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">included in inter<span class=\"_ _0\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131d y63c6 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131e y63c6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x131f y63c6 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1320 y63c6 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1321 y63c6 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1322 y63c6 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1323 y63c6 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y618c w430 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1324 y618c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1325 y618c wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1326 y618c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1327 y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1328 y618c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1329 y618c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132a y618c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y63b4 w43a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perience loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1371 y63b4 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1372 y63b4 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1373 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1374 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1375 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1376 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1377 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ff9 w43b h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">economic s<span class=\"_ _5\"></span>ur<span class=\"_ _1\"></span>plus av<span class=\"_ _5\"></span>ailable as a r<span class=\"_ _5\"></span>efund<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1378 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1379 y5ff9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137a y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137b y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137c y5ff9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137d y5ff9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137e y5ff9 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w433 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1337 y5f93 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1338 y5f93 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1339 y5f93 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133a y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(29)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133b y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133c y5f93 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133d y5f93 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w434 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Employer's<span class=\"_ _5\"></span> contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdf2 y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y5f77 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133e y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x133f y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1340 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5fc y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1341 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1344 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2e y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x904 y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf79 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1345 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1346 y5edc wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">255<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1347 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(236)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x137f y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1380 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1381 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc5e y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4ca y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td></tr></table>G<span class=\"_ _5\"></span>1.4.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w43c h217\" id=\"_e0ef3305-422c-4892-80e5-1f74e401a371\"><tr><td></td><td class=\"t m0 x469 hd y63d7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y63d7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x282 hd y63d8 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63d8 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed7 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ed7 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed7 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w43d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">Govern<span class=\"_ _1\"></span>ment bon<span class=\"_ _1\"></span>ds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ed8 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">109<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w438 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Corporate bonds<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26c y5ed9 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">105<span class=\"_ _37b\"> </span></div></td><td class=\"c n x7fc y5ed9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">99<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w43e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Other securit<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f17 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f17 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d7 y5f4c we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5d8 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1382 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">255<span class=\"_ _37b\"> </span></div></td><td class=\"c n x94b y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">262<span class=\"_ _37b\"> </span></div></td></tr></table>In t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ye<span class=\"_ _1\"></span>ar e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d \u00a332 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n an a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>. In 2024 all scheme ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s were quoted.<span class=\"_ _37b\"> </span><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gs9e9\">G<span class=\"_ _5\"></span>1.4.4 Defined benefit obli<span class=\"_ _5\"></span>gation<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9ea\">Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9eb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 55% <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: 66%); and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gs9ec\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 45% (202<span class=\"_ _5\"></span>4: 34%).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9ed\">Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>3 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gs9ee\">G1.5 S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da 198<span class=\"_ _2\"></span>8 UK an<span class=\"_ _1\"></span>d Ir<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 ls1a ws2d gs9ef\">G<span class=\"_ _5\"></span>1.<span class=\"_ _1\"></span>5.<span class=\"_ _5\"></span>1 Scheme details<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9f0\">Th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a 1<span class=\"_ _5\"></span>98<span class=\"_ _1\"></span>8 UK a<span class=\"_ _1\"></span>nd Ir<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh Em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>e Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s sch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ada S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me\u2019<span class=\"_ _1\"></span>) w<span class=\"_ _1\"></span>as </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9f1\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s foll<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on 3 A<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>il 2023. T<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>ife </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9f2\">of C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>t up u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al em<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>oye<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9f3\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe C<span class=\"_ _2\"></span>A Li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ly k<span class=\"_ _1\"></span>now<span class=\"_ _1\"></span>n as S<span class=\"_ _1\"></span>un L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny o<span class=\"_ _1\"></span>f Ca<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da (<span class=\"_ _1\"></span>U.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>.) L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by a </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9f4\">sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y adm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, H<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s Ro<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>so<span class=\"_ _1\"></span>n LL<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>. A Trust<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd i<span class=\"_ _1\"></span>s res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r ens<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n in </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gs9f5\">accordanc<span class=\"_ _5\"></span>e with the T<span class=\"_ _4\"></span>rust Deed and Rul<span class=\"_ _5\"></span>es and for e<span class=\"_ _5\"></span>nsuring compliance<span class=\"_ _5\"></span> wit<span class=\"_ _1\"></span>h legis<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ation although c<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>tain task<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> delegated to<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hird </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9f6\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d is mad<span class=\"_ _1\"></span>e up o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>ree T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>; an I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee w<span class=\"_ _1\"></span>ho i<span class=\"_ _1\"></span>s al<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Ch<span class=\"_ _1\"></span>air, a <span class=\"_ _5\"></span>P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>l Emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yer </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9f7\">ap<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ted T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d a Mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>No<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he In<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ee is C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Cr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>eld P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>ru<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9f8\">Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e is clo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d to ne<span class=\"_ _1\"></span>w ent<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d to f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure a<span class=\"_ _1\"></span>ccr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>al fo<span class=\"_ _1\"></span>r ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9f9\">Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on a<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n L<span class=\"_ _1\"></span>ife o<span class=\"_ _1\"></span>f C<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9fa\">und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken by in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9fb\">have b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>nit c<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9fc\">Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gs9fd\">any w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>up of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e. A<span class=\"_ _1\"></span>s a r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, n<span class=\"_ _1\"></span>o pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r ta<span class=\"_ _1\"></span>x is d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws1a gs9fe\">Funding<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gs9ff\">Th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>st f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nad<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e was c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d ou<span class=\"_ _1\"></span>t by a qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2022 and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa00\">sho<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>d a sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f \u00a36 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o be p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loye<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ffa fs2 fc2 sc0 ls7 ws5 gsa01\">G1.5<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Sum<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y of am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa02\">Th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s recog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"gsa03\"><table class=\"s w43c h218\" id=\"_bdcb9b88-9843-4006-a340-780aa8e8a400\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y632d w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y632d w118 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x293 hd y63d9 ff2 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td><td class=\"t m0 x129e hd y63d9 ffa fs6 fc3 sc0 ls13c ws144\">Defined </td><td class=\"t m0 x4b3 hd y63d9 ff2 fs6 fc3 sc0 lsbd wsc4\">Pension </td><td></td><td class=\"t m0 x86a hd y63d9 ff12 fs6 fc3 sc0 ls9 ws0\">Fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x91f hd y63d9 ff13 fs6 fc3 sc0 ls10b ws115\">Defined </td><td class=\"t m0 x290 hd y63d9 ff12 fs6 fc3 sc0 ls9 ws0\">Pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on </td><td></td></tr><tr><td></td><td class=\"t m0 xc44 hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x813 hd y63da ffa fs6 fc3 sc0 lsbd wsc4\">benefit </td><td class=\"t m0 x42a hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">scheme </td><td class=\"t m0 x89c hd y63da ff2 fs6 fc3 sc0 lsbd wsc4\">Reimburse<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x758 hd y63da ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x603 hd y63da ff13 fs6 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t </td><td class=\"t m0 x332 hd y63da ff12 fs6 fc3 sc0 lsc8 wscb\">scheme </td><td class=\"t m0 x812 hd y63da ff12 fs6 fc3 sc0 ls54 ws50\">Reimburse<span class=\"_ _1\"></span><span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td></tr><tr><td></td><td class=\"t m0 x8ec hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td class=\"t m0 x129f hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">obligation </td><td class=\"t m0 x75b hd y63db ff2 fs6 fc3 sc0 lsbd wsc4\">asset<span class=\"_ _37b\"> </span></td><td class=\"t m0 xc2e hd y63db ff2 fs6 fc3 sc0 ls9 ws0\">me<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ht </td><td class=\"t m0 x8ee hd y63db ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td class=\"t m0 x12a2 hd y63db ff12 fs6 fc3 sc0 lsbe wsc5\">obligation </td><td class=\"t m0 x811 hd y63db ff12 fs6 fc3 sc0 ls10b ws115\">asset<span class=\"_ _37b\"> </span></td><td class=\"t m0 x125a hd y63db ff12 fs6 fc3 sc0 lsbe wsc5\">ment right </td></tr><tr><td></td><td class=\"t m0 xee7 hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x5ed hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x28f hd y63dc ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f6 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x288 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee9 hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63dc ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y63dd w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1383 y63dd w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1384 y63dd w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1385 y63dd w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1386 y63dd w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1387 y63dd w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">297<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1388 y63dd w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(280)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1389 y63dd w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa85 y63dd w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63de w41d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Interest income/(<span class=\"_ _5\"></span>exp<span class=\"_ _1\"></span>ense)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138a y63de w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138b y63de w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138c y63de wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138d y63de w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138e y63de w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb5b y63de w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x138f y63de we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1351 y63de we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63df w42e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Administration expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1390 y63df wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb5 y63df wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe8d y63df wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xde5 y63df w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1391 y63df w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xaab y63df we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1392 y63df w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1393 y63df we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63b3 w41e h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">In<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1394 y63b3 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1395 y63b3 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcbe y63b3 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1396 y63b3 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x846 y63b3 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1397 y63b3 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1398 y63b3 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1399 y63b3 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y63e0 ff3 fs2 fc3 sc0 lsf ws4\">Remeasurement<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x22a h7 y63e1 ff3 fs2 fc3 sc0 ls9 ws0\">Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n on p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y63e2 w41f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">amount<span class=\"_ _1\"></span>s included in inter<span class=\"_ _5\"></span>est income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139a y63e2 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139b y63e2 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139c y63e2 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139d y63e2 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139e y63e2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x139f y63e2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a0 y63e2 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a1 y63e2 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y63b4 w43f h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff3 fs2 fc3 sc0 ls9 ws0\">(Lo<span class=\"_ _1\"></span>ss)/gai<span class=\"_ _1\"></span>n fr<span class=\"_ _1\"></span>om c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es in<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">demographic assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a2 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a3 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a4 y63b4 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a5 y63b4 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a6 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a7 y63b4 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a8 y63b4 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13a9 y63b4 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x232 y5ed8 w440 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>in f<span class=\"_ _1\"></span>rom c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">financial assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13aa y5ed8 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ab y5ed8 wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ac y5ed8 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ad y5ed8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ae y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13af y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b0 y5ed8 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b1 y5ed8 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed9 w431 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Ex<span class=\"_ _1\"></span>perien<span class=\"_ _1\"></span>ce loss<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b2 y5ed9 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b3 y5ed9 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b4 y5ed9 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b5 y5ed9 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b6 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b7 y5ed9 wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b8 y5ed9 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13b9 y5ed9 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w441 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls74 wsb\">Included in<span class=\"_ _5\"></span> other comprehensive<span class=\"_ _5\"></span> income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ba y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bb y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bc y5f77 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bd y5f77 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13be y5f77 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bf y5f77 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c0 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c1 y5f77 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w426 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c2 y5f4c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c3 y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c4 y5f4c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c5 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c6 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(15)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xcfe y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c7 y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb3d y5f4c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xed6 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c8 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(246)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1343 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13c9 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ca y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cb y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(252)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cc y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cd y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr></table></div>G<span class=\"_ _5\"></span>1.5<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3 Scheme assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r wa<span class=\"_ _1\"></span>s as fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w427 h219\" id=\"_a12f440d-b1cc-4bb6-ba89-9904021587d2\"><tr><td></td><td></td><td class=\"c n xbfa y63e3 w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfb y63e3 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 xc46 hd y63e4 ff2 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h n<span class=\"_ _1\"></span>ot </td><td></td><td class=\"t m0 x12f3 hd y63e4 ff13 fs6 fc3 sc0 ls9 ws0\">Of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h no<span class=\"_ _1\"></span>t </td></tr><tr><td></td><td></td><td class=\"t m0 x758 hd y63e5 ff2 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n </td><td></td><td class=\"t m0 x7a0 hd y63e5 ff12 fs6 fc3 sc0 ls9 ws0\">qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>n </td></tr><tr><td></td><td class=\"t m0 x481 hd y63e6 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x867 hd y63e6 ff2 fs6 fc3 sc0 lsbd wsc4\">active mark<span class=\"_ _5\"></span>et </td><td class=\"t m0 x469 hd y63e6 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td><td class=\"t m0 x12f4 hd y63e6 ff13 fs6 fc3 sc0 ls9 ws0\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket </td></tr><tr><td></td><td class=\"t m0 x28f hd y63e7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42b hd y63e7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x282 hd y63e7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63e7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f93 w122 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ce y5f93 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8d2 y5f93 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13cf y5f93 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc8c y5f93 we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa wa3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1359 y5ffa w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135a y5ffa wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135b y5ffa w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x135c y5ffa we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6107 w442 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Qualif<span class=\"_ _1\"></span>ying insurance contract<span class=\"_ _1\"></span>s</div><div class=\"t m0 x13d0 h11 y5fd3 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b1 y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d1 y5f4c w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d2 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d3 y5f4c w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w439 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls14 ws12\">Scheme assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8b8 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">260<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d4 y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">225<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d5 y5edc w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">267<span class=\"_ _37b\"> </span></div></td><td class=\"c n x950 y5edc w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">231<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span> I<span class=\"_ _1\"></span>n 2018 an<span class=\"_ _1\"></span>d 2021 t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>wo b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h ex<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch c<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y 90<span class=\"_ _1\"></span>% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>me\u2019s l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.5<span class=\"_ _1\"></span>.4 Defined benefit<span class=\"_ _5\"></span> obligation<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n be al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to th<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>\u2019s memb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>: 4<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>% (2024<span class=\"_ _5\"></span>: 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%); and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s: 59% (202<span class=\"_ _5\"></span>4: 6<span class=\"_ _1\"></span>0%).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ted av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e dur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is 1<span class=\"_ _4\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _5\"></span>2 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>G1.6 PG<span class=\"_ _1\"></span>L P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span>In Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4, t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e P<span class=\"_ _1\"></span>GL P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ut o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h P<span class=\"_ _1\"></span>LL w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e exi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>wo p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es we<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e\u2019s mem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>, all t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e hav<span class=\"_ _1\"></span>e now b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>lly e<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s at th<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t dat<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>097 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t rig<span class=\"_ _1\"></span>ht a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s of \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>imb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t liabilities of<span class=\"_ _5\"></span> \u00a34<span class=\"_ _5\"></span>5 million<span class=\"_ _5\"></span> were derec<span class=\"_ _5\"></span>ognised. An a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s pre<span class=\"_ _1\"></span>miu<span class=\"_ _1\"></span>m fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e or<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns) of<span class=\"_ _1\"></span> \u00a3<span class=\"_ _5\"></span>18 milli<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>as pr<span class=\"_ _1\"></span>epa<span class=\"_ _1\"></span>id by t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me to P<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>L in 2023 and ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>is da<span class=\"_ _1\"></span>te an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e tot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um p<span class=\"_ _1\"></span>aid re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lte<span class=\"_ _1\"></span>d in a los<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of \u00a3<span class=\"_ _1\"></span>208 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ing r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>his l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is for t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s as p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d by I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 19 and th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>he bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>out t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r in t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nal b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d on co<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s of P<span class=\"_ _1\"></span>LL a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>sk m<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n a S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>I ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. On co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d min<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s whi<span class=\"_ _1\"></span>ch w<span class=\"_ _1\"></span>ere u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 2024 to cover w<span class=\"_ _1\"></span>ind<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>l im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>re i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te B1.<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>G<span class=\"_ _5\"></span>1.7 Sensitivity analysis<span class=\"_ _37b\"> </span>A qua<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>is fo<span class=\"_ _1\"></span>r sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e defi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n b<span class=\"_ _1\"></span>elow<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w443 h21a\" id=\"_3dab9a58-28d1-4bc8-87ce-e1a70c38fe52\"><tr><td class=\"t m0 x21d hd y63e8 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63e9 w444 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d6 y63e9 w2f2 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Base<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d7 y63e9 w445 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Discount rate<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x13d8 y63e9 w446 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls6c ws6d\">RPI<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13d9 y63e9 w447 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Life expectancy<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x21d hd y63ea ff2 fs6 fc3 sc0 lsbd wsc4\">Sensitivity level<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x44d hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 xa4d hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13da hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x868 hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x32f hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td><td class=\"t m0 x476 hd y63ea ff2 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td></tr><tr><td class=\"t m0 x21d hd y63eb ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x8e6 hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76a hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60e hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 xfde hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x756 hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x84a hd y63eb ff2 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed9 w448 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13db y5ed9 w11a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,294<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13dc y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(31)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13dd y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">32<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13de y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">24<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13df y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(23)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e0 y5ed9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e1 y5ed9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(40)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w449 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e2 y5f77 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">190<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e3 y5f77 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e4 y5f77 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e5 y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e6 y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e7 y5f77 we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e8 y5f77 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w44a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure Scheme<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e9 y5f4c wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">236<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ea y5f4c wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13eb y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ec y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ed y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ee y5f4c w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ef y5f4c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w44b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1126 y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">246<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f0 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f1 y5edc wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f2 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f3 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f4 y5edc w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f5 y5edc wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w1a4 h21b\" id=\"_dc743c66-1414-4e48-bca6-28022e9a74bc\"><tr><td class=\"t m0 x21d hd y63ec ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y63ed w44c h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Assumptions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f6 y63ed w44d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc7 wsf5\">Base<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f7 y63ed w44e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">Discount<span class=\"_ _5\"></span> rate<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f8 y63ed w44f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsd1 wsd2\">RPI<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x13f9 y63ed w450 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">Life expectancy<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hd y63ee ff12 fs6 fc3 sc0 lsbe wsc5\">Sensitivit<span class=\"_ _1\"></span>y level<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x44d hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x5ed hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13da hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 x13fa hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">25<span class=\"_ _1\"></span>bp<span class=\"_ _1\"></span>s </td><td class=\"t m0 xa00 hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td><td class=\"t m0 x13fb hd y63ee ff12 fs6 fc3 sc0 ls9 ws0\">1 ye<span class=\"_ _1\"></span>ar </td></tr><tr><td class=\"t m0 x21d hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td></td><td class=\"t m0 x80c hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76a hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x13fc hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x13fd hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1361 hd y63ef ff12 fs6 fc3 sc0 ls6a ws6b\">increase<span class=\"_ _37b\"> </span></td><td class=\"t m0 x761 hd y63ef ff12 fs6 fc3 sc0 lsbd wsc4\">decrease<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f93 w448 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13db y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,358<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13fe y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(35)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ff y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1400 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1401 y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1402 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3cc y5f93 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(37)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w449 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e2 y5f77 wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">194<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e3 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1403 y5f77 wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1404 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1405 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1406 y5f77 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1407 y5f77 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w44a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">ReA<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sure Scheme<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13e9 y5f4c wdd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">242<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13ea y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1408 y5f4c wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1409 y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x11b7 y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140a y5f4c w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140b y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w44b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>n Li<span class=\"_ _1\"></span>fe of C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1126 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">252<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13f0 y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140c y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x539 y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140d y5edc wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140e y5edc w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x140f y5edc w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s are b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed on a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ump<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n whi<span class=\"_ _1\"></span>le ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g all o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n<span class=\"_ gse8\"> </span>pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ce, t<span class=\"_ _1\"></span>his is<span class=\"_ gse8\"> </span>un<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>kely to o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, an<span class=\"_ _1\"></span>d ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s in so<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s may b<span class=\"_ _1\"></span>e cor<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. W<span class=\"_ _1\"></span>hen c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lcu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e sen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>me m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d as wh<span class=\"_ _1\"></span>en c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "Defined contribution <span class=\"_ _5\"></span>pe<span class=\"_ _1\"></span>nsion schemes<span class=\"_ _37b\"> </span>Ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons fo<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s an ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e statement as incurred.<span class=\"_ _37b\"> </span>De<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t sur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t (t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s is c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s have e<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d to de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>s ded<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s a pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ba<span class=\"_ _1\"></span>sis t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at it i<span class=\"_ _1\"></span>s en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>f ea<span class=\"_ _1\"></span>ch s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eve<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f a gra<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ual s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, du<span class=\"_ _1\"></span>e to it<span class=\"_ _2\"></span>s abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er a w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g up o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c sur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lus o<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>it is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> is<span class=\"_ _1\"></span>sue<span class=\"_ _1\"></span>d by G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es to t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s (t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ted s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>us or d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>t). A cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is made to<span class=\"_ _5\"></span> the car<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ying values<span class=\"_ _5\"></span> of insurance c<span class=\"_ _5\"></span>ontra<span class=\"_ _1\"></span>ct liabili<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ies and in<span class=\"_ _5\"></span>vestment contract liabi<span class=\"_ _5\"></span>lit<span class=\"_ _1\"></span>ies.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>e or i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e use<span class=\"_ _1\"></span>d to m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>nua<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. The d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>n A<span class=\"_ _2\"></span>A cre<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at h<span class=\"_ _1\"></span>ave ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>roxi<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s obli<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ed by a qu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y usin<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>it c<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>/<span class=\"_ _2\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, pa<span class=\"_ _1\"></span>st s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, cu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>ttl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (all r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hin a<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t), t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pension scheme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liabilit<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including any reimbursement asset<span class=\"_ _1\"></span>s (rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed within net in<span class=\"_ _5\"></span>vest<span class=\"_ _1\"></span>ment income in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidated income statemen<span class=\"_ _1\"></span>t), remeasurements of the pension sch<span class=\"_ _1\"></span>eme asset<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y (recognised in<span class=\"_ _5\"></span> o<span class=\"_ _1\"></span>ther comprehensive income) and employer<span class=\"_ _5\"></span> contributions<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d qu<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>e rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>uy<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ins a<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "G2<span class=\"_ _2\"></span>. Int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Goodwill<span class=\"_ _37b\"> </span>Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span>In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he contract boundary. Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Brands Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Internally<span class=\"_ _5\"></span> generated assets In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> of possible impairment.<span class=\"_ _37b\"> </span><table class=\"s w451 h21c\" id=\"_401612ca-ab32-41c4-bfd7-c221e55af2a7\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y63f0 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y63f0 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y63f1 ff2 fs6 fc3 sc0 lsbd wsc4\">Acquired<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x4db hd y63f1 ff12 fs6 fc3 sc0 ls6a ws6b\">Acquired </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x129e hd y63f2 ff2 fs6 fc3 sc0 lsbd wsc4\">in-<span class=\"_ _1\"></span>force </td><td class=\"t m0 x76a hd y63f2 ff2 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td><td></td><td class=\"t m0 x1410 hd y63f2 ff13 fs6 fc3 sc0 lsd1 wsd2\">in-force </td><td class=\"t m0 x4dc hd y63f2 ff12 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x1411 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">Goodwill<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e6 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">business<span class=\"_ _37b\"> </span></td><td class=\"c n x1412 y63f4 w452 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">intangibles1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1413 y63f4 w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1414 y63f4 w453 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Goodwill</div></td><td class=\"t m0 x60b hd y63f3 ff12 fs6 fc3 sc0 lsc8 wscb\">business<span class=\"_ _37b\"> </span></td><td class=\"c x1416 y63f4 w454 h212\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">intangibles</div><div class=\"t m0 x1415 h1a y63ab ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x333 hd y63f5 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y63f6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y63f6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f7 ff2 fs2 fc3 sc0 ls14 ws12\">Cost or<span class=\"_ _5\"></span> valuation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y639d w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a5 y639d w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1417 y639d w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1418 y639d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n x406 y639d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd14 y639d w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1419 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141a y639d w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,384<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639e w455 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141b y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141c y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141d y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141e y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141f y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1420 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1421 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63f8 w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y63f8 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1422 y63f8 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1423 y63f8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">170<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95e y63f8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1424 y63f8 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1425 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1426 y63f8 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd0 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f9 ff2 fs2 fc3 sc0 ls33 wsb\">Amortisation and impairment<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ee9 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1427 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1428 y5ee9 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1429 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142a y5ee9 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142b y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142c y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,284)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d9 y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142d y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,356)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eea w456 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation charge<span class=\"_ _5\"></span> for the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142e y5eea wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142f y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(230)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bc y5eea wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1430 y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5eea we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1431 y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(266)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cd y5eea w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10da y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eeb w457 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1432 y5eeb wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1433 y5eeb w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1434 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc96 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1435 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe96 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1436 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1437 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63fa w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1438 y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1439 y63fa w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,780)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143a y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143b y63fa w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,869)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143c y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143d y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x201 y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eed w458 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">Carr<span class=\"_ _1\"></span>ying amount at<span class=\"_ _5\"></span> 31<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>ecember<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143e y5eed w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143f y5eed w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,416<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1440 y5eed wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1441 y5eed w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1442 y5eed w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1443 y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,646<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1444 y5eed w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,784<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w459 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amount reco<span class=\"_ _5\"></span>verable after 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1445 y5eef w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1446 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1447 y5eef wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1448 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1449 y5eef w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144a y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,417<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144b y5eef w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">118<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf73 y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,545<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _2d\"> </span>T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es \u00a3<span class=\"_ _1\"></span>95 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3100 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d \u00a3<span class=\"_ _1\"></span>33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>28 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on) r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>G2.<span class=\"_ _5\"></span>1 Goodwill<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l has b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>is e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>low. Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _5\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>10 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) was r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>X<span class=\"_ _1\"></span>A We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 201<span class=\"_ _5\"></span>6 an<span class=\"_ _1\"></span>d has<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>en al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wo<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to inv<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d gr<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. Valu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue of ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h tha<span class=\"_ _1\"></span>t bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>re con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od 2031 and be<span class=\"_ _1\"></span>yon<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me a zer<span class=\"_ _1\"></span>o growth rate<span class=\"_ _5\"></span>. The underlying assumptions<span class=\"_ _5\"></span> of these projections incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de mark<span class=\"_ _5\"></span>et share,<span class=\"_ _5\"></span> customer numbers, commission<span class=\"_ _5\"></span> rates and exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d at a r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f 1<span class=\"_ _5\"></span>5% (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _4\"></span>5%) tha<span class=\"_ _1\"></span>t make<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y diff<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is te<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se wa<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>de o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue i<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>r carr<span class=\"_ _1\"></span>ying value,<span class=\"_ _5\"></span> management does not be<span class=\"_ _5\"></span>lieve that a r<span class=\"_ _5\"></span>easonably foreseeabl<span class=\"_ _5\"></span>e change in k<span class=\"_ _5\"></span>ey assumptions woul<span class=\"_ _5\"></span>d cause the carr<span class=\"_ _1\"></span>ying val<span class=\"_ _1\"></span>ue to e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in us<span class=\"_ _1\"></span>e. G2.<span class=\"_ _1\"></span>2 Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span>AVIF o<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m. AVI<span class=\"_ _1\"></span>F ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d non<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>re id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he current or prior periods.<span class=\"_ _37b\"> </span>G2.<span class=\"_ _1\"></span>3 Brands<span class=\"_ _37b\"> </span>On 23 F<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>1, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of a l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in M<span class=\"_ _1\"></span>ay 2021<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd wa<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at a val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ibu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ngi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d on a \u2018m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>sis a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 3<span class=\"_ _1\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard Li<span class=\"_ _1\"></span>fe br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 is \u00a393 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>97 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). An i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et wa<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 201<span class=\"_ _5\"></span>6 on a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d. It is b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is \u00a32 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>G2.<span class=\"_ _1\"></span>4 Internally<span class=\"_ _5\"></span> generated assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s str<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e to \u2018grow, op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce\u2019 t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ gse8\"> </span>ne<span class=\"_ _1\"></span>w te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>log<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has m<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d developm<span class=\"_ _1\"></span>ent cost<span class=\"_ _1\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "G2<span class=\"_ _2\"></span>. Int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Goodwill<span class=\"_ _37b\"> </span>Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span>In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he contract boundary. Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Brands Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Internally<span class=\"_ _5\"></span> generated assets In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> of possible impairment.<span class=\"_ _37b\"> </span><div class=\"gs2de\"><table class=\"s w451 h21c\" id=\"_401612ca-ab32-41c4-bfd7-c221e55af2a7\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y63f0 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y63f0 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y63f1 ff2 fs6 fc3 sc0 lsbd wsc4\">Acquired<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x4db hd y63f1 ff12 fs6 fc3 sc0 ls6a ws6b\">Acquired </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x129e hd y63f2 ff2 fs6 fc3 sc0 lsbd wsc4\">in-<span class=\"_ _1\"></span>force </td><td class=\"t m0 x76a hd y63f2 ff2 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td><td></td><td class=\"t m0 x1410 hd y63f2 ff13 fs6 fc3 sc0 lsd1 wsd2\">in-force </td><td class=\"t m0 x4dc hd y63f2 ff12 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x1411 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">Goodwill<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e6 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">business<span class=\"_ _37b\"> </span></td><td class=\"c n x1412 y63f4 w452 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">intangibles1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1413 y63f4 w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1414 y63f4 w453 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Goodwill</div></td><td class=\"t m0 x60b hd y63f3 ff12 fs6 fc3 sc0 lsc8 wscb\">business<span class=\"_ _37b\"> </span></td><td class=\"c x1416 y63f4 w454 h212\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">intangibles</div><div class=\"t m0 x1415 h1a y63ab ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x333 hd y63f5 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y63f6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y63f6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f7 ff2 fs2 fc3 sc0 ls14 ws12\">Cost or<span class=\"_ _5\"></span> valuation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y639d w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a5 y639d w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1417 y639d w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1418 y639d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n x406 y639d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd14 y639d w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1419 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141a y639d w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,384<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639e w455 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141b y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141c y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141d y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141e y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141f y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1420 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1421 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63f8 w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y63f8 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1422 y63f8 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1423 y63f8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">170<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95e y63f8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1424 y63f8 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1425 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1426 y63f8 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd0 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f9 ff2 fs2 fc3 sc0 ls33 wsb\">Amortisation and impairment<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ee9 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1427 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1428 y5ee9 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1429 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142a y5ee9 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142b y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142c y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,284)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d9 y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142d y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,356)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eea w456 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation charge<span class=\"_ _5\"></span> for the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142e y5eea wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142f y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(230)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bc y5eea wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1430 y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5eea we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1431 y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(266)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cd y5eea w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10da y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eeb w457 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1432 y5eeb wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1433 y5eeb w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1434 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc96 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1435 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe96 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1436 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1437 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63fa w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1438 y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1439 y63fa w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,780)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143a y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143b y63fa w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,869)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143c y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143d y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x201 y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eed w458 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">Carr<span class=\"_ _1\"></span>ying amount at<span class=\"_ _5\"></span> 31<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>ecember<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143e y5eed w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143f y5eed w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,416<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1440 y5eed wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1441 y5eed w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1442 y5eed w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1443 y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,646<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1444 y5eed w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,784<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w459 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amount reco<span class=\"_ _5\"></span>verable after 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1445 y5eef w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1446 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1447 y5eef wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1448 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1449 y5eef w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144a y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,417<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144b y5eef w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">118<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf73 y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,545<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsa4e\">1 <span class=\"_ _2d\"> </span>T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es \u00a3<span class=\"_ _1\"></span>95 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3100 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d \u00a3<span class=\"_ _1\"></span>33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>28 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on) r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsa4f\">G2.<span class=\"_ _5\"></span>1 Goodwill<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa50\">Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l has b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>is e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>low. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa51\">Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _5\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>10 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) was r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>X<span class=\"_ _1\"></span>A We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 201<span class=\"_ _5\"></span>6 an<span class=\"_ _1\"></span>d has<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa52\">be<span class=\"_ _1\"></span>en al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wo<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa53\">po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to inv<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d gr<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. Valu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa54\">det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue of ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h tha<span class=\"_ _1\"></span>t bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>re </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa55\">con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od 2031 and be<span class=\"_ _1\"></span>yon<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me a zer<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa56\">growth rate<span class=\"_ _5\"></span>. The underlying assumptions<span class=\"_ _5\"></span> of these projections incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de mark<span class=\"_ _5\"></span>et share,<span class=\"_ _5\"></span> customer numbers, commission<span class=\"_ _5\"></span> rates and </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa57\">exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d at a r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f 1<span class=\"_ _5\"></span>5% (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _4\"></span>5%) tha<span class=\"_ _1\"></span>t make<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa58\">for t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y diff<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa59\">Th<span class=\"_ _1\"></span>is te<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se wa<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>de o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue i<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa5a\">carr<span class=\"_ _1\"></span>ying value,<span class=\"_ _5\"></span> management does not be<span class=\"_ _5\"></span>lieve that a r<span class=\"_ _5\"></span>easonably foreseeabl<span class=\"_ _5\"></span>e change in k<span class=\"_ _5\"></span>ey assumptions woul<span class=\"_ _5\"></span>d cause the carr<span class=\"_ _1\"></span>ying </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa5b\">val<span class=\"_ _1\"></span>ue to e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in us<span class=\"_ _1\"></span>e. </div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsa5c\">G2.<span class=\"_ _1\"></span>2 Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa5d\">AVIF o<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m. AVI<span class=\"_ _1\"></span>F </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa5e\">ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d non<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>re id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsa5f\">current or prior periods.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gsa60\">G2.<span class=\"_ _1\"></span>3 Brands<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa61\">On 23 F<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>1, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of a l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa62\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in M<span class=\"_ _1\"></span>ay 2021<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd wa<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa63\">a val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ibu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ngi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa64\">val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d on a \u2018m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>sis a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 3<span class=\"_ _1\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa65\">Li<span class=\"_ _1\"></span>fe br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 is \u00a393 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>97 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa66\">An i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et wa<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 201<span class=\"_ _5\"></span>6 on a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa67\">It is b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is \u00a32 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa68\">(202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsa69\">G2.<span class=\"_ _1\"></span>4 Internally<span class=\"_ _5\"></span> generated assets<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa6a\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s str<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e to \u2018grow, op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce\u2019 t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa6b\">in<span class=\"_ gse8\"> </span>ne<span class=\"_ _1\"></span>w te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>log<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has m<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls69 ws18 gsa6c\">developm<span class=\"_ _1\"></span>ent cost<span class=\"_ _1\"></span>s.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "G2<span class=\"_ _2\"></span>. Int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Goodwill<span class=\"_ _37b\"> </span>Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span>In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he contract boundary. Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Brands Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Internally<span class=\"_ _5\"></span> generated assets In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> of possible impairment.<span class=\"_ _37b\"> </span><table class=\"s w451 h21c\" id=\"_401612ca-ab32-41c4-bfd7-c221e55af2a7\"><tr><td></td><td></td><td></td><td class=\"c n x3ec y63f0 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x3ed y63f0 w118 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x8e3 hd y63f1 ff2 fs6 fc3 sc0 lsbd wsc4\">Acquired<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x4db hd y63f1 ff12 fs6 fc3 sc0 ls6a ws6b\">Acquired </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x129e hd y63f2 ff2 fs6 fc3 sc0 lsbd wsc4\">in-<span class=\"_ _1\"></span>force </td><td class=\"t m0 x76a hd y63f2 ff2 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td><td></td><td class=\"t m0 x1410 hd y63f2 ff13 fs6 fc3 sc0 lsd1 wsd2\">in-force </td><td class=\"t m0 x4dc hd y63f2 ff12 fs6 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er </td><td></td></tr><tr><td></td><td class=\"t m0 x1411 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">Goodwill<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e6 hd y63f3 ff2 fs6 fc3 sc0 lsbd wsc4\">business<span class=\"_ _37b\"> </span></td><td class=\"c n x1412 y63f4 w452 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">intangibles1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1413 y63f4 w2e5 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1414 y63f4 w453 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff13 fs6 fc3 sc0 lsbd wsc4\">Goodwill</div></td><td class=\"t m0 x60b hd y63f3 ff12 fs6 fc3 sc0 lsc8 wscb\">business<span class=\"_ _37b\"> </span></td><td class=\"c x1416 y63f4 w454 h212\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsbe wsc5\">intangibles</div><div class=\"t m0 x1415 h1a y63ab ff12 fsd fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x333 hd y63f5 ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x8ef y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f0 y63f6 wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f1 y63f6 wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f2 y63f6 w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f3 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f4 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f5 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8f6 y63f6 w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f7 ff2 fs2 fc3 sc0 ls14 ws12\">Cost or<span class=\"_ _5\"></span> valuation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y639d w1ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x12a5 y639d w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1417 y639d w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1418 y639d w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n x406 y639d w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd14 y639d w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1419 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141a y639d w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">131<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa44 y639d w4b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,384<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y639e w455 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141b y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141c y639e wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141d y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141e y639e w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb4e y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141f y639e we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1420 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1421 y639e w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63f8 w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n xdac y63f8 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1422 y63f8 w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1423 y63f8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">170<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95e y63f8 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,423<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1424 y63f8 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1425 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,196<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1426 y63f8 w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">160<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbd0 y63f8 wa6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,413<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y63f9 ff2 fs2 fc3 sc0 ls33 wsb\">Amortisation and impairment<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ee9 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1427 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1428 y5ee9 w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1429 y5ee9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142a y5ee9 w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142b y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142c y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,284)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10d9 y5ee9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142d y5ee9 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,356)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eea w456 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amortis<span class=\"_ _1\"></span>ation charge<span class=\"_ _5\"></span> for the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142e y5eea wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x142f y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(230)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x13bc y5eea wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1430 y5eea w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(238)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xade y5eea we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1431 y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(266)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10cd y5eea w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x10da y5eea w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eeb w457 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rge fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1432 y5eeb wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1433 y5eeb w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1434 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc96 y5eeb wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1435 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe96 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1436 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1437 y5eeb we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y63fa w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1438 y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1439 y63fa w16e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,780)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143a y63fa w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143b y63fa w4d h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2,869)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143c y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(47)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143d y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,550)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xabc y63fa w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x201 y63fa w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2,629)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eed w458 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">Carr<span class=\"_ _1\"></span>ying amount at<span class=\"_ _5\"></span> 31<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>ecember<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143e y5eed w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x143f y5eed w11a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,416<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1440 y5eed wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1441 y5eed w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,554<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1442 y5eed w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1443 y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,646<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1444 y5eed w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">128<span class=\"_ _37b\"> </span></div></td><td class=\"c n x27b y5eed w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,784<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5eef w459 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Amount reco<span class=\"_ _5\"></span>verable after 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1445 y5eef w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1446 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,213<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1447 y5eef wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1448 y5eef w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,339<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1449 y5eef w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144a y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,417<span class=\"_ _37b\"> </span></div></td><td class=\"c n x144b y5eef w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">118<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf73 y5eef w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,545<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _2d\"> </span>T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es \u00a3<span class=\"_ _1\"></span>95 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3100 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d \u00a3<span class=\"_ _1\"></span>33 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>2024: \u00a3<span class=\"_ _1\"></span>28 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on) r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>G2.<span class=\"_ _5\"></span>1 Goodwill<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l has b<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>en te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar en<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>is e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e are d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>low. Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _5\"></span>0 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>10 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) was r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f A<span class=\"_ _2\"></span>X<span class=\"_ _1\"></span>A We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g 201<span class=\"_ _5\"></span>6 an<span class=\"_ _1\"></span>d has<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>en al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns &amp; S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d Euro<span class=\"_ _1\"></span>pe &amp; O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e wo<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial fo<span class=\"_ _1\"></span>r f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tes t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to inv<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d gr<span class=\"_ _1\"></span>ow t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. Valu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue of ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h tha<span class=\"_ _1\"></span>t bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>re con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od 2031 and be<span class=\"_ _1\"></span>yon<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me a zer<span class=\"_ _1\"></span>o growth rate<span class=\"_ _5\"></span>. The underlying assumptions<span class=\"_ _5\"></span> of these projections incl<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>de mark<span class=\"_ _5\"></span>et share,<span class=\"_ _5\"></span> customer numbers, commission<span class=\"_ _5\"></span> rates and exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d at a r<span class=\"_ _1\"></span>isk a<span class=\"_ _1\"></span>dj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d dis<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f 1<span class=\"_ _5\"></span>5% (202<span class=\"_ _5\"></span>4: 1<span class=\"_ _4\"></span>5%) tha<span class=\"_ _1\"></span>t make<span class=\"_ _1\"></span>s pr<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t al<span class=\"_ _1\"></span>lowa<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k tha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>y diff<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is te<span class=\"_ _1\"></span>st d<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>at va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in u<span class=\"_ _1\"></span>se wa<span class=\"_ _1\"></span>s gr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Gi<span class=\"_ _1\"></span>ven t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>de o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue i<span class=\"_ _1\"></span>n us<span class=\"_ _1\"></span>e ove<span class=\"_ _1\"></span>r carr<span class=\"_ _1\"></span>ying value,<span class=\"_ _5\"></span> management does not be<span class=\"_ _5\"></span>lieve that a r<span class=\"_ _5\"></span>easonably foreseeabl<span class=\"_ _5\"></span>e change in k<span class=\"_ _5\"></span>ey assumptions woul<span class=\"_ _5\"></span>d cause the carr<span class=\"_ _1\"></span>ying val<span class=\"_ _1\"></span>ue to e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e in us<span class=\"_ _1\"></span>e. G2.<span class=\"_ _1\"></span>2 Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span>AVIF o<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut D<span class=\"_ _1\"></span>PF is a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in li<span class=\"_ _1\"></span>ne w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>ic be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ir ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m. AVI<span class=\"_ _1\"></span>F ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d for im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or of i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t has b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d non<span class=\"_ _1\"></span>e we<span class=\"_ _1\"></span>re id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d in ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he current or prior periods.<span class=\"_ _37b\"> </span>G2.<span class=\"_ _1\"></span>3 Brands<span class=\"_ _37b\"> </span>On 23 F<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>1, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o an a<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of a l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p in M<span class=\"_ _1\"></span>ay 2021<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Li<span class=\"_ _1\"></span>fe b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd wa<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d at a val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ibu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n da<span class=\"_ _1\"></span>te. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ngi<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d on a \u2018m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>per<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>sis a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er a p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 3<span class=\"_ _1\"></span>0 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard Li<span class=\"_ _1\"></span>fe br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d as a<span class=\"_ _1\"></span>t 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 is \u00a393 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>97 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). An i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et wa<span class=\"_ _1\"></span>s rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 201<span class=\"_ _5\"></span>6 on a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d. It is b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r a pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he A<span class=\"_ _2\"></span>X<span class=\"_ _2\"></span>A Weal<span class=\"_ _1\"></span>th b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is \u00a32 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>3 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span>G2.<span class=\"_ _1\"></span>4 Internally<span class=\"_ _5\"></span> generated assets<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s str<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e to \u2018grow, op<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd e<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce\u2019 t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s a re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt in<span class=\"_ gse8\"> </span>ne<span class=\"_ _1\"></span>w te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>log<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has m<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d developm<span class=\"_ _1\"></span>ent cost<span class=\"_ _1\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "Goodwill<span class=\"_ _37b\"> </span>Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span>In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he contract boundary. Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Brands Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Internally<span class=\"_ _5\"></span> generated assets In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> of possible impairment.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "Goodwill<span class=\"_ _37b\"> </span>Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns are a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for by ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>lyi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>iffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>een t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cost<span class=\"_ _1\"></span> of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n at c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>. Foll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d at co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s any a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Go<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>ill i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>s te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt an<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly or w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. F<span class=\"_ _1\"></span>or im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l is al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>lev<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>sh g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. G<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll is i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he recov<span class=\"_ _5\"></span>erable amount is<span class=\"_ _5\"></span> less than the carr<span class=\"_ _1\"></span>ying value.<span class=\"_ _37b\"> </span>In cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s an exc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>e\u2019s ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s, l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>ver co<span class=\"_ _1\"></span>st m<span class=\"_ _1\"></span>ay ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>is o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>plu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "Acquired<span class=\"_ _5\"></span> in<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>force business<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>\u2018<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>VIF<span class=\"_ _2\"></span>\u2019)<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t DP<span class=\"_ _1\"></span>F ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>me of ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. At in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e AVIF re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>air v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l rig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s acq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed an<span class=\"_ _1\"></span>d obligations assumed and the liability measured in acc<span class=\"_ _5\"></span>ordance with the Group\u2019<span class=\"_ _5\"></span>s accounting policies. The liabilit<span class=\"_ _1\"></span>y measured in acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s accou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g a va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de a re<span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt fo<span class=\"_ _1\"></span>r wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y co<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d be t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a<span class=\"_ _1\"></span>n or<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt da<span class=\"_ _1\"></span>te, sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to a m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>um eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l to t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e. Th<span class=\"_ _1\"></span>is a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n a di<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ng b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew is p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>s an i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cove<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yin<span class=\"_ _1\"></span>g val<span class=\"_ _1\"></span>ue, a<span class=\"_ _1\"></span>n imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t los<span class=\"_ _1\"></span>s is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>over<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by refe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ure p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n acc<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ed to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct a b<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e for t<span class=\"_ _1\"></span>he contract boundary. Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d in<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>forc<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s all<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng u<span class=\"_ _1\"></span>nit<span class=\"_ _2\"></span>s for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s of im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t tes<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Brands Br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f an in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge f<span class=\"_ _1\"></span>or a n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e br<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le asset<span class=\"_ _1\"></span>s are<span class=\"_ _5\"></span> c<span class=\"_ _1\"></span>arried at cos<span class=\"_ _0\"></span>t less<span class=\"_ _0\"></span> accumulated amortisation and an<span class=\"_ _5\"></span>y accumulated impairment l<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>ses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of b<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>hei<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are<span class=\"_ _1\"></span> tes<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e is ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt te<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re al<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he rele<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nt c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t is le<span class=\"_ _1\"></span>ss t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Internally<span class=\"_ _5\"></span> generated assets In<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m de<span class=\"_ _1\"></span>velo<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en it h<span class=\"_ _1\"></span>as b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct is t<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>nd fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly fe<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to use t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>. Inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>ly ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are measured<span class=\"_ _5\"></span> on initial rec<span class=\"_ _5\"></span>ognition at cost<span class=\"_ _5\"></span> which comprises all<span class=\"_ _5\"></span> directly attributable costs necessar<span class=\"_ _1\"></span>y to cr<span class=\"_ _5\"></span>eate, produce<span class=\"_ _5\"></span> and prepare<span class=\"_ _0\"></span> the as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t to b<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e of o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> cost<span class=\"_ _5\"></span> less accumulated amortisation and any<span class=\"_ _5\"></span> accumulated impairment losses.<span class=\"_ _37b\"> </span>Am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ght-<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ne m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lly g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s over t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en 3 a<span class=\"_ _1\"></span>nd 10 year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey a<span class=\"_ _1\"></span>re te<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>nev<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re is e<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> of possible impairment.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "G3. Property<span class=\"_ _5\"></span>, plant and eq<span class=\"_ _5\"></span>uipment<span class=\"_ _37b\"> </span>Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t it<span class=\"_ _2\"></span>s reva<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er it<span class=\"_ _2\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>ife, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken as<span class=\"_ _1\"></span> 20 \u2013 50 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ied p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _37b\"> </span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>hen a r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on a p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t is<span class=\"_ gse8\"> </span>fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst a<span class=\"_ _1\"></span>ny pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exces<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is th<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> ter<span class=\"_ _1\"></span>m w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 1 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1 a<span class=\"_ _1\"></span>nd 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>ipm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>er eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d fitt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>. Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>bin<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate. D<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t is cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe of b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 2 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w45a h21d\" id=\"_2035e1bd-88d1-43b7-8adb-e5ab7984acab\"><tr><td></td><td></td><td></td><td class=\"c n x144c y63fb w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x144d y63fb w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x144e hd y63fc ff2 fs6 fc3 sc0 lsbd wsc4\">Owner-<span class=\"_ _37b\"> </span></td><td class=\"t m0 x144f hd y63fc ff2 fs6 fc3 sc0 lsbd wsc4\">Right-of-<span class=\"_ _1\"></span>use </td><td></td><td></td><td class=\"t m0 x738 hd y63fc ff13 fs6 fc3 sc0 ls187 ws2\">O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r-<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1450 hd y63fc ff13 fs6 fc3 sc0 lsbe wsc5\">Right-of<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>use </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1451 hd y63fd ff2 fs6 fc3 sc0 lsc8 wscb\">occupied </td><td class=\"t m0 xe24 hd y63fd ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td></td><td></td><td class=\"t m0 x60e hd y63fd ff12 fs6 fc3 sc0 lsbe wsc5\">occupied </td><td class=\"t m0 x868 hd y63fd ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1452 hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">properties<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76f hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">\u2013 property<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1453 hd y63fe ff2 fs6 fc3 sc0 lsc7 wsf5\">Equipment<span class=\"_ _37b\"> </span></td><td class=\"t m0 x605 hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x1454 hd y63fe ff12 fs6 fc3 sc0 lsbd wsc4\">properties<span class=\"_ _37b\"> </span></td><td class=\"t m0 xe26 hd y63fe ff12 fs6 fc3 sc0 lsbd wsc4\">\u2013 property<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f1 hd y63fe ff12 fs6 fc3 sc0 lsbe wsc5\">Equipment<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y63fe ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td></tr><tr><td></td><td class=\"t m0 x28a hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x10e0 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1455 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4da hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60b hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y6400 ff2 fs2 fc3 sc0 ls9 ws0\">Cos<span class=\"_ _1\"></span>t or v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6401 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1456 y6401 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1457 y6401 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1458 y6401 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1459 y6401 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145a y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145b y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145c y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1012 y6401 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6402 w455 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145d y6402 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145e y6402 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145f y6402 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1460 y6402 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y6402 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1461 y6402 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1462 y6402 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c6 y6402 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w45b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Revaluation<span class=\"_ _5\"></span> losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1463 y6403 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1464 y6403 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1465 y6403 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1466 y6403 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1467 y6403 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1123 y6403 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1468 y6403 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1469 y6403 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w45c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Disposal<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146a y619a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146b y619a w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146c y619a wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146d y619a wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146e y619a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146f y619a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1470 y619a w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1471 y619a wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11f5 y619b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1472 y619b w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1473 y619b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1474 y619b w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1475 y619b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1476 y619b w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1477 y619b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1478 y619b w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y6404 ff6 fs2 fc3 sc0 lse9 ws1a0\">Les<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x147a y6405 w45d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse9 ws0\">as he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale (n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147b y6405 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147c y6405 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147d y6405 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147e y6405 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147f y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1480 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1481 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1482 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6406 w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1483 y6406 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1457 y6406 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1458 y6406 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1459 y6406 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">201<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145a y6406 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1484 y6406 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1485 y6406 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y6406 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6407 ff2 fs2 fc3 sc0 ls14 ws12\">Depreciation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6103 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1486 y6103 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb4 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1487 y6103 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146e y6103 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1488 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1489 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd40 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6104 w182 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Depreciation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148a y6104 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148b y6104 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148c y6104 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148d y6104 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148e y6104 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148f y6104 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1490 y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1491 y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w45c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Disposal<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146a y6105 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146b y6105 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1492 y6105 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1493 y6105 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1494 y6105 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1495 y6105 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1496 y6105 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y6105 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1497 y5f4a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4a y5f4a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(59)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1498 y5f4a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(68)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1499 y5f4a w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(127)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149a y5f4a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149b y5f4a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149c y5f4a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149d y5f4a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w45e h1b5\"><div class=\"t m0 x1dd hc y5f31 ff2 fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149e y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149f y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a0 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a1 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a2 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a3 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a4 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a5 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91<span class=\"_ _37b\"> </span></div></td></tr></table>Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 on a<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span> acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Roy<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Ch<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red S<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>yo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>e to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2), of \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a322 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) has be<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>niq<span class=\"_ _1\"></span>ue u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t ye<span class=\"_ _1\"></span>ar is<span class=\"_ _1\"></span> \u00a3<span class=\"_ _5\"></span>1<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a36 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wa<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l values per<span class=\"_ _5\"></span> square foot and<span class=\"_ _5\"></span> the capit<span class=\"_ _1\"></span>alisation rates.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se (de<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e) if t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>re fo<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> were t<span class=\"_ _1\"></span>o be h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>her (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>o be lo<span class=\"_ _1\"></span>wer (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f an o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>uil<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 was \u00a31<span class=\"_ _5\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd no p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le in J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>uar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>6 (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e not<span class=\"_ _1\"></span>e H2).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "G3. Property<span class=\"_ _5\"></span>, plant and eq<span class=\"_ _5\"></span>uipment<span class=\"_ _37b\"> </span>Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t it<span class=\"_ _2\"></span>s reva<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er it<span class=\"_ _2\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>ife, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken as<span class=\"_ _1\"></span> 20 \u2013 50 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ied p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _37b\"> </span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>hen a r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on a p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t is<span class=\"_ gse8\"> </span>fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst a<span class=\"_ _1\"></span>ny pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exces<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is th<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> ter<span class=\"_ _1\"></span>m w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 1 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1 a<span class=\"_ _1\"></span>nd 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>ipm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>er eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d fitt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>. Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>bin<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate. D<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t is cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe of b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 2 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w45a h21d\" id=\"_2035e1bd-88d1-43b7-8adb-e5ab7984acab\"><tr><td></td><td></td><td></td><td class=\"c n x144c y63fb w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td class=\"c n x144d y63fb w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x144e hd y63fc ff2 fs6 fc3 sc0 lsbd wsc4\">Owner-<span class=\"_ _37b\"> </span></td><td class=\"t m0 x144f hd y63fc ff2 fs6 fc3 sc0 lsbd wsc4\">Right-of-<span class=\"_ _1\"></span>use </td><td></td><td></td><td class=\"t m0 x738 hd y63fc ff13 fs6 fc3 sc0 ls187 ws2\">O<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r-<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1450 hd y63fc ff13 fs6 fc3 sc0 lsbe wsc5\">Right-of<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>use </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1451 hd y63fd ff2 fs6 fc3 sc0 lsc8 wscb\">occupied </td><td class=\"t m0 xe24 hd y63fd ff2 fs6 fc3 sc0 lsbd wsc4\">assets </td><td></td><td></td><td class=\"t m0 x60e hd y63fd ff12 fs6 fc3 sc0 lsbe wsc5\">occupied </td><td class=\"t m0 x868 hd y63fd ff12 fs6 fc3 sc0 ls10b ws115\">assets </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1452 hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">properties<span class=\"_ _37b\"> </span></td><td class=\"t m0 x76f hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">\u2013 property<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1453 hd y63fe ff2 fs6 fc3 sc0 lsc7 wsf5\">Equipment<span class=\"_ _37b\"> </span></td><td class=\"t m0 x605 hd y63fe ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>otal </td><td class=\"t m0 x1454 hd y63fe ff12 fs6 fc3 sc0 lsbd wsc4\">properties<span class=\"_ _37b\"> </span></td><td class=\"t m0 xe26 hd y63fe ff12 fs6 fc3 sc0 lsbd wsc4\">\u2013 property<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f1 hd y63fe ff12 fs6 fc3 sc0 lsbe wsc5\">Equipment<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y63fe ff12 fs6 fc3 sc0 lscc wscf\">To<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> </td></tr><tr><td></td><td class=\"t m0 x28a hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x10e0 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 xee8 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x1455 hd y63ff ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4da hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x60b hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x4dc hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y63ff ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y6400 ff2 fs2 fc3 sc0 ls9 ws0\">Cos<span class=\"_ _1\"></span>t or v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6401 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1456 y6401 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1457 y6401 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1458 y6401 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1459 y6401 wdd h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145a y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">28<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145b y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">96<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145c y6401 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1012 y6401 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">199<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6402 w455 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145d y6402 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145e y6402 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145f y6402 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1460 y6402 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n x530 y6402 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1461 y6402 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1462 y6402 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c6 y6402 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w45b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Revaluation<span class=\"_ _5\"></span> losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1463 y6403 wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1464 y6403 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1465 y6403 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1466 y6403 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1467 y6403 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1123 y6403 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1468 y6403 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1469 y6403 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w45c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Disposal<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146a y619a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146b y619a w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146c y619a wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146d y619a wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146e y619a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146f y619a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1470 y619a w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1471 y619a wf9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x11f5 y619b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1472 y619b w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1473 y619b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1474 y619b w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1475 y619b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1476 y619b w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1477 y619b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1478 y619b w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y6404 ff6 fs2 fc3 sc0 lse9 ws1a0\">Les<span class=\"_ _1\"></span>s am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x147a y6405 w45d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse9 ws0\">as he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale (n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147b y6405 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147c y6405 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147d y6405 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147e y6405 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x147f y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1480 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1481 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1482 y6405 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6406 w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1483 y6406 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1457 y6406 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">110<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1458 y6406 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">80<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1459 y6406 wdd h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">201<span class=\"_ _37b\"> </span></div></td><td class=\"c n x145a y6406 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1484 y6406 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1485 y6406 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8bb y6406 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">204<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6407 ff2 fs2 fc3 sc0 ls14 ws12\">Depreciation<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6103 w1ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1486 y6103 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xbb4 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1342 y6103 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1487 y6103 w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146e y6103 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1488 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(42)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1489 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd40 y6103 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(93)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6104 w182 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Depreciation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148a y6104 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148b y6104 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148c y6104 wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148d y6104 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148e y6104 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x148f y6104 w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1490 y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(13)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1491 y6104 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w45c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Disposal<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146a y6105 wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x146b y6105 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1492 y6105 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1493 y6105 w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1494 y6105 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1495 y6105 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1496 y6105 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y6105 we4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1497 y5f4a wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf4a y5f4a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(59)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1498 y5f4a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(68)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1499 y5f4a w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(127)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149a y5f4a we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149b y5f4a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(50)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149c y5f4a w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149d y5f4a w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y5edc w45e h1b5\"><div class=\"t m0 x1dd hc y5f31 ff2 fs2 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t at<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149e y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x149f y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a0 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a1 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a2 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a3 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a4 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a5 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91<span class=\"_ _37b\"> </span></div></td></tr></table>Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>ave b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d by a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s at 31 Dec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 on a<span class=\"_ _1\"></span>n op<span class=\"_ _1\"></span>en m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span> acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Roy<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f Ch<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red S<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>yo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch i<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o eq<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>e to fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t for t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ing a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale (s<span class=\"_ _1\"></span>ee n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e H2), of \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _4\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a322 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) has be<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>obs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e inp<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n te<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>niq<span class=\"_ _1\"></span>ue u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d los<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t ye<span class=\"_ _1\"></span>ar is<span class=\"_ _1\"></span> \u00a3<span class=\"_ _5\"></span>1<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a36 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n).<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s wa<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d us<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>od s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h si<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r mar<span class=\"_ _1\"></span>ket t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns fo<span class=\"_ _1\"></span>r sim<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s are t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d rent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l values per<span class=\"_ _5\"></span> square foot and<span class=\"_ _5\"></span> the capit<span class=\"_ _1\"></span>alisation rates.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se (de<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e) if t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>ed r<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>re fo<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span> were t<span class=\"_ _1\"></span>o be h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>her (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r) an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n rat<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>o be lo<span class=\"_ _1\"></span>wer (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le o<span class=\"_ _1\"></span>f an o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>uil<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y at 31 De<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 was \u00a31<span class=\"_ _5\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd no p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>le in J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>uar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>6 (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e not<span class=\"_ _1\"></span>e H2).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "Ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t it<span class=\"_ _2\"></span>s reva<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>, b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt acc<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed ov<span class=\"_ _1\"></span>er it<span class=\"_ _2\"></span>s es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ul l<span class=\"_ _1\"></span>ife, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ken as<span class=\"_ _1\"></span> 20 \u2013 50 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. L<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d is n<span class=\"_ _1\"></span>ot d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n as a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is el<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ag<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>st t<span class=\"_ _1\"></span>he g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ied p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt i<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s in o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er-<span class=\"_ _37b\"> </span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>re re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. W<span class=\"_ _1\"></span>hen a r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n los<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on a p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sly r<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>t is<span class=\"_ gse8\"> </span>fir<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst a<span class=\"_ _1\"></span>ny pr<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>iou<span class=\"_ _1\"></span>s rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>ny exces<span class=\"_ _1\"></span>s im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is th<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d as an i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly m<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d at c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tly a<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>st le<span class=\"_ _1\"></span>ss a<span class=\"_ _1\"></span>ny a<span class=\"_ _1\"></span>ccu<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d for c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. T<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>ver t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rem<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> ter<span class=\"_ _1\"></span>m w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h is b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 1 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 1 a<span class=\"_ _1\"></span>nd 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Equ<span class=\"_ _1\"></span>ipm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ly of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>er eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d fitt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>. Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t is st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t les<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>n a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>bin<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on d<span class=\"_ _1\"></span>ate. D<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n on e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t is cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t ove<span class=\"_ _1\"></span>r it<span class=\"_ _1\"></span>s e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>fu<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>fe of b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n 2 an<span class=\"_ _1\"></span>d 1<span class=\"_ _5\"></span>5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "G4<span class=\"_ _1\"></span>. Inv<span class=\"_ _5\"></span>estment property<span class=\"_ _37b\"> </span>Investment propert<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including right of use asset<span class=\"_ _1\"></span>s, is initially r<span class=\"_ _5\"></span>ecognised at cost, including any<span class=\"_ _5\"></span> directly attribu<span class=\"_ _1\"></span>table transa<span class=\"_ _1\"></span>ction cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e. Fair va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>hat w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>ll a pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> in<span class=\"_ gse8\"> </span>an o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. F<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut any d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e or d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r an ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e. Lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>or, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g leas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Whe<span class=\"_ _1\"></span>re inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, ren<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n a st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _37b\"> </span>lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span><table class=\"s w45f h21e\" id=\"_f5820c17-bb90-497e-b120-80fa6c89db0e\"><tr><td></td><td class=\"t m0 x469 hd y6408 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6408 ff12 fs6 fc3 sc0 ls9 ws0\">2024</td></tr><tr><td></td><td class=\"t m0 xb5f hd y6409 ff2 fs6 fc3 sc0 lsc8 wscb\"> \u00a3m</td><td class=\"t m0 x74e hd y6409 ff12 fs6 fc3 sc0 ls6a ws6b\"> \u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5ed4 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f1 y5ed4 w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">5,452<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f2 y5ed4 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,742<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w455 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ed5 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">331<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y5ed5 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">920<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w460 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">Improvemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a6 y5f72 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">73<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd17 y5f72 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w45c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Disposal<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a7 y5fbf w60 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1,346)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x478 y5fbf w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,173)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w2dc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Mov<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in fo<span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>gn exc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57e y5fb1 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a8 y5fb1 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w461 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>/(<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es) o<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e (reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14a9 y5ff9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20e y5ff9 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(100)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x3d4 y5f93 w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,532<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5f93 w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">5,452<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w462 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale (n<span class=\"_ _1\"></span>ote H2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14aa y5f77 w8e h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ab y5f77 w4e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1,082)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5f4c w4a h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">4,528<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5f4c w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">4,370<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w463 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Un<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>ed l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld a<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>d of y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ac y5edc w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c1 y5edc w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(58)<span class=\"_ _37b\"> </span></div></td></tr></table>A<span class=\"_ _1\"></span>s at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, a pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io o<span class=\"_ _1\"></span>f \u00a34,462 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a35,<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span>8 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as he<span class=\"_ _1\"></span>ld for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le, is<span class=\"_ gse8\"> </span>he<span class=\"_ _1\"></span>ld by t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>ife Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s in a mi<span class=\"_ _1\"></span>x of co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, sp<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>d geo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>all<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e UK a<span class=\"_ _1\"></span>nd Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y al<span class=\"_ _2\"></span>so in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es \u00a3<span class=\"_ _1\"></span>21 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a329 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) of p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e NP<span class=\"_ _1\"></span>I E<span class=\"_ _1\"></span>xt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e Pl<span class=\"_ _1\"></span>an (s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>te E<span class=\"_ _1\"></span>5 for f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s) an<span class=\"_ _1\"></span>d \u00a349 milli<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a34<span class=\"_ _5\"></span>7 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tia<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>o hav<span class=\"_ _1\"></span>e pre<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>y ent<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>to a<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n (\u2018<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>RI<span class=\"_ _1\"></span>P<span class=\"_ _2\"></span>\u2019) p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s a gro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d re<span class=\"_ _1\"></span>nt ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch g<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>es r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e to b<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>h a r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t an<span class=\"_ _1\"></span>d a lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. The r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on is v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>nd is i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e gro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t as a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 was \u00a3n<span class=\"_ _1\"></span>il (202<span class=\"_ _5\"></span>4: \u00a38 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n). The<span class=\"_ _1\"></span>re we<span class=\"_ _1\"></span>re di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of \u00a3<span class=\"_ _1\"></span>8 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a37 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) of gro<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t-o<span class=\"_ _1\"></span>f-u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>Com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rci<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e by i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d pro<span class=\"_ _1\"></span>fes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y of t<span class=\"_ _1\"></span>he pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are carried out in ac<span class=\"_ _5\"></span>cordance with the<span class=\"_ _5\"></span> Royal Institute of<span class=\"_ _5\"></span> Chartered Sur<span class=\"_ _1\"></span>veyors (\u2018RIC<span class=\"_ _1\"></span>S\u2019<span class=\"_ _1\"></span>) guidelines<span class=\"_ _5\"></span> with expected income<span class=\"_ _5\"></span> and capit<span class=\"_ _1\"></span>alisation rat<span class=\"_ _1\"></span>e as t<span class=\"_ _1\"></span>he key no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vab<span class=\"_ _1\"></span>le<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ha<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>een c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l 3 ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s to t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s us<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n me<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ob<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>r-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nsh<span class=\"_ _1\"></span>ip b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e key non<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va<span class=\"_ _1\"></span>ble i<span class=\"_ _1\"></span>np<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e mea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span><table class=\"s w464 h21f\" id=\"_93320444-1648-41b8-ba9d-460971cd6211\"><tr><td></td><td></td><td></td><td class=\"t m0 xfdf hd y640a ff2 fs6 fc3 sc0 lsbd wsc4\">Weighted<span class=\"_ _5\"></span> </td><td class=\"t m0 x84b hd y640a ff12 fs6 fc3 sc0 lsbe wsc5\">Weighted<span class=\"_ _5\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x46a hd y640b ff2 fs6 fc3 sc0 ls25 ws25\">average<span class=\"_ _37b\"> </span></td><td class=\"t m0 x3f7 hd y640b ff12 fs6 fc3 sc0 ls25 ws25\">average<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6015 w465 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Description<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ad y6015 w466 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Valuation t<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>hniques<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ae y6015 w467 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ffa fs6 fc3 sc0 lsbd wsc4\">Signifi<span class=\"_ _1\"></span>cant non-obser<span class=\"_ _1\"></span>vable inputs<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 x469 hd y640c ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y640c ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y640d ff3 fs2 fc3 sc0 ls39 ws60\">Comme<span class=\"_ _1\"></span>rcial </td><td class=\"c n x14af y5f93 w468 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">RIC<span class=\"_ _1\"></span>S valuation<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b0 y5f93 w469 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>ected inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e per sq.<span class=\"_ _5\"></span> f<span class=\"_ _1\"></span>t.<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b1 y5f93 w58 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">\u00a333.75<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b2 y5f93 w46a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">\u00a325.46<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y640e ff3 fs2 fc3 sc0 ls1c ws6\">Investment Pr<span class=\"_ _5\"></span>oper<span class=\"_ _1\"></span>ty </td><td></td><td class=\"c x984 y5f77 w46b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er ho<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>l roo<span class=\"_ _1\"></span>m</div><div class=\"t m0 x14b3 h11 y60d0 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x798 y5f77 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b4 y5f77 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">\u00a36,026<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x984 y5f4c w46c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ce<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b5 y5f4c w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">\u00a31,448<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b6 y5f4c w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">\u00a31,071<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x984 y5edc w46d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Capitalis<span class=\"_ _1\"></span>ation rate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b7 y5edc w46e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">4.49%<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b8 y5edc w46f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">4.91%<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _19\"> </span>E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r ho<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>l ro<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m is n<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er a s<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>t du<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d of d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es wo<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e (de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e) if<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e were t<span class=\"_ _1\"></span>o be hi<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>er (<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>er); or<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ra<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>ere to b<span class=\"_ _1\"></span>e lo<span class=\"_ _1\"></span>wer (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></span><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsa86\">Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s (off<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et ag<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nst r<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa87\">th<span class=\"_ _1\"></span>at g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to \u00a3<span class=\"_ _1\"></span>35 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>35 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). Th<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsa88\">fro<span class=\"_ _1\"></span>m in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t di<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to \u00a34 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>2 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on).<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsa89\">Future<span class=\"_ _5\"></span> minimum lease<span class=\"_ _5\"></span> rental receivables<span class=\"_ _5\"></span> in respect of non-<span class=\"_ _1\"></span>cancellable operating<span class=\"_ _5\"></span> leases on inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment properties w<span class=\"_ _5\"></span>ere as fol<span class=\"_ _5\"></span>lows:<span class=\"_ _37b\"> </span></div><div class=\"gsa8a\"><table class=\"s w470 h220\" id=\"_459e97a1-d46c-4783-bad0-f97cb95f74d3\"><tr><td></td><td class=\"t m0 x469 hd y640f ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y640f ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x282 hd y6410 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6410 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y5f17 w471 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">No<span class=\"_ _1\"></span>t la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 1 y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14b9 y5f17 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">211<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ba y5f17 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">259<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w472 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>han 1 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>t la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>an 5 ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y5edb w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">589<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5edb w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">830<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w473 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>han 5 y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14bb y5edc w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">612<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14bc y5edc w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">2,305</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "Investment propert<span class=\"_ _1\"></span>y,<span class=\"_ _5\"></span> including right of use asset<span class=\"_ _1\"></span>s, is initially r<span class=\"_ _5\"></span>ecognised at cost, including any<span class=\"_ _5\"></span> directly attribu<span class=\"_ _1\"></span>table transa<span class=\"_ _1\"></span>ction cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>ubs<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y is me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e. Fair va<span class=\"_ _1\"></span>lue i<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>hat w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld b<span class=\"_ _1\"></span>e rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ved t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>ll a pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> in<span class=\"_ gse8\"> </span>an o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bet<span class=\"_ _2\"></span>wee<span class=\"_ _1\"></span>n mar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>. F<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is de<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut any d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n for t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t may b<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>red o<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e or d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ga<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e are r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me o<span class=\"_ _1\"></span>r an ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e. Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>e. Lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere a si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s of ow<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>p are re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>or, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g leas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Whe<span class=\"_ _1\"></span>re inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y is le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed ou<span class=\"_ _1\"></span>t by th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, ren<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>n a st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht-<span class=\"_ _37b\"> </span>lin<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "G5<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Other receiv<span class=\"_ _5\"></span>ables are rec<span class=\"_ _5\"></span>ognised when due and<span class=\"_ _5\"></span> measured on<span class=\"_ _5\"></span> initial recognition<span class=\"_ _5\"></span> at the fair val<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>e of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he amount r<span class=\"_ _5\"></span>eceivable. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w18e h1c3\" id=\"_29b9bda2-05b3-4064-8d46-2a0cef9247c4\"><tr><td></td><td class=\"c n x14bd y5ff6 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14be y5ff6 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x59d y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y5ff7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w474 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment br<span class=\"_ _5\"></span>oker balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5ff8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">281<span class=\"_ _37b\"> </span></div></td><td class=\"c n x269 y5ff8 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">338<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w475 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Cash collateral<span class=\"_ _5\"></span> pledged and initial<span class=\"_ _5\"></span> margins posted<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14bf y5fbf w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,896<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95d y5fbf w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,995<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w476 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Property related rec<span class=\"_ _5\"></span>eivables<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5fb1 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c0 y5fb1 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w477 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Deferred acquisition c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>sts relating to investment contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y6046 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">119<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y6046 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">98<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6183 w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y6183 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">320<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y6183 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">454<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5ffa w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,719<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,043<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w459 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amount reco<span class=\"_ _5\"></span>verable after 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f7 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "G5<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _37b\"> </span>Other receiv<span class=\"_ _5\"></span>ables are rec<span class=\"_ _5\"></span>ognised when due and<span class=\"_ _5\"></span> measured on<span class=\"_ _5\"></span> initial recognition<span class=\"_ _5\"></span> at the fair val<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>e of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he amount r<span class=\"_ _5\"></span>eceivable. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w18e h1c3\" id=\"_29b9bda2-05b3-4064-8d46-2a0cef9247c4\"><tr><td></td><td class=\"c n x14bd y5ff6 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14be y5ff6 w299 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x59d y5ff7 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y5ff7 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w474 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Investment br<span class=\"_ _5\"></span>oker balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5ff8 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">281<span class=\"_ _37b\"> </span></div></td><td class=\"c n x269 y5ff8 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">338<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w475 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Cash collateral<span class=\"_ _5\"></span> pledged and initial<span class=\"_ _5\"></span> margins posted<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14bf y5fbf w67 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">1,896<span class=\"_ _37b\"> </span></div></td><td class=\"c n x95d y5fbf w4b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">1,995<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w476 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Property related rec<span class=\"_ _5\"></span>eivables<span class=\"_ _37b\"> </span></div></td><td class=\"c n x259 y5fb1 w55 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c0 y5fb1 w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">158<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6046 w477 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Deferred acquisition c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>sts relating to investment contracts<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y6046 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">119<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y6046 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">98<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6183 w187 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y6183 w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">320<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y6183 w55 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">454<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5ffa w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,719<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,043<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w459 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Amount reco<span class=\"_ _5\"></span>verable after 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57a y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f7 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "Other receiv<span class=\"_ _5\"></span>ables are rec<span class=\"_ _5\"></span>ognised when due and<span class=\"_ _5\"></span> measured on<span class=\"_ _5\"></span> initial recognition<span class=\"_ _5\"></span> at the fair val<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>e of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he amount r<span class=\"_ _5\"></span>eceivable. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e rece<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t rat<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "G6. Cash and cash equivalents<span class=\"_ _37b\"> </span>Ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y te<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs o<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k ove<span class=\"_ _1\"></span>rdr<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e on d<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d for<span class=\"_ _1\"></span>m an i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>sh man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span><table class=\"s w478 h221\" id=\"_008f7776-72ff-49f5-be6a-878fd0a6b873\"><tr><td></td><td class=\"c n x1de y6411 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6411 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f76 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f76 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w479 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Bank and cash<span class=\"_ _5\"></span> b<span class=\"_ _1\"></span>alances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26e y5ed8 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,666<span class=\"_ _37b\"> </span></div></td><td class=\"c n x26b y5ed8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,040<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w47a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Short-term deposit<span class=\"_ _1\"></span>s (including notice accounts and term deposits)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c1 y5ed9 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,636<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4d6 y5ed9 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">6,446<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x3d4 y5f77 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,302<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3d5 y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">9,486<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w47b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Les<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c2 y5f4c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c3 y5f4c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(33)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w47c h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws0\">At 31 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14c4 y5edc w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,302<span class=\"_ _37b\"> </span></div></td><td class=\"c n x2ad y5edc w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">9,453<span class=\"_ _37b\"> </span></div></td></tr></table>Dep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sit<span class=\"_ _2\"></span>s are su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to a comb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of fi<span class=\"_ _1\"></span>xed an<span class=\"_ _1\"></span>d va<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld at a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d cos<span class=\"_ _1\"></span>t ap<span class=\"_ _1\"></span>prox<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate to f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue at t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns an<span class=\"_ _1\"></span>d con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f \u00a37<span class=\"_ _4\"></span>,<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>6<span class=\"_ _1\"></span>8 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4:<span class=\"_ gse8\"> </span>\u00a39,255<span class=\"_ gse8\"> </span>mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) are p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>f pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>o are n<span class=\"_ _1\"></span>ot gen<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le fo<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>e by th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>The Group has a<span class=\"_ _5\"></span> controlling interest in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund<span class=\"_ _5\"></span> (a Luxe<span class=\"_ _5\"></span>m<span class=\"_ _1\"></span>bourg domiciled UCITS vehicle<span class=\"_ _5\"></span>) and, as such, con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s veh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>le in a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote H1. This v<span class=\"_ _1\"></span>ehi<span class=\"_ _1\"></span>cle i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s in a ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey mar<span class=\"_ _1\"></span>ket i<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d rep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>lf o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Du<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, i<span class=\"_ _1\"></span>t wa<span class=\"_ _1\"></span>s id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at \u00a32<span class=\"_ _1\"></span>.2 b<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he ve<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>cle h<span class=\"_ _1\"></span>ad b<span class=\"_ _1\"></span>een i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ber 202<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>. Du<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>le, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed as fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on at<span class=\"_ _1\"></span> 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025 is no<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ gse8\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is no<span class=\"_ _1\"></span>t a ma<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>or as t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t is li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted to a m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h no i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t on ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e or t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rn g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d is no<span class=\"_ _1\"></span>t exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>n eco<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>c dec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns of t<span class=\"_ _1\"></span>he u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ref<span class=\"_ _1\"></span>ore, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s not restated<span class=\"_ _5\"></span> comparatives<span class=\"_ _1\"></span>. A c<span class=\"_ _5\"></span>onsequential adjustment to<span class=\"_ _5\"></span> correct the position is<span class=\"_ _5\"></span> recognised in<span class=\"_ _5\"></span> the statement of c<span class=\"_ _5\"></span>onsolidated cash flow<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h \u00a32.<span class=\"_ _1\"></span>2 bi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e \u2018<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ba<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in th<span class=\"_ _1\"></span>e \u2018C<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow f<span class=\"_ _1\"></span>rom o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>\u2019 (as show<span class=\"_ _1\"></span>n in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e I2) rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s mis<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "Ca<span class=\"_ _1\"></span>sh a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h an o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y te<span class=\"_ _1\"></span>rm o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e mo<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs o<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s at t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k ove<span class=\"_ _1\"></span>rdr<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e on d<span class=\"_ _1\"></span>ema<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d for<span class=\"_ _1\"></span>m an i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ca<span class=\"_ _1\"></span>sh man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s for th<span class=\"_ _1\"></span>e pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>ws<span class=\"_ _1\"></span>. B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es to m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t bo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t a<span class=\"_ _1\"></span>nd lo<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m li<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>re exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>sh e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "G7<span class=\"_ _5\"></span>. Provisions<span class=\"_ _37b\"> </span>A pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>gal o<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of a p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is l<span class=\"_ _1\"></span>ikel<span class=\"_ _1\"></span>y to res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow o<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere a rel<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>n be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e. If t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t is mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s at a pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x rat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, whe<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. A prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he ne<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t of ex<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st of<span class=\"_ _1\"></span> fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it an<span class=\"_ _1\"></span>d any co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or pe<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom f<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l it<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a<span class=\"_ gse8\"> </span>pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d within the insurance c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntract asset<span class=\"_ _1\"></span>s and liabilities. Additions and reductions to provisions<span class=\"_ _5\"></span> are recognised within administrative expenses within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>t is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t a pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le a p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by a t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s vi<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eim<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>ot e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w374 h222\" id=\"_2aa2221e-0780-479e-8231-fb024e4473d9\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x13fc hd y6412 ff2 fs6 fc3 sc0 lsbd wsc4\">Restructuring provisions<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xa4c hd y6413 ff2 fs6 fc3 sc0 ls10b ws115\">T<span class=\"_ _5\"></span>ransfer of<span class=\"_ _5\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x334 hd y6414 ff2 fs6 fc3 sc0 lsbd wsc4\">Leasehold </td><td></td><td></td><td></td><td class=\"t m0 x14c5 hd y6414 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ransition </td><td></td><td class=\"t m0 x8eb hd y6414 ff2 fs6 fc3 sc0 lsbd wsc4\">ReAssure </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x292 hd y6415 ff2 fs6 fc3 sc0 lsbd wsc4\">properties </td><td></td><td></td><td></td><td class=\"t m0 x8e9 hd y6415 ff2 fs6 fc3 sc0 ls9 ws0\">an<span class=\"_ _1\"></span>d </td><td class=\"t m0 x86a hd y6415 ff2 fs6 fc3 sc0 lsbd wsc4\">Operational </td><td class=\"t m0 x14c6 hd y6415 ff2 fs6 fc3 sc0 lsc8 wscb\">policy </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x14c7 hd y6416 ff2 fs6 fc3 sc0 lsc8 wscb\">dilapida<span class=\"_ _1\"></span><span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x3ee hd y6416 ffa fs6 fc3 sc0 lsd9 wsdb\">Staff </td><td class=\"t m0 x428 hd y6416 ff2 fs6 fc3 sc0 ls9 ws0\">Kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n </td><td class=\"t m0 x42a hd y6416 ff2 fs6 fc3 sc0 lsbd wsc4\">Indirect </td><td class=\"t m0 x84d hd y6416 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ransforma<span class=\"_ _1\"></span><span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x426 hd y6416 ffa fs6 fc3 sc0 lsbd wsc4\">simplifica<span class=\"ff2 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x13fa hd y6416 ff2 fs6 fc3 sc0 lsbd wsc4\">administra<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x14c8 hd y6417 ff2 fs6 fc3 sc0 lsbd wsc4\">tions<span class=\"_ _37b\"> </span></td><td class=\"t m0 x14c9 hd y6417 ff2 fs6 fc3 sc0 ls76 ws76\">relate<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e3 hd y6417 ff2 fs6 fc3 sc0 lsc7 wsf5\">incidents<span class=\"_ _37b\"> </span></td><td class=\"t m0 x480 hd y6417 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>axation<span class=\"_ _37b\"> </span></td><td class=\"t m0 x749 hd y6417 ff2 fs6 fc3 sc0 lsbd wsc4\">tion<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44a hd y6417 ff2 fs6 fc3 sc0 lsbd wsc4\">tion<span class=\"_ _37b\"> </span></td><td class=\"c n x14ca y6418 w47d h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">tion</div></td><td class=\"c n x14cb y6418 w47e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14cc y6418 w47f h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _0\"></span>otal<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6419 w117 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14cd y6419 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ce y6419 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14cf y6419 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d0 y6419 wc8 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d1 y6419 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d2 y6419 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d3 y6419 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d4 y6419 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d5 y6419 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y641a w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d6 y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d7 y641a w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd00 y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d8 y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">50<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14d9 y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14da y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n xeef y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">34<span class=\"_ _37b\"> </span></div></td><td class=\"c n x92b y641a w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14db y641a w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">206<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y641b w480 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Additions in the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14dc y641b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14dd y641b wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14de y641b w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14df y641b w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x141e y641b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1449 y641b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">29<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe7d y641b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">63<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e0 y641b w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e1 y641b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">129<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y641c w481 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e2 y641c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e3 y641c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e4 y641c wd8 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e5 y641c wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e6 y641c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(16)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e7 y641c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa23 y641c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(63)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e8 y641c w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(13)</div></td><td class=\"c n x14e9 y641c w73 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(132)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y641d w482 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed d<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ea y641d wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14eb y641d wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ec y641d wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ed y641d wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x6d4 y641d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc6b y641d w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x847 y641d wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ee y641d wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ef y641d w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(17)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y641e w483 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Discounting during the year<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f0 y641e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xe49 y641e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f1 y641e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n xd2c y641e wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f2 y641e we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb27 y641e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f3 y641e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f4 y641e w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f5 y641e we4 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w1d1 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f6 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f7 y5edc w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f8 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14f9 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fa y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">55<span class=\"_ _37b\"> </span></div></td><td class=\"c n x136d y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td><td class=\"c n xb41 y5edc w5b h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">27<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fb y5edc w87 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fc y5edc w50 h1a8\"><div class=\"t m0 x1dd hc y5f01 ff2 fs2 fc3 sc0 ls3c ws3d\">188<span class=\"_ _37b\"> </span></div></td></tr></table>Known incidents<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e kn<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n inc<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>as cr<span class=\"_ _1\"></span>eat<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r his<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y, adm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sy<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ems a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>roc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s de<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s on th<span class=\"_ _1\"></span>e po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nal fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rced<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t the best estimat<span class=\"_ _5\"></span>es of costs payable<span class=\"_ _5\"></span> to customers. Indirect taxation<span class=\"_ _37b\"> </span>The indirect<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>axation provision<span class=\"_ _5\"></span> relates to v<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ious indirect<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax matters acr<span class=\"_ _5\"></span>os<span class=\"_ _1\"></span>s operational taxes, e<span class=\"_ _5\"></span>mployment taxes and<span class=\"_ _5\"></span> VA<span class=\"_ _4\"></span>T<span class=\"_ _5\"></span>. During th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n wa<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>gt<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by \u00a36 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>12 milli<span class=\"_ _1\"></span>on), \u00a3<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a36 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) was u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d a fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er \u00a3<span class=\"_ _5\"></span>1<span class=\"_ gse8\"> </span>m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _0\"></span>5 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) was re<span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e rema<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ing b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce a<span class=\"_ _1\"></span>t 3<span class=\"_ _5\"></span>1 D<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>er 2025 of \u00a3<span class=\"_ _1\"></span>54 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a350 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) repr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s est<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>xi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m exp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e as a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n on<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>hre<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Restructuring pro<span class=\"_ _5\"></span>visions<span class=\"_ _37b\"> </span>T<span class=\"_ _4\"></span>ransition and transformation pr<span class=\"_ _5\"></span>ovision<span class=\"_ _37b\"> </span>Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife A<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in A<span class=\"_ _1\"></span>ugu<span class=\"_ _1\"></span>st 201<span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ed a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ai<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to d<span class=\"_ _1\"></span>eli<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s vi<span class=\"_ _1\"></span>a a se<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f ph<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng 201<span class=\"_ _4\"></span>9, th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s str<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h T<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a Co<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>TC<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e cu<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, to de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op a d<span class=\"_ _1\"></span>igi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m a<span class=\"_ _1\"></span>nd fo<span class=\"_ _1\"></span>r mi<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ex<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d a<span class=\"_ gse8\"> </span>val<span class=\"_ _1\"></span>id ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>kely to b<span class=\"_ _1\"></span>e aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 2025, fo<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s an<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it h<span class=\"_ _1\"></span>ad e<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o a ne<span class=\"_ _1\"></span>w st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro an<span class=\"_ _1\"></span>d so<span class=\"_ _1\"></span>ld i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s AL<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>A pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m to t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>sou<span class=\"_ _1\"></span>rce p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er, the G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>f leg<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>y po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>is p<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>e to W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f mig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o be<span class=\"_ _1\"></span> dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly<span class=\"_ gse8\"> </span>a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F<span class=\"_ _4\"></span>. M<span class=\"_ _1\"></span>igr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ed a di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>re necessarily entailed by<span class=\"_ _5\"></span> the restructuring and repr<span class=\"_ _5\"></span>es<span class=\"_ _1\"></span>ent an<span class=\"_ _5\"></span> obligation arising from<span class=\"_ _5\"></span> ar<span class=\"_ _1\"></span>rangements entered i<span class=\"_ _5\"></span>nto with TCS and Wipro<span class=\"_ _5\"></span>. No<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>een p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te to t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Mig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e are su<span class=\"_ _1\"></span>bj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed unc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>y as th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>ly fixe<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s ente<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nto. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sev<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>jec<span class=\"_ _1\"></span>t to un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d wil<span class=\"_ _1\"></span>l be im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ted b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ff t<span class=\"_ _1\"></span>hat t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d to TC<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he ave<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ge s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s and n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u2019 s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce of t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s of na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>l at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re are s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>int<span class=\"_ _2\"></span>y and<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e ph<span class=\"_ _1\"></span>asi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>nin<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d any su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt up<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s ma<span class=\"_ _1\"></span>de to t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t est<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>e vi<span class=\"_ _1\"></span>ew of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n was i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by \u00a31<span class=\"_ _4\"></span>5 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a329 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) and a f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er \u00a31<span class=\"_ _4\"></span>6 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>7 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) was<span class=\"_ gse8\"> </span>u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct of d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n was \u00a3<span class=\"_ _1\"></span>2 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3(5) mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) in th<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng \u00a3<span class=\"_ _1\"></span>55 mill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4:<span class=\"_ gse8\"> </span>\u00a35<span class=\"_ _1\"></span>4<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be ut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n on<span class=\"_ _1\"></span>e to th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 hc ff9 fs2 fc2 sc0 lsf ws4 gsaa3\">Operational simplification<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaa4\">Th<span class=\"_ _1\"></span>is G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>wid<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up f<span class=\"_ _1\"></span>rom b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng a fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al en<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s to a pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se le<span class=\"_ _1\"></span>d,<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaa5\">org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly gro<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ng bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s over t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>ext co<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>le of y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _2\"></span>s pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, an o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al si<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>am is un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaa6\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y to s<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss i<span class=\"_ _1\"></span>s mor<span class=\"_ _1\"></span>e effi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent a<span class=\"_ _1\"></span>nd fo<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed on t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s new s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsaa7\">direction through<span class=\"_ _5\"></span> review of the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _5\"></span>\u2019s organ<span class=\"_ _5\"></span>is<span class=\"_ _1\"></span>ational structure and<span class=\"_ _5\"></span> ultimately by<span class=\"_ _5\"></span> reducing headcount<span class=\"_ _5\"></span> in the business. </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaa8\">Th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n was e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d in 202<span class=\"_ _5\"></span>4 a<span class=\"_ _1\"></span>nd re<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ily e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ile<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>his<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaa9\">res<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sev<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll be i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by th<span class=\"_ _1\"></span>e nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aff t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t leav<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsaaa\">aver<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d nu<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er of y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>e of th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaab\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n was i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by \u00a3<span class=\"_ _1\"></span>29 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) an<span class=\"_ _1\"></span>d a f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r \u00a33<span class=\"_ _1\"></span>0 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>7 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) was<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaac\">ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng \u00a31<span class=\"_ _4\"></span>6 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>7 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n on<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsf ws12 gsaad\">T<span class=\"_ _4\"></span>ransfer of ReAssure policy administration<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaae\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 2023, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s int<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on to f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h TC<span class=\"_ _1\"></span>S t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e mi<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ll </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsaaf\">ReA<span class=\"_ _1\"></span>ssure policies<span class=\"_ _5\"></span> onto the TCS BaNC<span class=\"_ _1\"></span>S platform and the<span class=\"_ _5\"></span> consolidation of its operating locations.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab0\">Fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g a st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c rev<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w in 2025, an<span class=\"_ _1\"></span>d in l<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht o<span class=\"_ _1\"></span>f eme<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ad<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s IT s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>y, the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab1\">ann<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unc<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro as a n<span class=\"_ _1\"></span>ew s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ner u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er a B<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s P<span class=\"_ _1\"></span>roc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s Ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab2\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip W<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>ro p<span class=\"_ _1\"></span>urc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>PH<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Re<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>ssu<span class=\"_ _1\"></span>re pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>m, a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsab3\">of the ALPHA platform.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab4\">Th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e elem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ly en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>nd n<span class=\"_ _1\"></span>ot co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>e dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab5\">att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h D<span class=\"_ _1\"></span>PF<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de o<span class=\"_ _1\"></span>ut<span class=\"_ _2\"></span>sou<span class=\"_ _1\"></span>rce p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er (<span class=\"_ _1\"></span>\u2018O<span class=\"_ _1\"></span>SP<span class=\"_ _2\"></span>\u2019) c<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsab6\">se<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, i<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>it co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he w<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d d<span class=\"_ _1\"></span>own o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he TC<span class=\"_ _1\"></span>S m<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsab7\">Th<span class=\"_ _1\"></span>e OS<span class=\"_ _1\"></span>P an<span class=\"_ _1\"></span>d imp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>aya<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o Wi<span class=\"_ _1\"></span>pro a<span class=\"_ _1\"></span>re sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct to l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>y as th<span class=\"_ _1\"></span>ey ar<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>ly fi<span class=\"_ _1\"></span>xed un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ter<span class=\"_ _1\"></span>ms o<span class=\"_ _1\"></span>f </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsab8\">th<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>ree<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt en<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>to an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o unc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ff th<span class=\"_ _1\"></span>at </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsab9\">tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>r to Wi<span class=\"_ _1\"></span>pro, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>he av<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d num<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019 ser<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. N<span class=\"_ _1\"></span>o cost<span class=\"_ _2\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsaba\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ng s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f po<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsabb\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n was i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by \u00a363 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>36 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), a fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er \u00a363 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3n<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>) was u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsabc\">\u00a37<span class=\"_ gse8\"> </span>mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3ni<span class=\"_ _1\"></span>l) wa<span class=\"_ _1\"></span>s rele<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng \u00a327 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>34 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) is exp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in on<span class=\"_ _1\"></span>e to t<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>o yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 ha ff8 fs2 fc2 sc0 lsa ws1a gsabd\">Discounting<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsabe\">Th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing o<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r fro<span class=\"_ _1\"></span>m ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>f ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e or f<span class=\"_ _1\"></span>rom a c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>unt r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e has<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsabf\">be<span class=\"_ _1\"></span>en al<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r w<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct i<span class=\"_ _1\"></span>s con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o be m<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "A pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>gal o<span class=\"_ _1\"></span>r co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, as a re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt of a p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>t eve<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is l<span class=\"_ _1\"></span>ikel<span class=\"_ _1\"></span>y to res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an ou<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>flow o<span class=\"_ _1\"></span>f res<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rce<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wh<span class=\"_ _1\"></span>ere a rel<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ble e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>n be m<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e. If t<span class=\"_ _1\"></span>he eff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t is mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l, t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d by di<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e ca<span class=\"_ _1\"></span>sh flo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s at a pre<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x rat<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e ti<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e valu<span class=\"_ _1\"></span>e of m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, whe<span class=\"_ _1\"></span>re ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, th<span class=\"_ _1\"></span>e ris<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic to t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. A prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on<span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>us co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s to be d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e les<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>an t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he un<span class=\"_ _1\"></span>avo<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he ne<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t of ex<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h is th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>st of<span class=\"_ _1\"></span> fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g it an<span class=\"_ _1\"></span>d any co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or pe<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom f<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>ure t<span class=\"_ _1\"></span>o fu<span class=\"_ _1\"></span>lfi<span class=\"_ _1\"></span>l it<span class=\"_ _1\"></span>. Co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a<span class=\"_ gse8\"> </span>pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n bu<span class=\"_ _1\"></span>t are d<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _2\"></span>s wit<span class=\"_ _1\"></span>h DP<span class=\"_ _1\"></span>F ar<span class=\"_ _1\"></span>e cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d within the insurance c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>ntract asset<span class=\"_ _1\"></span>s and liabilities. Additions and reductions to provisions<span class=\"_ _5\"></span> are recognised within administrative expenses within<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolid<span class=\"_ _0\"></span>ated inc<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>e statement.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere i<span class=\"_ _1\"></span>t is ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t a pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>e req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le a p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>on w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by a t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y wh<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, it i<span class=\"_ _1\"></span>s vi<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eim<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l be re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>is rei<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s a se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>ll n<span class=\"_ _1\"></span>ot e<span class=\"_ _1\"></span>xcee<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "G8<span class=\"_ _2\"></span>. T<span class=\"_ _5\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1d5 h223\" id=\"_756fbe77-796a-44ea-bd35-3864da817d58\"><tr><td></td><td class=\"c n x1de y641f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y641f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6420 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6420 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6421 ff3 fs2 fc3 sc0 ls18 ws16\">Current tax:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fb1 wa0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fd y5fb1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">298<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fe y5fb1 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 wbb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5ff9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x630 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6422 ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w9f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax as<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ff y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Deferred tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0b y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(490)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1500 y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(198)<span class=\"_ _37b\"> </span></div></td></tr></table>Movement<span class=\"_ _5\"></span> in deferred tax assets/<span class=\"_ _5\"></span>(liabilities)<span class=\"_ _37b\"> </span><table class=\"s w484 h224\" id=\"_40fc6a69-3404-4f28-a411-fe6448cfef0c\"><tr><td></td><td></td><td></td><td class=\"c n x1501 y6423 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1502 y6423 w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x285 hd y6424 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td></td><td></td><td></td><td></td><td class=\"t m0 x756 hd y6424 ff12 fs6 fc3 sc0 lsbd wsc4\">Recognised<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x28b hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x129e hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">in other<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x13fa hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x290 hd y6425 ff12 fs6 fc3 sc0 ls9 ws0\">in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x91e hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1503 hd y6426 ff2 fs6 fc3 sc0 lsc7 wsf5\">comprehen<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x608 hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x28f hd y6427 ff2 fs6 fc3 sc0 lscf wsd1\">31 </td><td></td><td class=\"t m0 x8eb hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x46b hd y6426 ff12 fs6 fc3 sc0 lsc8 wscb\">comprehen<span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x1504 hd y6426 ff12 fs6 fc3 sc0 lsf5 ws9e\">31 </td></tr><tr><td></td><td class=\"t m0 x1505 hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e4 hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x285 hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">sive inc<span class=\"_ _0\"></span>ome </td><td class=\"t m0 xb5e hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">in equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xbfd hd y6429 ff2 fs6 fc3 sc0 lsc7 wsf5\">December<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44b hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x86b hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x756 hd y6428 ff12 fs6 fc3 sc0 ls9 ws0\">si<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me </td><td class=\"t m0 x1506 hd y6428 ff12 fs6 fc3 sc0 lsbe wsc5\">December<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y642a w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1507 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1508 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1509 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150a y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150b y642a w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1246 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150c y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150d y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150e y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642b w357 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>rading losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150f y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1510 y642b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1511 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1512 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1513 y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">551<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1514 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1515 y642b w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1516 y642b we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1517 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642c w485 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Capital losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1518 y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1519 y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151a y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151b y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151c y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151d y642c we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151e y642c w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151f y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y642d ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>enses and<span class=\"_ _5\"></span> deferred </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 x21d h7 y642e ff3 fs2 fc3 sc0 ls18 ws16\">acquisition costs </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 x1e3 y642f w486 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">carried for<span class=\"_ _1\"></span>ward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1520 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1521 y642f w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(103)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1522 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1523 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1524 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1525 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">422<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1526 y642f w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1527 y642f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1528 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6430 w487 h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">temporar<span class=\"_ _2\"></span>y differences<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1529 y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152a y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152b y6430 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152c y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152d y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152e y6430 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152f y6430 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1530 y6430 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1531 y6430 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6431 ff3 fs2 fc3 sc0 ls1c ws6\">Non<span class=\"_ _1\"></span>-refundable pension </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 x1e3 y6432 w488 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">scheme surp<span class=\"_ _1\"></span>lus<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1532 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1533 y6432 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1534 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1535 y6432 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1536 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1537 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(91)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1538 y6432 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c9 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1539 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y6433 ff3 fs2 fc3 sc0 ls18 ws16\">Committed future </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 x147a y6434 w489 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">pension contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153a y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153b y6434 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153c y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153d y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153e y6434 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153f y6434 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1540 y6434 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1541 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1542 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6435 ff3 fs2 fc3 sc0 lse ws1b\">T<span class=\"_ _4\"></span>ransit<span class=\"_ _1\"></span>ional adjustment </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 x1e3 y6436 w48a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9/1<span class=\"_ _4\"></span>7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1543 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1544 y6436 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1545 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1546 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1547 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1548 y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1549 y6436 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154a y6436 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154b y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6437 w48b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Accele<span class=\"_ _0\"></span>rated capital allowances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154c y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154d y6437 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154e y6437 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154f y6437 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1550 y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1551 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1552 y6437 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e0 y6437 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1553 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6438 w48c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Intangibles<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1554 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1183 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1555 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1556 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1557 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1558 y6438 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1559 y6438 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155a y6438 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155b y6438 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6439 w48d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Acquired in-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155c y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155d y6439 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155e y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155f y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1560 y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1561 y6439 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1562 y6439 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1563 y6439 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1564 y6439 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f47 w48e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Customer<span class=\"_ _5\"></span> relationships<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1565 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1566 y5f47 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc5 y5f47 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1567 y5f47 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1568 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(24)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1569 y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156a y5f47 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156b y5f47 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156c y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y643a w48f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Unrealised gains<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156d y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156e y643a w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(160)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1013 y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156f y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1570 y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(572)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1571 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1572 y643a w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1573 y643a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1574 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643b ff6 fs2 fc3 sc0 ls1e ws2d\">Actuarial liability differences<span class=\"_ _5\"></span> <span class=\"_ _1\"></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 x1e3 y643c w490 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al G<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>P a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1575 y643c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1576 y643c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1577 y643c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1578 y643c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1579 y643c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157a y643c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157b y643c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157c y643c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157d y643c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y643d ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x147a y5f17 w491 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">on translation of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">foreign<span class=\"_ _5\"></span> operations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157e y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157f y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1580 y5f17 wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1581 y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1582 y5f17 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1583 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1584 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1585 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1586 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1587 y5edb wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1588 y5edb wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1589 y5edb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158a y5edb wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158b y5edb wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158c y5edb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158d y5edb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158e y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158f y5edb w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x29a y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1590 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1591 y5edc wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1592 y5edc wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1593 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1594 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1595 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">157<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1596 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1597 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of U<span class=\"_ _1\"></span>K Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 is 25% (<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4: 25%). Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, are re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed at 25%<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d for<span class=\"_ _2\"></span>wa<span class=\"_ _1\"></span>rd on<span class=\"_ _1\"></span>ly to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 2025 fro<span class=\"_ _1\"></span>m \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o \u00a355<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span> (202<span class=\"_ _5\"></span>4: inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m \u00a3399 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on to \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on). Th<span class=\"_ _1\"></span>is has ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n pri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly du<span class=\"_ _1\"></span>e to refi<span class=\"_ _1\"></span>nem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> gave r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se to a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n 202<span class=\"_ _5\"></span>4 ar<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>e to n<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s to supp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of a de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> are pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d for th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng Pl<span class=\"_ _1\"></span>an w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r var<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>et s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, div<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d affo<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ce of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f a def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s sug<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>est t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span><table class=\"s w492 h225\" id=\"_d3b6d500-9fbd-4d9f-b7a2-8e8ebbfc20ec\"><tr><td></td><td class=\"c n x1598 y643e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1599 y643e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x159a y5ff3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159b y5ff3 w493 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643f ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s have n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w494 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax losses carried forward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159c y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159d y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w495 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s not r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td></tr></table>A tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ter i<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h H<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>RC in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>&amp;<span class=\"_ _1\"></span>G i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er to R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t thi<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ax b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uin<span class=\"_ _1\"></span>g to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D In<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve Fra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nly r<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>wo r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o\u2019<span class=\"_ _1\"></span>), as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om 1 J<span class=\"_ _1\"></span>anu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4. B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n a jur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ay a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te of 1<span class=\"_ _5\"></span>5% on wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ldw<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023. In M<span class=\"_ _1\"></span>ay 2023, th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>2 In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>xes w<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>aw e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d or s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar Two mod<span class=\"_ _1\"></span>el r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ubl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax la<span class=\"_ _1\"></span>w tha<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s qual<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d do<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m top<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce a tem<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes i<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>2, s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t an en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o Pil<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up con<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at it h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>is exception during the period.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in ju<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ha<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d \u00a3ni<span class=\"_ _1\"></span>l (202<span class=\"_ _5\"></span>4: \u00a3n<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o notes that<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Pillar T<span class=\"_ _4\"></span>wo inc<span class=\"_ _5\"></span>ome taxes legislation i<span class=\"_ _5\"></span>s expected to<span class=\"_ _5\"></span> continue developing,<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he rules ar<span class=\"_ _5\"></span>e inherently c<span class=\"_ _5\"></span>omplex and can po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly le<span class=\"_ _1\"></span>ad to a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bit<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> legislation on<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s operations.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "G8<span class=\"_ _2\"></span>. T<span class=\"_ _5\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w1d5 h223\" id=\"_756fbe77-796a-44ea-bd35-3864da817d58\"><tr><td></td><td class=\"c n x1de y641f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y641f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6420 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6420 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6421 ff3 fs2 fc3 sc0 ls18 ws16\">Current tax:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5fb1 wa0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fd y5fb1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">298<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14fe y5fb1 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">523<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 wbb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Current tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5c2 y5ff9 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x630 y5ff9 w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(21)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6422 ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w9f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred tax as<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3db y5f4c w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">327<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14ff y5f4c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">146<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc wba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Deferred tax liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0b y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(490)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1500 y5edc w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(198)<span class=\"_ _37b\"> </span></div></td></tr></table>Movement<span class=\"_ _5\"></span> in deferred tax assets/<span class=\"_ _5\"></span>(liabilities)<span class=\"_ _37b\"> </span><table class=\"s w484 h224\" id=\"_40fc6a69-3404-4f28-a411-fe6448cfef0c\"><tr><td></td><td></td><td></td><td class=\"c n x1501 y6423 w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1502 y6423 w299 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">20<span class=\"_ _1\"></span>24<span class=\"_ _37b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x285 hd y6424 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td></td><td></td><td></td><td></td><td class=\"t m0 x756 hd y6424 ff12 fs6 fc3 sc0 lsbd wsc4\">Recognised<span class=\"_ _5\"></span> </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x28b hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x129e hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">in other<span class=\"_ _5\"></span> </td><td></td><td></td><td></td><td class=\"t m0 x13fa hd y6425 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x290 hd y6425 ff12 fs6 fc3 sc0 ls9 ws0\">in o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x91e hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x1503 hd y6426 ff2 fs6 fc3 sc0 lsc7 wsf5\">comprehen<span class=\"ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x608 hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">Recognised </td><td class=\"t m0 x28f hd y6427 ff2 fs6 fc3 sc0 lscf wsd1\">31 </td><td></td><td class=\"t m0 x8eb hd y6426 ff2 fs6 fc3 sc0 lsbd wsc4\">in income<span class=\"_ _5\"></span> </td><td class=\"t m0 x46b hd y6426 ff12 fs6 fc3 sc0 lsc8 wscb\">comprehen<span class=\"ff13 ls9 ws0\">-<span class=\"_ _37b\"> </span></span></td><td class=\"t m0 x1504 hd y6426 ff12 fs6 fc3 sc0 lsf5 ws9e\">31 </td></tr><tr><td></td><td class=\"t m0 x1505 hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x8e4 hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x285 hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">sive inc<span class=\"_ _0\"></span>ome </td><td class=\"t m0 xb5e hd y6428 ff2 fs6 fc3 sc0 lsbd wsc4\">in equity<span class=\"_ _37b\"> </span></td><td class=\"t m0 xbfd hd y6429 ff2 fs6 fc3 sc0 lsc7 wsf5\">December<span class=\"_ _37b\"> </span></td><td class=\"t m0 x44b hd y6428 ff2 fs6 fc3 sc0 ls10b ws115\">1 January<span class=\"_ _37b\"> </span></td><td class=\"t m0 x86b hd y6428 ff2 fs6 fc3 sc0 lsc7 wsf5\">statement </td><td class=\"t m0 x756 hd y6428 ff12 fs6 fc3 sc0 ls9 ws0\">si<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me </td><td class=\"t m0 x1506 hd y6428 ff12 fs6 fc3 sc0 lsbe wsc5\">December<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y642a w117 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1507 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1508 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1509 y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150a y642a wc8 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150b y642a w46 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1246 y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150c y642a wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150d y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150e y642a w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642b w357 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>rading losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x150f y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1510 y642b w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1511 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1512 y642b wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1513 y642b w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">551<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1514 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">399<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1515 y642b w50 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">137<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1516 y642b we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1517 y642b w55 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">536<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y642c w485 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Capital losses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1518 y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1519 y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151a y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151b y642c wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151c y642c w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151d y642c we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151e y642c w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x151f y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x577 y642c we1 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y642d ff3 fs2 fc3 sc0 ls1c ws6\">Exp<span class=\"_ _1\"></span>enses and<span class=\"_ _5\"></span> deferred </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 x21d h7 y642e ff3 fs2 fc3 sc0 ls18 ws16\">acquisition costs </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 x1e3 y642f w486 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">carried for<span class=\"_ _1\"></span>ward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1520 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1521 y642f w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(103)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1522 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1523 y642f wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1524 y642f w50 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">142<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1525 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">422<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1526 y642f w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1527 y642f we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1528 y642f w50 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">245<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6430 w487 h1a6\"><div class=\"t m0 x1dd h7 y5f2a ff3 fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">temporar<span class=\"_ _2\"></span>y differences<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1529 y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152a y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152b y6430 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152c y6430 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152d y6430 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152e y6430 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x152f y6430 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1530 y6430 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1531 y6430 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6431 ff3 fs2 fc3 sc0 ls1c ws6\">Non<span class=\"_ _1\"></span>-refundable pension </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 x1e3 y6432 w488 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">scheme surp<span class=\"_ _1\"></span>lus<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1532 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1533 y6432 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1534 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1535 y6432 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1536 y6432 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(55)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1537 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(91)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1538 y6432 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">66<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4c9 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1539 y6432 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(57)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y6433 ff3 fs2 fc3 sc0 ls18 ws16\">Committed future </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 x147a y6434 w489 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">pension contributions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153a y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153b y6434 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153c y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153d y6434 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153e y6434 wc2 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x153f y6434 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1540 y6434 w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1541 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1542 y6434 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6435 ff3 fs2 fc3 sc0 lse ws1b\">T<span class=\"_ _4\"></span>ransit<span class=\"_ _1\"></span>ional adjustment </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 x1e3 y6436 w48a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9/1<span class=\"_ _4\"></span>7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1543 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1544 y6436 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1545 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1546 y6436 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1547 y6436 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1548 y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1549 y6436 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154a y6436 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154b y6436 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6437 w48b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Accele<span class=\"_ _0\"></span>rated capital allowances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154c y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154d y6437 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154e y6437 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x154f y6437 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1550 y6437 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">25<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1551 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">23<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1552 y6437 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x14e0 y6437 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1553 y6437 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6438 w48c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Intangibles<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1554 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1183 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1555 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1556 y6438 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1557 y6438 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1558 y6438 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1559 y6438 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(30)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155a y6438 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155b y6438 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6439 w48d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Acquired in-<span class=\"_ _1\"></span>force business<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155c y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155d y6439 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">41<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155e y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x155f y6439 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1560 y6439 w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(273)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1561 y6439 w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1562 y6439 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1563 y6439 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1564 y6439 w71 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(314)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f47 w48e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Customer<span class=\"_ _5\"></span> relationships<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1565 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1566 y5f47 wce h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n xfc5 y5f47 w89 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1567 y5f47 wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1568 y5f47 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(24)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1569 y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(27)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156a y5f47 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156b y5f47 we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156c y5f47 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(25)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y643a w48f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Unrealised gains<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156d y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156e y643a w127 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(160)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1013 y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x156f y643a wcc h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1570 y643a w52 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(572)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1571 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(361)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1572 y643a w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(51)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1573 y643a we1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1574 y643a w53 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(412)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643b ff6 fs2 fc3 sc0 ls1e ws2d\">Actuarial liability differences<span class=\"_ _5\"></span> <span class=\"_ _1\"></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 x1e3 y643c w490 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al G<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>P a<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1575 y643c w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1576 y643c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1577 y643c w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1578 y643c wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1579 y643c wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157a y643c w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(242)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157b y643c w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">173<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157c y643c we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157d y643c w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(69)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x1479 h7 y643d ff6 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge d<span class=\"_ _1\"></span>iff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x147a y5f17 w491 h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">on translation of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">foreign<span class=\"_ _5\"></span> operations<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157e y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x157f y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1580 y5f17 wce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1581 y5f17 we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1582 y5f17 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">8<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1583 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1584 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1585 y5f17 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1586 y5f17 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1587 y5edb wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1588 y5edb wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1589 y5edb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158a y5edb wcc h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158b y5edb wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158c y5edb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158d y5edb w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(12)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158e y5edb we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x158f y5edb w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x29a y5edc w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1590 y5edc w127 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(113)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1591 y5edc wd8 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(4)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1592 y5edc wce h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1593 y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(163)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1594 y5edc w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(177)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1595 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">157<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1596 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(32)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1597 y5edc w85 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(52)<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ard r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e of U<span class=\"_ _1\"></span>K Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 is 25% (<span class=\"_ _2\"></span>yea<span class=\"_ _1\"></span>r en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 202<span class=\"_ _5\"></span>4: 25%). Sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, wh<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>, are re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed at 25%<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d for<span class=\"_ _2\"></span>wa<span class=\"_ _1\"></span>rd on<span class=\"_ _1\"></span>ly to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at rea<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit is p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n 2025 fro<span class=\"_ _1\"></span>m \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>o \u00a355<span class=\"_ _5\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, a<span class=\"_ _1\"></span>s sh<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span> (202<span class=\"_ _5\"></span>4: inc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fro<span class=\"_ _1\"></span>m \u00a3399 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on to \u00a3536 mi<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on). Th<span class=\"_ _1\"></span>is has ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>n pri<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly du<span class=\"_ _1\"></span>e to refi<span class=\"_ _1\"></span>nem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x ca<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat<span class=\"_ _1\"></span> gave r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>se to a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>l t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>n 202<span class=\"_ _5\"></span>4 ar<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e du<span class=\"_ _1\"></span>e to n<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xab<span class=\"_ _1\"></span>le lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t fore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s to supp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on of a de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to th<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> are pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>d for th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>nnu<span class=\"_ _1\"></span>al O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng Pl<span class=\"_ _1\"></span>an w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch is us<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r var<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us pu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>et s<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, div<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d affo<span class=\"_ _1\"></span>rda<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d go<span class=\"_ _1\"></span>ing c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o be a re<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ce of i<span class=\"_ _1\"></span>nfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f a def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et i<span class=\"_ _1\"></span>n rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ast<span class=\"_ _2\"></span>s sug<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>est t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e ut<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n fu<span class=\"_ _1\"></span>ll w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n 5 yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s (202<span class=\"_ _5\"></span>4: 8 y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span><table class=\"s w492 h225\" id=\"_d3b6d500-9fbd-4d9f-b7a2-8e8ebbfc20ec\"><tr><td></td><td class=\"c n x1598 y643e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1599 y643e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x159a y5ff3 w46 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159b y5ff3 w493 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y643f ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s have n<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w494 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>ax losses carried forward<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159c y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">49<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159d y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">54<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w495 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s not r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ea y5edc w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">103<span class=\"_ _37b\"> </span></div></td><td class=\"c n x925 y5edc w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">116<span class=\"_ _37b\"> </span></div></td></tr></table>A tec<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ter i<span class=\"_ _1\"></span>s cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>tly b<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>ng d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ed w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h H<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>RC in r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he L<span class=\"_ _1\"></span>&amp;<span class=\"_ _1\"></span>G i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>er to R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s are n<span class=\"_ _1\"></span>ot su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly pr<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t thi<span class=\"_ _1\"></span>s st<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e fo<span class=\"_ _1\"></span>r reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of any p<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ax b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uin<span class=\"_ _1\"></span>g to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D In<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve Fra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nly r<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>wo r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o\u2019<span class=\"_ _1\"></span>), as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om 1 J<span class=\"_ _1\"></span>anu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4. B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n a jur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ay a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te of 1<span class=\"_ _5\"></span>5% on wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ldw<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023. In M<span class=\"_ _1\"></span>ay 2023, th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>2 In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>xes w<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>aw e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d or s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar Two mod<span class=\"_ _1\"></span>el r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ubl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax la<span class=\"_ _1\"></span>w tha<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s qual<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d do<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m top<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce a tem<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes i<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>2, s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t an en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o Pil<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up con<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at it h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>is exception during the period.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsae5\">Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in ju<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ha<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsae6\">2025, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d \u00a3ni<span class=\"_ _1\"></span>l (202<span class=\"_ _5\"></span>4: \u00a3n<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsae7\">notes that<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Pillar T<span class=\"_ _4\"></span>wo inc<span class=\"_ _5\"></span>ome taxes legislation i<span class=\"_ _5\"></span>s expected to<span class=\"_ _5\"></span> continue developing,<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he rules ar<span class=\"_ _5\"></span>e inherently c<span class=\"_ _5\"></span>omplex and can </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsae8\">po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly le<span class=\"_ _1\"></span>ad to a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bit<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsae9\">legislation on<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s operations.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "Def<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x is pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r on tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y diff<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s of as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s use<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n pu<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. De<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of g<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>dw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ial r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in a t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hat i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss co<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, aff<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g nor t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>ble p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>er of rea<span class=\"_ _5\"></span>lis<span class=\"_ _1\"></span>ation or settle<span class=\"_ _5\"></span>ment of the carr<span class=\"_ _1\"></span>ying amount of<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ets and liabilities, using<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>ax rates and<span class=\"_ _5\"></span> laws enacted or s<span class=\"_ _5\"></span>ubst<span class=\"_ _1\"></span>antively ena<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d. A defe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t is rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>nly t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e exte<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it is pr<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le t<span class=\"_ _1\"></span>hat f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>xa<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>fit<span class=\"_ _2\"></span>s wil<span class=\"_ _1\"></span>l be av<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>n be u<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d. D<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e red<span class=\"_ _1\"></span>uce<span class=\"_ _1\"></span>d to t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>at it is n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>ll<span class=\"_ gse8\"> </span>b<span class=\"_ _1\"></span>e real<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>uin<span class=\"_ _1\"></span>g to m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ito<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e G20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D In<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve Fra<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ewo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, com<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>nly r<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to a<span class=\"_ _1\"></span>s Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>wo r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o\u2019<span class=\"_ _1\"></span>), as t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s fr<span class=\"_ _1\"></span>om 1 J<span class=\"_ _1\"></span>anu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>4. B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>ly, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es s<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>k to en<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>, o<span class=\"_ _1\"></span>n a jur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>by<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ba<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l ent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>es p<span class=\"_ _1\"></span>ay a mi<span class=\"_ _1\"></span>nim<span class=\"_ _1\"></span>um t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te of 1<span class=\"_ _5\"></span>5% on wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ldw<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2023. In M<span class=\"_ _1\"></span>ay 2023, th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 1<span class=\"_ _5\"></span>2 In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>xes w<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed to c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>if<span class=\"_ _2\"></span>y th<span class=\"_ _1\"></span>at t<span class=\"_ _1\"></span>he I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>aw e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d or s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>ely e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d to i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar Two mod<span class=\"_ _1\"></span>el r<span class=\"_ _1\"></span>ule<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ubl<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he O<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>D, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>ax la<span class=\"_ _1\"></span>w tha<span class=\"_ _1\"></span>t im<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s qual<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d do<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ic mi<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m top<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>up t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>dm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ce a tem<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> excep<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes i<span class=\"_ _1\"></span>n I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1<span class=\"_ _5\"></span>2, s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t an en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y w<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>ld ne<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>r di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se inf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ass<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted t<span class=\"_ _1\"></span>o Pil<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up con<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at it h<span class=\"_ _1\"></span>as ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>is exception during the period.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>in ju<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup m<span class=\"_ _1\"></span>ay ha<span class=\"_ _1\"></span>ve ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>res t<span class=\"_ _1\"></span>o Pi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar T<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e Ire<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e UK<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025, th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as a<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d \u00a3ni<span class=\"_ _1\"></span>l (202<span class=\"_ _5\"></span>4: \u00a3n<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>) in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of P<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>axe<span class=\"_ _1\"></span>s ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d on i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. Th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o notes that<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Pillar T<span class=\"_ _4\"></span>wo inc<span class=\"_ _5\"></span>ome taxes legislation i<span class=\"_ _5\"></span>s expected to<span class=\"_ _5\"></span> continue developing,<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he rules ar<span class=\"_ _5\"></span>e inherently c<span class=\"_ _5\"></span>omplex and can po<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>ly le<span class=\"_ _1\"></span>ad to a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>bit<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y ou<span class=\"_ _1\"></span>tco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>efo<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up is co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nui<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>o as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r T<span class=\"_ _5\"></span>wo i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> legislation on<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s operations.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "G9. L<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y is in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>id a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, discounted using<span class=\"_ _0\"></span> the Group\u2019<span class=\"_ _5\"></span>s incremental borrowing rate as the inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st rate implicit<span class=\"_ _5\"></span> in the lease cannot be readily determined. For<span class=\"_ gse8\"> </span>g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>und r<span class=\"_ _1\"></span>ent le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s mad<span class=\"_ _1\"></span>e. I<span class=\"_ _1\"></span>t is rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, re<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>o be e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>k cl<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w496 h1c5\" id=\"_6d940848-8e29-471a-91a8-5bfa837f5915\"><tr><td></td><td class=\"c n x1de y5ffb w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5ffb w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ffc wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ffc w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f15 w1ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">At 1 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f15 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f15 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">74<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w497 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f16 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x795 y5f16 we4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">6<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w498 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f lea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l of a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159e y5ed7 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x159f y5ed7 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w499 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Interest expense<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a0 y5ed8 w87 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a1 y5ed8 w87 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">2<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w49a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Lease payments<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a2 y5ed9 w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a3 y5ed9 w85 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w1d1 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23e y5f17 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">59<span class=\"_ _37b\"> </span></div></td><td class=\"c n x3e1 y5f17 w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">64<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w49b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Amount due within 1<span class=\"_ _4\"></span>2 months<span class=\"_ _37b\"> </span></div></td><td class=\"c n x134e y5edb w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a4 y5edb w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w49c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt d<span class=\"_ _1\"></span>ue a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ter 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>hs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">47<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">51<span class=\"_ _37b\"> </span></div></td></tr></table>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _5\"></span>-<span class=\"_ _2\"></span>of-<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s are in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s G3 a<span class=\"_ _1\"></span>nd G<span class=\"_ _1\"></span>4.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "Th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y is in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lly m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ent v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e no<span class=\"_ _1\"></span>t pa<span class=\"_ _1\"></span>id a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>ent d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, discounted using<span class=\"_ _0\"></span> the Group\u2019<span class=\"_ _5\"></span>s incremental borrowing rate as the inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st rate implicit<span class=\"_ _5\"></span> in the lease cannot be readily determined. For<span class=\"_ gse8\"> </span>g<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>und r<span class=\"_ _1\"></span>ent le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al b<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ra<span class=\"_ _1\"></span>te of i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es is u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt r<span class=\"_ _1\"></span>ate. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y is su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ly in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t cos<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y and d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d by l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s mad<span class=\"_ _1\"></span>e. I<span class=\"_ _1\"></span>t is rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e is a ch<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ge i<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>utu<span class=\"_ _1\"></span>re le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span>, fo<span class=\"_ _1\"></span>r exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, re<span class=\"_ _1\"></span>nt re<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>s or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r a ter<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly ce<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>o be e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d jud<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt t<span class=\"_ _1\"></span>o det<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e lea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m for s<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h b<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>k cl<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "G<span class=\"_ _5\"></span>10. Ac<span class=\"_ _5\"></span>crual<span class=\"_ _1\"></span>s and<span class=\"_ _5\"></span> deferred income<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s acc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>d of t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ear.<span class=\"_ _37b\"> </span><table class=\"s w49d h226\" id=\"_33e4d10e-d7bb-426c-81bc-cb408ddc0899\"><tr><td></td><td class=\"c n x1598 y601c w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a5 y601c w49e h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 ls7c ws7d\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x59d y601d wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y601d wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w49f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1e ws2d\">Accruals<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1ee y5ff9 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">498<span class=\"_ _37b\"> </span></div></td><td class=\"c n x124a y5ff9 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">546<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w4a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Deferred income<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">67<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5f93 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">37<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a6 y5f77 w55 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">565<span class=\"_ _37b\"> </span></div></td><td class=\"c n x108d y5f77 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">583<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w4a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s du<span class=\"_ _1\"></span>e for s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa69 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">39<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a7 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">38</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "G1<span class=\"_ _4\"></span>1. O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Other payables<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed when<span class=\"_ _0\"></span> due and ar<span class=\"_ _5\"></span>e measured on<span class=\"_ _5\"></span> initial recogn<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ion at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fair<span class=\"_ _5\"></span> value of the c<span class=\"_ _5\"></span>onsideration payable.<span class=\"_ _5\"></span> Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w4a2 h223\" id=\"_95152a26-6368-48e0-a8f4-acd46757603d\"><tr><td></td><td class=\"c n x1de y641f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y641f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6420 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6420 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w474 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment br<span class=\"_ _5\"></span>oker balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a8 y5fbf w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">969<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1528 y5fbf w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w4a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Property related payabl<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a9 y5fb1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15aa y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w4a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment m<span class=\"_ _5\"></span>anagement fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ab y5ff9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15aa y5ff9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6183 w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ac y6183 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,366<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ad y6183 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,487<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ae y5ffa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15af y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w4a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s du<span class=\"_ _1\"></span>e for s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b0 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b1 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "G1<span class=\"_ _4\"></span>1. O<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Other payables<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed when<span class=\"_ _0\"></span> due and ar<span class=\"_ _5\"></span>e measured on<span class=\"_ _5\"></span> initial recogn<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ion at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fair<span class=\"_ _5\"></span> value of the c<span class=\"_ _5\"></span>onsideration payable.<span class=\"_ _5\"></span> Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w4a2 h223\" id=\"_95152a26-6368-48e0-a8f4-acd46757603d\"><tr><td></td><td class=\"c n x1de y641f w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y641f w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6420 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6420 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fbf w474 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment br<span class=\"_ _5\"></span>oker balances<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a8 y5fbf w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">969<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1528 y5fbf w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">718<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fb1 w4a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Property related payabl<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15a9 y5fb1 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">81<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15aa y5fb1 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">57<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w4a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment m<span class=\"_ _5\"></span>anagement fees<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ab y5ff9 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">13<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15aa y5ff9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">18<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6183 w187 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls6f ws33\">Other<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ac y6183 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,366<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ad y6183 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,487<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ffa w1d1 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">At 3<span class=\"_ _5\"></span>1 December<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ae y5ffa w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">2,429<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15af y5ffa w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,280<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w4a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s du<span class=\"_ _1\"></span>e for s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er 1<span class=\"_ _5\"></span>2 m<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b0 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">31<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b1 y5edc we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "Other payables<span class=\"_ _5\"></span> are recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed when<span class=\"_ _0\"></span> due and ar<span class=\"_ _5\"></span>e measured on<span class=\"_ _5\"></span> initial recogn<span class=\"_ _5\"></span>it<span class=\"_ _1\"></span>ion at<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he fair<span class=\"_ _5\"></span> value of the c<span class=\"_ _5\"></span>onsideration payable.<span class=\"_ _5\"></span> Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt to in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e paya<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at am<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>st us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>est r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "H<span class=\"_ _1\"></span>. Inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ts i<span class=\"_ _1\"></span>n subs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ies a<span class=\"_ _1\"></span>nd as<span class=\"_ _1\"></span>soc<span class=\"_ _1\"></span>iate<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>H1<span class=\"_ _5\"></span>. Subsidiaries<span class=\"_ _37b\"> </span>Su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol is o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up (s<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>) whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h for o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>sua<span class=\"_ _1\"></span>lly w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r 50% o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey cea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o be s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>ny di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of the carr<span class=\"_ _1\"></span>ying amount of the subsidiar<span class=\"_ _1\"></span>y including non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _1\"></span>, is rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed in the c<span class=\"_ _5\"></span>ons<span class=\"_ _1\"></span>olidated income statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. A<span class=\"_ _1\"></span>ny e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span> go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rer<span class=\"_ _2\"></span>\u2019s inter<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ee\u2019s id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ov<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Directly attributa<span class=\"_ _1\"></span>ble acquisition c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s are included within administrative expenses, except<span class=\"_ _0\"></span> for acquisitions undertaken prior t<span class=\"_ _5\"></span>o 20<span class=\"_ _5\"></span>10 wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. C<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>sui<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>bt o<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t or e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m int<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>gro<span class=\"_ _1\"></span>up tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s are el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>end<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), uni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u00e9t<span class=\"_ _1\"></span>\u00e9 d\u2019<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt \u00e0 C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AVs\u2019<span class=\"_ _1\"></span>), inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s perc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1. In par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of<span class=\"_ _1\"></span> sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r of v<span class=\"_ _1\"></span>eto, l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to rem<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er) t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t gi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to exer<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m, r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e of j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngs i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s held b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s mad<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>o po<span class=\"_ _1\"></span>wer, for exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y dis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l suc<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f exte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y for Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E1 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s have n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Portfolio tr<span class=\"_ _5\"></span>ansfers<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fir<span class=\"_ _1\"></span>st co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3 <span class=\"ffa9 ls3c ws3d\">B<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>ss Combina<span class=\"_ _1\"></span>tions<span class=\"_ _1\"></span></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly in c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad a p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n su<span class=\"_ _1\"></span>ch ca<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y is to re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acquired<span class=\"_ _5\"></span> is recognised<span class=\"_ _5\"></span> in the consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span>H1<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>1 Significant restrictions<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>m o<span class=\"_ _1\"></span>f ca<span class=\"_ _1\"></span>sh d<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds o<span class=\"_ _1\"></span>r to re<span class=\"_ _1\"></span>pay l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces i<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>bje<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>o loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l la<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>s, r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>nd s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Ea<span class=\"_ _1\"></span>ch r<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p mu<span class=\"_ _1\"></span>st ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in su<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l at al<span class=\"_ _1\"></span>l ti<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s to me<span class=\"_ _1\"></span>et t<span class=\"_ _1\"></span>he re<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ato<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l req<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s mandated b<span class=\"_ _5\"></span>y or other<span class=\"_ _1\"></span>wise agreed<span class=\"_ _5\"></span> w<span class=\"_ _1\"></span>ith the re<span class=\"_ _5\"></span>levant national s<span class=\"_ _5\"></span>up<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>visor<span class=\"_ _1\"></span>y authorit<span class=\"_ _1\"></span>y.<span class=\"_ _5\"></span> Further information on<span class=\"_ _0\"></span> the capital requireme<span class=\"_ _5\"></span>nt<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>ut i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>pit<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on (no<span class=\"_ _1\"></span>te I3). Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r UK c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny la<span class=\"_ _1\"></span>w, div<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ds c<span class=\"_ _1\"></span>an o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y be<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>id if a U<span class=\"_ _1\"></span>K com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny has d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>ves s<span class=\"_ _1\"></span>uffi<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t to cove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e div<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>al re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ay p<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ce re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s on t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer o<span class=\"_ _1\"></span>f f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>s fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rl L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>\u2018P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) is r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ed to m<span class=\"_ _1\"></span>ake p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>to ch<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>d acc<span class=\"_ _1\"></span>oun<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>n be<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>lf o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>ey </span>Li<span class=\"_ _1\"></span>fe S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t for<span class=\"_ _1\"></span>m p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s an<span class=\"_ _1\"></span>d at 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, P<span class=\"_ _1\"></span>eL<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>L hel<span class=\"_ _1\"></span>d \u00a320 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a320 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n) wit<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd \u00a3<span class=\"_ _1\"></span>20 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (2024<span class=\"_ _5\"></span>: \u00a31<span class=\"_ _4\"></span>9 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>len<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se cha<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Fur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>mai<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>unt<span class=\"_ _2\"></span>s may b<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e pay<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span> note G<span class=\"_ _4\"></span>1.3<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ure M<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dco L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>ML<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>) is re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d to ma<span class=\"_ _1\"></span>ke pay<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in<span class=\"_ _1\"></span>to a r<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ced a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t on b<span class=\"_ _1\"></span>eha<span class=\"_ _1\"></span>lf o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he </span>Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me. T<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>o not fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m pa<span class=\"_ _1\"></span>rt o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>t 3<span class=\"_ _5\"></span>1 D<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, R<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>L hel<span class=\"_ _1\"></span>d \u00a344 mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ion (<span class=\"_ _1\"></span>202<span class=\"_ _5\"></span>4: \u00a34<span class=\"_ _5\"></span>3 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n) wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s m<span class=\"_ _1\"></span>ay be<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e pa<span class=\"_ _1\"></span>ya<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te G1<span class=\"_ _5\"></span>.4.<span class=\"_ _37b\"> </span><div class=\"t m0 hf ff1 fs2 fc1 sc0 lsf ws12 gsb59\">H5. Group entities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb5a\">Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's sub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s), ass<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb5b\">ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to 20% o<span class=\"_ _1\"></span>r m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb5c\">uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as a su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _2\"></span>y or as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te).<span class=\"_ _37b\"> </span></div><div class=\"gsb5d\"><table class=\"s w4ad h229\" id=\"_d6cc13ea-2fdb-4e9c-bb73-7a326aa39341\"><tr><td></td><td></td><td></td><td class=\"t m0 x425 hd y6445 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6445 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6446 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6447 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6447 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6448 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6448 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6449 ff2 fs2 fc3 sc0 ls1c ws6\">Subsidiaries:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644a w4b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Limited (life assurance c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c6 y644a w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c7 y644a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y644a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Europe Operat<span class=\"_ _1\"></span>ions (Stephen's<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>reen) </td><td></td><td class=\"c n x15c9 y644c w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y644c w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y644c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644d ff3 fs2 fc3 sc0 ls1c ws6\">Designated<span class=\"_ _5\"></span> Act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> (formerly Phoenix<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>ife </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y644e ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe DAC<span class=\"_ _1\"></span>) (n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644f w4b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe C<span class=\"_ _2\"></span>A Li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ife a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cc y644f w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cd y644f w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y644f w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6450 w4b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Life Limited (life assurance c<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>pany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cf y6450 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d0 y6450 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y6450 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6451 w4b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Limited (life assurance company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d2 y6451 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y6451 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y6451 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6452 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life A<span class=\"_ _1\"></span>ssurance Limited (life assurance </td><td></td><td class=\"c n x15c9 y6453 w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6453 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6453 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6454 ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6455 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Int<span class=\"_ _0\"></span>ernational Design<span class=\"_ _5\"></span>ated Activit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x15c9 y6456 w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y6456 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y6456 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6457 ff3 fs2 fc3 sc0 ls1c ws6\">(life assurance<span class=\"_ _5\"></span> company \u2013<span class=\"_ _5\"></span> directly owned by<span class=\"_ _5\"></span> the Company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6458 ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Group Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6459 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6459 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6459 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645a ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y645b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Group Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited </td><td></td><td class=\"c n x15c9 y645c w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y645c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y645c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645d ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y645e w4bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGMS (Ireland) Limited (<span class=\"_ _5\"></span>management serv<span class=\"_ _1\"></span>ices c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d9 y645e w4be h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15da y645e w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y645e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y645f w4bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices (Bermuda) Limited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15db y645f w4c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls27 ws27\">B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>da\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15dc y645f w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y645f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6460 ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure UK Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6461 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6461 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6461 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6462 ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6463 w4c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PA (GI) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e0 y6463 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e1 y6463 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y6463 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6464 w4c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>03<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e3 y6464 w4c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">War<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>ur S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>eet R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y6464 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6464 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6464 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6465 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6466 ff3 fs2 fc3 sc0 ls9 ws0\">3 St A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>w S<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>re A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td></td><td class=\"c n x15c9 y6467 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6467 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6468 ff3 fs2 fc3 sc0 ls1c ws6\">(propert<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6469 ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed </td><td></td><td class=\"c n x15c9 y646a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646b ff6 fs2 fc3 sc0 ls1c ws6\">(non-<span class=\"_ _1\"></span>trading<span class=\"_ gse8\"> </span>c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y646c ff3 fs2 fc3 sc0 ls18 ws16\">Abbey Life T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Securities Limited </td><td></td><td class=\"c n x15c9 y646d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646e ff6 fs2 fc3 sc0 ls9 ws0\">(p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y646f w4c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Abbey Life T<span class=\"_ _4\"></span>rustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e4 y646f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y646f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y646f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6470 w4c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Alba Life T<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (non<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>rading compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e7 y6470 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y6470 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6470 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6471 ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>dam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (U<span class=\"_ _1\"></span>S Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s) </td><td></td><td class=\"c n x15c9 y6472 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ea y6472 w4cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited Liability</div></td><td class=\"t m0 xee6 h7 y6471 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">LLC (inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6474 ff3 fs2 fc3 sc0 ls9 ws0\">Al<span class=\"_ _1\"></span>ba L<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>S Pen<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td class=\"c n x15c9 y6475 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6475 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6475 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6476 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6477 ff3 fs2 fc3 sc0 ls1c ws6\">Barnwood Properties Limited<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>propert<span class=\"_ _1\"></span>y </td><td></td><td class=\"c n x15c9 y6478 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6478 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6478 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6479 ff6 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y647a w4cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BA (FURBS) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15eb y647a w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y647a w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y647a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647b w4cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BL T<span class=\"_ _4\"></span>elford Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ee y647b w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y647b w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y647b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y647c w4d0 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff6 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c9 y647d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y647d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y647d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647e w4d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Britannic Group Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f1 y647e w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f2 y647e w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y647e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y647f ff3 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic M<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x15c9 y6480 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6480 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6480 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6481 ff3 fs2 fc3 sc0 ls18 ws16\">Limited (investment advice company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6482 w4d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CH Management<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (inves<span class=\"_ _0\"></span>tment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f3 y6482 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y6482 w4d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _2\"></span>y Shar<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y6482 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6483 w4d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Century T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f6 y6483 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y6483 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6483 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616d w4d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CGE<span class=\"_ _5\"></span> Management Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f8 y616d w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f9 y616d w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y616d w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616e w4d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Cit<span class=\"_ _1\"></span>yfourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fb y616e w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y616e w4db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited with</div></td><td class=\"t m0 xee6 h7 y6484 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6485 ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6486 ff3 fs2 fc3 sc0 ls9 ws0\">G A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce &amp; P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es </td><td></td><td class=\"c n x15c9 y5f8f w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y5f8f w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6487 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w4dc h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Patria Private<span class=\"_ _5\"></span> Equit<span class=\"_ _1\"></span>y T<span class=\"_ _4\"></span>rust plc (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fd y5edc w4dd h1c4\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fe y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5edc w4de h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">55.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22a\" id=\"_ab5a71d0-0876-417d-aece-6bdfda693610\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6488 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6488 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6489 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y648a ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y648a ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y648b w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y648b w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y648c w4df h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Phoenix Group Holdings<span class=\"_ _5\"></span> (non-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rading company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y648c w4e0 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>\u00b9\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y648c w4e1 h19c\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private Compan<span class=\"_ _5\"></span>y<span class=\"_ _1b\"> </span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y648d w4e2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l (<span class=\"_ _1\"></span>WP) I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s LLC (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1601 y648d w4e3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">W<span class=\"_ _1\"></span>ilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y648d w4e4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>iabilit<span class=\"_ _1\"></span>y</div></td><td class=\"t m0 xee6 h7 y648e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y648f ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6490 ff3 fs2 fc3 sc0 lsf ws4\">ERIP Gen<span class=\"_ _1\"></span>eral Partner Limi<span class=\"_ _1\"></span>ted (General </td><td class=\"c n x15c9 y6491 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6491 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6491 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">8<span class=\"_ _1\"></span>0.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6492 ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to ER<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6493 w4e6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ERIP Limited Partner<span class=\"_ _1\"></span>ship (Limited Partnership)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y6493 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y6493 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y6493 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6494 w4e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G Financial<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1605 y6494 w4e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y6494 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y6494 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6495 w4eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">G Li<span class=\"_ _1\"></span>fe H L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6495 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y6495 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y6495 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6496 w4ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G T<span class=\"_ _4\"></span>rustees Ltd (<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d9 y6496 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y6496 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6496 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6497 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k (N<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ee) </td><td class=\"c n x15c9 y6498 w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6498 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6498 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6499 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y649a w4ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Gresham <span class=\"_ _5\"></span>Life Assurance Society Limited<span class=\"_ _5\"></span> (dormant<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company<span class=\"_ _5\"></span>)<span class=\"_ _1b\"> </span><span class=\"ff3\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x15ef y649a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y649a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649b w4ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Iceni Nominees<span class=\"_ _5\"></span> (No. 2)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y649b w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160d y649b w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y649b w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649c w4f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">IH (Jersey) Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y649c w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160f y649c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y649c w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649d w4f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Impala Holdings Limited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y649d w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y649d w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y649d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649e w4f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Inhoco 3<span class=\"_ _4\"></span>10<span class=\"_ _5\"></span>7 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y649e w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y649e w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y649e w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649f w4f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Laurt<span class=\"_ _1\"></span>rust Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y649f w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y649f w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y649f w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a0 w4f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64a0 w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a1 w4f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London Life<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y64a1 w4f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1618 y64a1 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y64a1 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a2 w4fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Namulas Pension<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (trustee<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y64a2 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a3 w4fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Institution<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y64a3 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y64a3 w4fd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y64a4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y64a5 ff3 fs2 fc3 sc0 ls1c ws6\">without Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y64a6 w4fe h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Life<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64a6 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a6 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a7 w4ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Life T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (dormant com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y64a7 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1621 y64a7 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y64a7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a8 w500 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Pensions<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1623 y64a8 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64a8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64a8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a9 w501 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">NP Life Holdings Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y64a9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a9 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64aa w502 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Printwork<span class=\"_ _1\"></span>s) Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64aa w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1628 y64aa w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y64aa w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ab w503 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Westgate<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y64ab w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y64ab w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y64ab w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ac w504 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (<span class=\"_ _5\"></span>Covent Garden<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162a y64ac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y64ac w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y64ac w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ad w505 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (Moor<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>ouse)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162b y64ad w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162c y64ad w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162d y64ad w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ae w506 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl AL Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162e y64ae w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ae w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ae w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64af ff3 fs2 fc3 sc0 ls1e ws2d\">Pearl As<span class=\"_ _1\"></span>surance Group<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>oldings </td><td class=\"c n x15c9 y64b0 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b0 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b0 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b1 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b2 w507 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cf y64b2 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1631 y64b2 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1632 y64b2 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w508 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 1<span class=\"_ _5\"></span>) L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64b3 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1634 y64b3 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b4 w509 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 2) Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1635 y64b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64b4 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b5 ff3 fs2 fc3 sc0 ls1c ws6\">Pearl Group<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>ecretariat Ser<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64b6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b6 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b7 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b8 w50a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Life Holdings Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1636 y64b8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64b8 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y64b8 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b9 w50b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl MP Birmingham<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1639 y64b9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163a y64b9 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y64b9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w50c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl RL<span class=\"_ _5\"></span>G Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163c y6403 w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6403 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w50e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163f y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w50f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 4<span class=\"_ _5\"></span>) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1641 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y619b w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 5<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619c w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619c w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 6<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619d w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619d w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w511 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>lasgow) Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1645 y61ad w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y61ad w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y61ad w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ba ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (Ireland) Holdings Unlimited </td><td class=\"c n x15c9 y619e w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y619e w512 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">U<span class=\"_ _1\"></span>nlimited with</div></td><td class=\"t m0 xee6 h7 y64ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y64bb ff6 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>holding<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y64bb ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y63b4 w513 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PG<span class=\"_ _1\"></span>S 2 L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y63b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y63b4 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y63b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fac w514 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life As<span class=\"_ _1\"></span>surance Limited (<span class=\"_ _5\"></span>non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ading company<span class=\"_ _0\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y5fac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y5fac w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5fac w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w515 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix &amp;<span class=\"_ _5\"></span> London A<span class=\"_ _1\"></span>ssurance Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15eb y6105 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y6105 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y6105 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w516 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Advisers Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y5f4a w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y5f4a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y5f4a w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w517 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix A<span class=\"_ _5\"></span>W Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y5f8f w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y5f8f w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y5f8f w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bc ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix C<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y6176 w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6176 w4b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6176 w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bd ff6 fs2 fc3 sc0 ls1c ws6\">ser<span class=\"_ _1\"></span>vices<span class=\"_ gse8\"> </span><span class=\"_ _0\"></span>company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22b\" id=\"_318011a7-a858-43c8-803b-fe442466e6a9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64be ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64be ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64bf ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64c0 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64c0 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64c1 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64c1 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c2 w51a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER<span class=\"_ _5\"></span>1 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y64c2 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y64c2 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y64c2 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c3 w51b h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>2 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c3 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c3 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c3 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c4 w51c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER3 Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64c4 w4f9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64c4 w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64c4 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c5 w51d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164f y64c5 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1650 y64c5 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64c5 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c6 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>5 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c6 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c6 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c6 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c7 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R6 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c7 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c7 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c7 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c8 w51e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1652 y64c8 w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64c8 w51f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y64c8 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64c9 ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding </td><td class=\"c n x15c9 y64ca w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64ca w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64ca w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cb ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64cc w521 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group C<span class=\"_ _1\"></span>A Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64cc w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64cc w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64cc w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64cd w522 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Group<span class=\"_ _5\"></span> Management Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1657 y64cd w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y64cd w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1658 y64cd w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ce w523 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 7)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ce w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1659 y64ce w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y64ce w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cf ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Holdings Limited (holding c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>mpany </td><td class=\"c n x15c9 y64d0 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d1 ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d2 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Holdings </td><td class=\"c n x15c9 y64d3 w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64d3 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64d3 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d4 ff3 fs2 fc3 sc0 ls18 ws16\">(Bermuda) Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d5 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pension Sc<span class=\"_ _1\"></span>heme (<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>rustees) </td><td class=\"c n x15c9 y64a2 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d6 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d7 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pensions T<span class=\"_ _5\"></span>rustee S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64d8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d9 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64da w524 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Real Est<span class=\"_ _1\"></span>ate Managemen<span class=\"_ _1\"></span>t GP Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165b y64da w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165c y64da w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y64da w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64db ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td class=\"c n x15c9 y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64dc w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64dc w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64dd ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64de w526 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64de w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64de w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64de w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64df w527 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Pens<span class=\"_ _5\"></span>ions T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165e y64df w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y64df w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y64df w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w528 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y64e0 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y64e0 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y64e0 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w529 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SL<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>irect Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y64e1 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64e1 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64e1 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w52a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV1<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1665 y64e2 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y64e2 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y64e2 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV2 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e3 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e3 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e4 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV3 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e4 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e4 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e5 w52c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV<span class=\"_ _5\"></span>4 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1666 y64e5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y64e5 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y64e5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e6 w52d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix UL<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64e6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64e6 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64e6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w52e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t Ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (un<span class=\"_ _1\"></span>it t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1667 y60f5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y60f5 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y60f5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e7 w52f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Wealth Holdings<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1668 y64e7 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y64e7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y64e7 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64e8 ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d </td><td class=\"c n x15c9 y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64e9 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ea ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64eb w530 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix W<span class=\"_ _5\"></span>ealth T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Serv<span class=\"_ _1\"></span>ices Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _2d\"> </span><span class=\"ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x1650 y64eb w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64eb w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ec w531 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pilangen Logis<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ik AB (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166b y64ec w532 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _5\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y64ec w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y64ec w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ed w533 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en Lo<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ik I A<span class=\"_ _1\"></span>B (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166d y64ed w534 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _4\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y64ed w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y64ed w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ee w535 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ee w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ee w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ee w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ef w536 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure FS Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64ef w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64ef w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64ef w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ff w537 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re F<span class=\"_ _1\"></span>SH U<span class=\"_ _1\"></span>K L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y60ff w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y60ff w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y60ff w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f0 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>) </td><td class=\"c n x15c9 y6100 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6100 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6100 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f1 ff3 fs2 fc3 sc0 ls1c ws6\">(holding compan<span class=\"_ _5\"></span>y \u2013 directly<span class=\"_ _5\"></span> owned by the C<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f72 w538 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Life<span class=\"_ _5\"></span> Pension T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166e y5f72 w539 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _3\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y5f72 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y5f72 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w53a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure LL Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1671 y5f16 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5f16 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w53b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Midco Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1674 y5ed7 w4e9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y5ed7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w53c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Nominees Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y5ed8 w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y5ed8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w53d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Pensi<span class=\"_ _5\"></span>on T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1676 y5ed9 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y5ed9 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y5ed9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w53e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure PM<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1678 y5f17 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y5f17 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y5f17 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w53f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f1 y5edb w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5edb w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5edb w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w540 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>wo Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y5edc w4c2 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22c\" id=\"_2afc9974-d7a2-49fe-90e5-348293e3108e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64f2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64f2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64f3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64f4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64f5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64f5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f6 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>fe A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny </td><td class=\"c n x15c9 y64f7 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y64f7 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y64f7 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f8 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64f9 w541 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y64f9 w4ca h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y64f9 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y64f9 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64fa w542 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> N<span class=\"_ _1\"></span>ominees Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64fa w4dd h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64fa w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64fa w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fb ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sh M<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ual P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent </td><td class=\"c n x15c9 y64fc w4bb h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y64fc w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y64fc w4bc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fd ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64fe w543 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL (NEWCO<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167e y64fe w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y64fe w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y64fe w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ff w544 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL Liverpool Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1680 y64ff w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1681 y64ff w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1682 y64ff w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6500 w545 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ium N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 S<span class=\"_ _1\"></span>A (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6500 w546 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Belgium<span class=\"_ _5\"></span>\u00b9\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1683 y6500 w547 h19e\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Soci\u00e9t\u00e9 A<span class=\"_ _1\"></span>nonyme<span class=\"_ _2\"></span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y6501 w548 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>S (i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1684 y6501 w549 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y6501 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y6501 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6502 w54a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>2 A<span class=\"_ _1\"></span>pS (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y6502 w54b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y6502 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6502 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6503 w54c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1686 y6503 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y6503 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6503 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6504 w54e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.2 S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _1\"></span>.r.l. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y6504 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6504 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6504 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6505 w550 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.3 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y6505 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168a y6505 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6505 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6506 w551 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Co<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ray S<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6506 w552 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u00b2<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y6506 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6506 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6507 w553 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A S<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>in N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 S<span class=\"_ _2\"></span>.L<span class=\"_ _1\"></span>.U.<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168b y6507 w554 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Madrid\u00b2\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6507 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6507 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6459 w555 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Fra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>I (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fb y6459 w556 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Paris\u00b2\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y6459 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6459 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6508 w557 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s No.<span class=\"_ _5\"></span>1 B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V<span class=\"_ _5\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y6508 w558 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168c y6508 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168d y6508 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6509 w559 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL<span class=\"_ _1\"></span>ACOM<span class=\"_ _5\"></span> (No. 8) Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6509 w4ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y6509 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6509 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650a ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life CA Holdings Limited (holding </td><td class=\"c n x15c9 y650b w55a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Basingstoke\u00b2\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168e y650b w55b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordin<span class=\"_ _5\"></span>ar<span class=\"_ _2\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168f y650b w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650c ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y650d ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt G<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y650e w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y650e w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y650e w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650f ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>F P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6510 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Financial Advice Ser<span class=\"_ _1\"></span>vices Limited </td><td class=\"c n x15c9 y6511 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6511 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6511 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6512 ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6513 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Assurance (HWPF) Luxembour<span class=\"_ _5\"></span>g </td><td class=\"c n x15c9 y6464 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1690 y6464 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1691 y6464 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6514 ff3 fs2 fc3 sc0 ls1c ws6\">S.\u00e0<span class=\"_ _1\"></span>.r<span class=\"_ _5\"></span>.l. (investment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6467 w55d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Group Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6467 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6467 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6515 w55e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Investment Funds Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6515 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y6515 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y6515 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6516 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Lifetime Mortgages Limited </td><td class=\"c n x15c9 y6517 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6517 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6517 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6518 ff3 fs2 fc3 sc0 ls1c ws6\">(mortgage<span class=\"_ _5\"></span> provider compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6519 w55f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mas<span class=\"_ _5\"></span>ter T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Co<span class=\"_ _5\"></span>. Ltd (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y6519 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y6519 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y6519 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651a w560 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mortgages<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y651a w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y651a w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y651a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651b ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Pr<span class=\"_ _5\"></span>oper<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y651c w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y651c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y651c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651d ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y651e w561 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life T<span class=\"_ _4\"></span>rustee Compan<span class=\"_ _5\"></span>y Limited (trustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y651e w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y651e w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1692 y651e w562 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _0\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651f w563 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Asset<span class=\"_ _1\"></span>s and Emplo<span class=\"_ _5\"></span>yee Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y651f w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1693 y651f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y651f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w564 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Pension Funds<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y60c6 w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y60c6 w565 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6520 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6521 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60c8 w566 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGH C<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1695 y60c8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1696 y60c8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1697 y60c8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6522 w567 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1698 y6522 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y6522 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y6522 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6523 ff3 fs2 fc3 sc0 ls1c ws6\">The Heritable Securities and Mortgage In<span class=\"_ _5\"></span>vestment </td><td class=\"c n x15c9 y6524 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6524 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6524 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6525 ff3 fs2 fc3 sc0 ls1c ws6\">A<span class=\"_ _1\"></span>ssociation Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6526 w568 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The London Life<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>sso<span class=\"_ _1\"></span>ciation Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e7 y6526 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1699 y6526 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6527 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6528 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6529 ff3 fs2 fc3 sc0 ls1c ws6\">The Pathe Buil<span class=\"_ _0\"></span>ding Managemen<span class=\"_ _0\"></span>t Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y652a w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y652a w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y652a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y652b ff3 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y652c w56a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Phoenix Life<span class=\"_ _5\"></span> SC<span class=\"_ _1\"></span>P Institution<span class=\"_ _0\"></span> (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y652c w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169a y652c w56b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y652e ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6049 w56c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>surance Society (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169b y6049 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169c y6049 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6530 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5f4a w56d h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">The Standard Life<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> Company of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V. (finan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y616e w56e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169d y616e w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169e y616e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w56f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>eb<span class=\"_ _1\"></span>net (Holdings)<span class=\"_ _5\"></span> Limited (h<span class=\"_ _1\"></span>olding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f8 y5f8f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y5f8f w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6531 ff3 fs2 fc3 sc0 ls1c ws6\">Welbre<span class=\"_ _5\"></span>nt Propert<span class=\"_ _1\"></span>y Investment<span class=\"_ _5\"></span> Company </td><td class=\"c n x15c9 y6176 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6176 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6176 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6532 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22d\" id=\"_d2c3a9c0-c648-49b4-b32b-4d1868d78693\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6533 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6533 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6534 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6535 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6535 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6536 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6536 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6537 w570 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a Vent<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169f y6537 w571 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">Boston\u00b2\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x434 y6537 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6538 ff3 fs2 fc3 sc0 ls8 ws1e\">80.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6539 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653a w572 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y653a w573 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y653a w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653b ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653c ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653d w575 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Strategic Credit LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y653d w576 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y653d w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653f ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6540 w577 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y6540 w4dd h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y6540 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6541 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6542 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6543 w578 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Shor<span class=\"_ _1\"></span>t Duration Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y6543 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ef y6543 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a5 y6543 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6544 w57b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Ma<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>m UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a6 y6544 w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon\u00b2<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6544 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6544 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6545 w57d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6545 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6545 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6545 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6546 w580 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Hi<span class=\"_ _1\"></span>gh A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y6546 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y6546 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6546 w582 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">9<span class=\"_ _1\"></span>0.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6547 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n x16a9 y6548 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6548 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6548 w584 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.11%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6549 ff3 fs2 fc3 sc0 ls18 ws16\">Institutional Overs<span class=\"_ _1\"></span>eas Bond Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654a ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Stra<span class=\"_ _1\"></span>tegic Investment </td><td></td><td class=\"c n x16a9 y654b w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654b w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654b w585 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">81.07%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y654c ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>ds \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654d ff3 fs2 fc3 sc0 ls18 ws16\">Americ<span class=\"_ _1\"></span>an Index Opportunities Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654e ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds </td><td></td><td class=\"c n x16a9 y654f w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654f w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654f w586 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.<span class=\"_ _2\"></span>50<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6550 ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6551 ff3 fs2 fc3 sc0 ls9 ws0\">ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Op<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6552 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds \u2013 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>us </td><td></td><td class=\"c n x16a9 y64a6 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y64a6 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y64a6 w587 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6553 ff3 fs2 fc3 sc0 ls1c ws6\">Henderson Institutional Japan<span class=\"_ _5\"></span> Ind<span class=\"_ _1\"></span>ex Opportunities F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64dc w588 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64dc w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64dc w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6554 w58b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y6554 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y6554 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ae y6554 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6555 w58c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y6555 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y6555 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y6555 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6556 w58d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b0 y6556 w4b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6556 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6556 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6557 w58e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Ja<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6557 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6557 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6557 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6558 w590 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ean E<span class=\"_ _2\"></span>x UK Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6558 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y6558 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6558 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6559 w591 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y6559 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6559 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6559 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655a w592 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK G<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y655a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y655a w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b7 y655a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655b w593 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d Sm<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ler Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y655b w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y655b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y655b w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">99.99%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b2 w595 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y64b2 w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y64b2 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y64b2 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w597 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64b3 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64b3 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655c ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex A<span class=\"_ _2\"></span>sia </td><td></td><td class=\"c n x16a9 y655d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y655d w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y655d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655e ff6 fs2 fc3 sc0 ls9 ws0\">Pac<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c ex J<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64e9 w598 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls7 ws5\">PU<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>M AC<span class=\"_ _2\"></span>S Su<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y64e9 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6401 w599 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6401 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6401 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6401 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6402 w59a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bd y6402 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y6402 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16be y6402 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w59b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bf y6403 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6403 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w59c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex US Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y619a w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y619a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w59d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S U<span class=\"_ _1\"></span>K Al<span class=\"_ _1\"></span>l Sh<span class=\"_ _1\"></span>are L<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Mul<span class=\"_ _1\"></span>ti M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y619b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w59e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S US D<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y619c w59f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y619c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y619c w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655f ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y619d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y619d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y619d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6560 ff6 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ gse8\"> </span>Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6561 ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y63c6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y63c6 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y63c6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6562 ff6 fs2 fc3 sc0 ls9 ws0\">All M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f16 w5a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic (<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n) Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y5f16 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y5f16 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w5a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Un<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y5ed7 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c6 y5ed7 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c7 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w5a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5ed8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y5ed8 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w5a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Euro S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vere<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y5ed9 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y5ed9 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y5ed9 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w5a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell European Credit<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y5f77 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y5f77 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y5f77 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w5a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Flo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>BS Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y5f4c w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16cd y5f4c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ce y5f4c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w5a7 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5edc w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y5edc w589 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22e\" id=\"_b047e761-dc81-4c3a-a484-85745729e02e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6563 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6563 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6564 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6565 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6565 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6566 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6566 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6567 w5a8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6567 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6567 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6567 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6568 w5a9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked S<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6568 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6568 w589 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6568 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6569 w5aa h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Lon<span class=\"_ _1\"></span>g Gi<span class=\"_ _1\"></span>lt S<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6569 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6569 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6569 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656a w5ab h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Short Duration Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y656a w4ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y656a w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y656a w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656b w5ac h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Sterling Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y656b w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y656b w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y656b w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656c w5ad h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y656c w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656c w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656c w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656d w188 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>reig<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y656d w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y656d w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y656d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656e w5ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l T<span class=\"_ _5\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y656e w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y656e w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y656e w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656f w5af h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y656f w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656f w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656f w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6570 w5b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Ul<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y6570 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y6570 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y6570 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6571 w5b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM Far E<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n U<span class=\"_ _1\"></span>nit Trust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6571 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6571 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y6571 w58a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6572 w5b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Un<span class=\"_ _1\"></span>it T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6572 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6572 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6572 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6573 w5b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y6573 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y6573 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y6573 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6574 w5b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd (S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies 3)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y6574 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y6574 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6574 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6575 w5b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM AC<span class=\"_ _1\"></span>S Sterling Credit F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y6575 w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y6575 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y6575 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6576 w595 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y6576 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y6576 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y6576 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6577 w5b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">iShares Bloomber<span class=\"_ _5\"></span>g Roll Select C<span class=\"_ _5\"></span>ommodit<span class=\"_ _1\"></span>y Strategy ET<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y6577 w5b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">W<span class=\"_ _1\"></span>ilmington\u00b2\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6577 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y6577 w5b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">6<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>02%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6578 w5ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">RGI Institutional<span class=\"_ _0\"></span> UK Listed Sm<span class=\"_ _5\"></span>aller Companies F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y6578 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6578 w5bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6578 w5bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _a\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6579 w5bd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>td L<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6579 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d9 y6579 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y657a ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y657b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y657c w5bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) U<span class=\"_ _1\"></span>K Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s LT<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y657c w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y657c w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y657c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657d ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) </td><td></td><td class=\"c n x16a9 y657e w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y657e w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y657e w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657f ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s L<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6580 w5c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn (<span class=\"_ _1\"></span>Lo<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ian) Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6580 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6580 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16dc y6580 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6581 w5c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Emerging Mark<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s Income Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6581 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6581 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y6581 w5c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">72.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6582 w5c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6582 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161e y6582 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y6582 w5c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">82.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6583 w5c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16dd y6583 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6583 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6583 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6584 w5cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6584 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y6584 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6584 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6585 w5cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6585 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6585 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y6585 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">82.4<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6586 w5ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16de y6586 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dc y6586 w5cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6586 w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6587 ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y6588 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y6588 w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y6588 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6589 ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Euro Liquidity 1 Fund </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658a ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658b w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658b w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658b w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.7<span class=\"_ _2\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658c ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 2 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658d ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658e w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658e w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658e w5d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">9<span class=\"_ _5\"></span>6.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658f ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 3 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6590 w5d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e1 y6590 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6590 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6590 w5d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">7<span class=\"_ _5\"></span>6.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w5d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Sustainable Index American Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e2 y60c6 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y60c6 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y60c6 w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6591 w5d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y6591 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6591 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6591 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">92<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6592 w5da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate F<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6592 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6592 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6592 w38a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6593 w5db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix Fu<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e5 y6593 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6593 w5dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Sp<span class=\"_ _1\"></span>ecial Limited</div></td><td class=\"t m0 xee6 h7 y6594 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6595 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6596 w5dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pat<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>II L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6596 w4dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6596 w5de h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6597 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6598 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6599 w5df h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">European<span class=\"_ _5\"></span> Strategic Partners LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e7 y6599 w5e0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">E<span class=\"_ _5\"></span>dinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y6599 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659a ff3 fs2 fc3 sc0 ls19 ws17\">72<span class=\"_ _1\"></span>.70<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y659c w5e1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s 200<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e8 y659c w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e9 y659c w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659e ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y659f ff3 fs2 fc3 sc0 ls1c ws6\">North Americ<span class=\"_ _1\"></span>an Strategic P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tners </td><td></td><td class=\"c n x16a9 y65a0 w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65a0 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y65a1 ff6 fs2 fc3 sc0 ls9 ws0\">(Fe<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>er) 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y65a1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65a2 w5e2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65a2 w5e3 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Cay<span class=\"_ _1\"></span>man I<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _5\"></span>\u00b9<span class=\"_ _1\"></span>\u2070<span class=\"_ _1c\"> </span><span class=\"ff3 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></span></div></td><td class=\"t m0 xee6 h7 y65a3 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a4 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6170 w5e4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ignis Strategic Credit F<span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>d LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6170 w5e5 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\"><span class=\"ff6 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds\u00b9\u2070<span class=\"_ _24\"> </span></span>L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65a5 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a6 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65a7 ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n x16a9 y6176 w5e6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y6176 w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16eb y6176 w4c5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65a8 ff6 fs2 fc3 sc0 ls18 ws16\">Fundamental Strategies<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h22f\" id=\"_3bd0daf4-29d5-4421-b00f-6a0b8258c688\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65a9 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65a9 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65aa ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65ab ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65ab ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65ac w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65ac w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ad ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n xc11 y65ae w5e6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ec y65ae w5b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ed y65ae w4c5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65af ff6 fs2 fc3 sc0 ls9 ws0\">Sys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65b0 w5e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP General Part<span class=\"_ _1\"></span>ner Limited Part<span class=\"_ _1\"></span>nership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y65b0 w5be h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ee y65b0 w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b1 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b2 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b3 w5e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP II General Part<span class=\"_ _1\"></span>ner Limited Partn<span class=\"_ _1\"></span>ership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y65b3 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65b3 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b5 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b6 w5e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">HS<span class=\"_ _1\"></span>BC I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y65b6 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65b6 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65b6 w5ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">78<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b7 w5eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res 350 U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>K<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f0 y65b7 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65b7 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65b7 w5ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.95<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b8 w5ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65b8 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y65b8 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y65b8 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b9 w5ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f5 y65b9 w5f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Guern<span class=\"_ _1\"></span>sey<span class=\"_ _1\"></span>\u00b3\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y65b9 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65bb ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65bc w5f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Quilter Investors Global Dynamic Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65bc w5f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1618 y65bc w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y65bc w5f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">83.<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bd w5f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65bd w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65bd w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f8 y65bd w5f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65be w5f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Global Infrastr<span class=\"_ _1\"></span>ucture Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f9 y65be w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65be w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65be w5fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bf w5fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sto<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ak C<span class=\"_ _1\"></span>ore Fu<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Lu<span class=\"_ _1\"></span>x) S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>p<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y65bf w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y65bf w5fd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Special Limited</div></td><td class=\"t m0 xee6 h7 y65c0 ff3 fs2 fc3 sc0 ls1b ws19\">83.<span class=\"_ _1\"></span>30%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65c1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d hc y65c2 ff2 fs2 fc3 sc0 ls14 ws12\">Associates:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65c3 w5fe h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al (Holdings)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y65c3 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y65c3 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fb y65c3 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65c4 w600 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y65c4 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y65c4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y65c4 w601 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.9<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y65c5 ffa fs2 fc3 sc0 ls33 wsb\">Significant holdings:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65c6 ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Global </td><td></td><td class=\"c n x16a9 y6554 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6554 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6554 w602 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">2<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.19<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c7 ff6 fs2 fc3 sc0 ls1c ws6\">Responsible<span class=\"_ _5\"></span> Managed<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64df w603 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y64df w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y64df w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y64df w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">55<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w605 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n Al<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fe y64e0 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y64e0 w606 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y64e0 w607 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w608 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Emerging Market<span class=\"_ _1\"></span>s Oppor<span class=\"_ _1\"></span>tunitie<span class=\"_ _1\"></span>s Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc05 y64e1 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y64e1 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y64e1 w609 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w60a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y64e2 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y64e2 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1702 y64e2 w60b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">6<span class=\"_ _a\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w60c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y64e3 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y64e3 w60d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y64e3 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">81<span class=\"_ _5\"></span>.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c8 ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>\u2013<span class=\"_ _37b\"> </span></td><td></td><td class=\"c n x16a9 y65c9 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65c9 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65c9 w60e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">80<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>39%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ca ff6 fs2 fc3 sc0 ls9 ws0\">lin<span class=\"_ _1\"></span>ked G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65cb w60f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls15 ws13\">a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I<span class=\"_ _1\"></span>I \u2013 G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span><span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1705 y65cb w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65cb w611 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1707 y65cb w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">62.60%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cc w613 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls90 ws6a\">ab<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV II<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y65cc w54d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169c y65cc w614 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y65cc w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cd w615 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y65cd w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y65cd w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1708 y65cd w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">7<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ce ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate </td><td></td><td class=\"c n x16a9 y65cf w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65cf w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65cf w617 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">9<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65d0 ff6 fs2 fc3 sc0 ls18 ws16\">Securit<span class=\"_ _1\"></span>ies Sustainable<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65d1 w618 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) Sterling Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65d1 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65d1 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65d1 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">20.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6002 w61a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y6002 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y6002 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6002 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f0f w61c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y5f0f w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cd y5f0f w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170b y5f0f w61d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f10 w61e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Dynamic Distribution Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5f10 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5f10 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y5f10 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">6<span class=\"_ _a\"></span>7.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w620 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170c y5f11 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y5f11 w621 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170d y5f11 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w623 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn E<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hical Corporate Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y5f12 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y5f12 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y5f12 w624 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w625 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170e y5ed4 w626 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ed4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ed4 w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.0<span class=\"_ _2\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w627 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nked B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y5ed5 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5ed5 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y5ed5 w628 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsad wsee\">53.<span class=\"_ _1\"></span>03%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w629 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Rea<span class=\"_ _1\"></span>l E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5f72 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15da y5f72 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1711 y5f72 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">44<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w62a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Global<span class=\"_ _5\"></span> Smaller Companies<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y5f16 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1606 y5f16 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y5f16 w62b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">30.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w62c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y5ed7 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y5ed7 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y5ed7 w62d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.7<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w62e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y5ed8 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y5ed8 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y5ed8 w62f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">62.8<span class=\"_ _1\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w630 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1712 y5ed9 w631 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>don<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y5ed9 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1713 y5ed9 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w632 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y5f77 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y5f77 w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y5f77 w634 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">29<span class=\"_ _5\"></span>.47%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w635 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f4c w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1663 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1714 y5f4c w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">42.27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w636 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Short Dat<span class=\"_ _5\"></span>ed Corporate Bond Fu<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1715 y5edc w61f h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y5edc w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y5edc w637 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">3<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h230\" id=\"_b6eb5c43-0724-4821-9807-db3c6cde6bc9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65d2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65d2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65d3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65d4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65d5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65d5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d6 w638 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y65d6 w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y65d6 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y65d6 w63b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">39.2<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d7 w63c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y65d7 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1672 y65d7 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y65d7 w63d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">25<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d8 w63e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Chi<span class=\"_ _1\"></span>na O<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>re Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y65d8 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y65d8 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y65d8 w63f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">8<span class=\"_ _1\"></span>1.<span class=\"_ _a\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d9 w640 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>an Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y65d9 w641 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y65d9 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y65d9 w642 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">32.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65da w643 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn SICAV II<span class=\"_ _5\"></span> European Smalle<span class=\"_ _5\"></span>r Companies Fu<span class=\"_ _0\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1716 y65da w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65da w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y65da w644 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>41<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65db w645 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y65db w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1718 y65db w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65db w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dc wf0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>igh Y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>eld B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y65dc w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1683 y65dc w614 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y65dc w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dd w646 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> Euro Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65dd w641 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65dd w5a0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y65dd w647 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65de w648 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Sterling<span class=\"_ _5\"></span> Corporate Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171b y65de w525 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65de w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65de w649 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls121 ws185\">45.<span class=\"_ _1\"></span>49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65df w64a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Strategic Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65df w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65df w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65df w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws17\">68<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e0 w64b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y65e0 w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y65e0 w61b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65e0 w64c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">35.<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e1 w64d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Mid-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ap Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e1 w5c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y65e1 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y65e1 w64e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">40.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e2 w64f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ble E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171d y65e2 w639 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y65e2 w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y65e2 w642 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">92.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e3 ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 GD<span class=\"_ _1\"></span>P Wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y65e4 w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65e4 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65e4 w650 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">78<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e5 ff6 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65e6 w651 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171e y65e6 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171f y65e6 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e6 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e7 w653 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al G<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e7 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _0\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1721 y65e7 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65e7 w7d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>76<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e8 w654 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Bo<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y65e8 w655 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65e8 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65e8 w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">23.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e9 w656 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1722 y65e9 w657 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1723 y65e9 w658 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e9 w659 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">30<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ea w65a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Sustainable Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65ea w61f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65ea w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65ea w65b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">20.<span class=\"_ _5\"></span>98%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65eb w65c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y65eb w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y65eb w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65eb w65d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls188 ws1a1\">4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ec w65e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65ec w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1603 y65ec w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y65ec w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">29.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ed w65f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1724 y65ed w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y65ed w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1725 y65ed w660 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">34.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ee w661 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1726 y65ee w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65ee w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1727 y65ee w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">39.78%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ef w663 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y65ef w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y65ef w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y65ef w64e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">30.48%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f0 w664 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Ev<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>e UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65f0 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65f0 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65f0 w665 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f1 ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y65f2 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65f2 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65f2 w667 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">37<span class=\"_ _4\"></span>.71%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f3 ff6 fs2 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65f4 w668 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Emerging<span class=\"_ _5\"></span> Mar<span class=\"_ _1\"></span>kets Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y65f4 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y65f4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y65f4 w586 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f5 w669 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> US Dollar Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65f5 w641 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65f5 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y65f5 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">32.9<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f6 w66a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Global Infrastructure Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65f6 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65f6 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65f6 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f7 w66b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Hig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y65f7 w639 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1729 y65f7 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y65f7 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">26<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f8 w66d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Gallions Reach Shopping Park Limited P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172a y65f8 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65f8 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172b y65f8 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651e w66e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k Uni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y651e w66f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">J<span class=\"_ _1\"></span>ersey<span class=\"_ _2\"></span>\u2074\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y651e w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y651e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f9 w670 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y65f9 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65f9 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65f9 w671 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fa ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Emerg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Lo<span class=\"_ _1\"></span>w </td><td></td><td class=\"c n x16a9 y65fb w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65fb w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65fb w672 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">65.<span class=\"_ _1\"></span>35%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fc ff6 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>latilit<span class=\"_ _1\"></span>y Equity<span class=\"_ gse8\"> </span>Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65fd w673 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AC<span class=\"_ _1\"></span>S Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y65fd w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168c y65fd w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172c y65fd w674 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4e wscd\">25.<span class=\"_ _1\"></span>97<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65fe w675 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Cor<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>I 1\u20135<span class=\"_ _1\"></span>Y<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65fe w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65fe w676 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y65fe w677 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ff ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y6600 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6600 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y6600 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6601 ff3 fs2 fc3 sc0 ls9 ws0\">Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>ing E<span class=\"_ _2\"></span>x Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6602 w678 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Facto<span class=\"_ _1\"></span>r Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6602 w679 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u2074<span class=\"_ _2\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6602 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172d y6602 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6603 w67a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AQR G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172e y6603 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6603 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6603 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _a\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6604 w67b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s Lea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6604 w67c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6604 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y6604 w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">30.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6605 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>I IC<span class=\"_ _2\"></span>VC \u2013 </td><td></td><td class=\"c n x16a9 y6606 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6606 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6606 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">29.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6607 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Co<span class=\"_ _1\"></span>re Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6608 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK &amp; B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s IC<span class=\"_ _2\"></span>VC \u2013 B<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>e </td><td></td><td class=\"c n x16a9 y6103 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6103 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6103 w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.95%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6609 ff6 fs2 fc3 sc0 ls9 ws0\">Gi<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK a<span class=\"_ _1\"></span>nd Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>de Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ff9 w67e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1731 y5ff9 w67f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ff9 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ff9 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">38<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w680 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>ds \u2013 S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f93 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y5f93 w63a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5f93 w650 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">25<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w681 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket A<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1732 y5f77 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1615 y5f77 w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1733 y5f77 w659 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>86%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w683 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y5f4c w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y5f4c w684 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse9 ws1a0\">28.42<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w685 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>-A<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y5edc w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1734 y5edc w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UCI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y5edc w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"gs2de\"><table class=\"s w4ad h231\" id=\"_1e2048f6-aab5-4297-82cd-8a8ed36e87ce\"><tr><td></td><td></td><td class=\"t m0 x425 hd y660a ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y660a ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y660b ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660c ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y660c ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y660d w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y660d w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y660e w686 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n Ad<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y660e w687 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18d ws1a6\">Ta<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _a\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _1\"></span>\u2074<span class=\"_ _a\"></span>\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y660e w5cf h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y660e w61d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y660f ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Eme<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n xc11 y6610 w666 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6610 w5f6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6610 w688 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">82.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6611 ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al Return Bond Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6612 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Gol<span class=\"_ _1\"></span>dma<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>chs </td><td></td><td class=\"c n xc11 y6613 w666 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6613 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6613 w689 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6614 ff3 fs2 fc3 sc0 ls18 ws16\">Emerging Markets Debt Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6615 ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res E<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t &amp; Low C<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n xc11 y6616 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6616 w68a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1738 y6616 w240 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6617 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>ilt R<span class=\"_ _1\"></span>eal E<span class=\"_ _2\"></span>st<span class=\"_ _1\"></span>ate I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6618 ff3 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>dl<span class=\"_ _1\"></span>e Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>VC </td><td></td><td class=\"c n xc11 y6619 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u2075\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6619 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1739 y6619 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y661a ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 C<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>ct<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y661b w68b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>owt<span class=\"_ _1\"></span>h Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y661b w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2075\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173a y661b w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OEI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y661b w672 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">20.49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661c w68c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ck AC<span class=\"_ _2\"></span>S US Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y661c w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y661c w5c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173b y661c w68d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">2<span class=\"_ _5\"></span>6.83<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661d w68e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t 20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span>% Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y661d w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b3<span class=\"_ _1\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y661d w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y661d w68f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse9 ws1a0\">28.<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661e w690 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Invesco<span class=\"_ _5\"></span> Managed Growth Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x173d y661e w691 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">H<span class=\"_ _1\"></span>enley<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e0 y661e w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173e y661e w692 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">51.<span class=\"_ _2\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x173f h7 y661f ff6 fs2 fc3 sc0 ls1c ws6\">Thames\u2075\u00b2<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6620 w693 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>e Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1740 y6620 w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6620 w616 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y6620 w694 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws19\">22.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6621 w695 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6621 w696 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6621 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y6621 w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6622 w697 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>arg<span class=\"_ _1\"></span>et R<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6622 w610 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6622 w611 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1741 y6622 w698 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls2c ws2c\">41.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6623 w699 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1742 y6623 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1743 y6623 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6623 w5ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6624 ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x16a9 y6625 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6625 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6625 w69a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">28<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6626 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>SD I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6627 w69b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1744 y6627 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y6627 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1745 y6627 w69c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">41<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6628 w69d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>ler C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1746 y6628 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167f y6628 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1747 y6628 w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls122 ws184\">30<span class=\"_ _1\"></span>.43<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6629 w69e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ium B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed B<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>nd Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6629 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6629 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6629 w69f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">35.<span class=\"_ _1\"></span>57<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662a w6a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund\ue63c<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y662a w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y662a w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y662a w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662b w6a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y662b w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d3 y662b w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1748 y662b w6a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4f ws4c\">56<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>56%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662c w6a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Rob<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>co \u2013 Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>ize<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y662c w6a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">Rotterda<span class=\"_ _1\"></span>m\u2075\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y662c w5f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y662c w642 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">98<span class=\"_ _1\"></span>.92<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662d ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y662e w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y662e w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y662e w649 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">32.<span class=\"_ _1\"></span>94%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662f ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6630 w6a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er U<span class=\"_ _1\"></span>K M<span class=\"_ _1\"></span>id 250 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6630 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160f y6630 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6630 w698 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6631 w6a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> Global Bond<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y6631 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2075<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161c y6631 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174b y6631 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls98 ws11a\">2<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>63%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6632 ff3 fs2 fc3 sc0 ls1c ws6\">Robeco QI<span class=\"_ _5\"></span> Emerging Markets Sustainable<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6633 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y6633 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y6633 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _1\"></span>7.<span class=\"_ _a\"> </span>8<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6634 ff3 fs2 fc3 sc0 ls9 ws0\">Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies I<span class=\"_ _1\"></span>I<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6635 w6a8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Sust<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e All M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6635 w6a9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174c y6635 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y6635 w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>36%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6636 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Common Contractual<span class=\"_ _5\"></span> Fund \u2013 V<span class=\"_ _5\"></span>anguard </td><td></td><td class=\"c n x16a9 y6637 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6637 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6637 w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>87<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6638 ff3 fs2 fc3 sc0 ls9 ws0\">U.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y In<span class=\"_ _1\"></span>dex C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>n Con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6639 ff3 fs2 fc3 sc0 ls9 ws0\">Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd U.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>. </td><td></td><td class=\"c n x16a9 y663a w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663a w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y663a w6ab h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">2<span class=\"_ _5\"></span>0.<span class=\"_ _1\"></span>58%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663b ff3 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663c ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y663d w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y663d w6ac h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663e ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663f ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6640 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6641 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6641 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y6641 w6ad h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6642 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6643 ff6 fs2 fc3 sc0 ls1c ws6\">Common C<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ractual<span class=\"_ gse8\"> </span>F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6644 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6645 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6645 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6645 w6ae h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls73 ws73\">96.38<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6646 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6647 ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb67\">1 <span class=\"_ _2d\"> </span>10 Br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>, Bi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>, B1 2<span class=\"_ _1\"></span>JB<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb68\">2 <span class=\"_ _2d\"> </span>9<span class=\"_ _1\"></span>0 St<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n\u2019s G<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, D2, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb69\">3 <span class=\"_ _2d\"> </span>W<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Telfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Telfo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, TF<span class=\"_ _1\"></span>3 4<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>B, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6a\">4 <span class=\"_ _2d\"> </span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 3<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Edi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, EH1 2D<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6b\">5 <span class=\"_ _2d\"> </span>G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y S<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 25/<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8 No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Wal<span class=\"_ _1\"></span>l Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 1, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6c\">6 <span class=\"_ _2d\"> </span>C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n's Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, 2<span class=\"_ _1\"></span>2 Vi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>M1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6d\">7 <span class=\"_ _2d\"> </span>1 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 2L<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6e\">8 <span class=\"_ _2d\"> </span>Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny, 251 Li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e Fal<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, DE 198<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb6f\">9 <span class=\"_ _2d\"> </span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>-11<span class=\"_ _5\"></span>6 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb70\">10 <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>Y1<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>104<span class=\"_ _1\"></span>, C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb71\">1<span class=\"_ _5\"></span>1 <span class=\"_ _a\"> </span>280 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2M 4<span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb72\">12 <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2-24 Ne<span class=\"_ _1\"></span>w St<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, St Pa<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, 4t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, JE1 4T<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb73\">13 <span class=\"_ _1\"></span>20 O<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ey, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, En<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d, E<span class=\"_ _1\"></span>C4M 7AN<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb74\">14 <span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4 E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e, St H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er, Je<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>y, Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>el I<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>E4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb75\">15 <span class=\"_ _1\"></span>9 Pa<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, 3r<span class=\"_ _1\"></span>d Fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, Ham<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n H<span class=\"_ _1\"></span>M 1<span class=\"_ _5\"></span>1, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb76\">16 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>o (Sw<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n) A<span class=\"_ _1\"></span>b, St<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 4c<span class=\"_ _1\"></span>, 4 Tr, <span class=\"_ _5\"></span>11<span class=\"_ _5\"></span>4 35 S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb77\">17 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Lo<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hm<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>t 87, <span class=\"_ _5\"></span>10<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0 B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb78\">18 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de 12, 1203 Cop<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en K<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb79\">19 <span class=\"_ _1\"></span>35<span class=\"_ _1\"></span>a Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue J<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>F. <span class=\"_ _5\"></span>K<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y, L<span class=\"_ _5\"></span>-1855, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7a\">20 <span class=\"_ _1\"></span>162 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>rd H<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>, 750<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7b\">21 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r 7<span class=\"_ _5\"></span>, 1st fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, 280<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ma<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Sp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7c\">22 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht O<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>g 58<span class=\"_ _1\"></span>, 10<span class=\"_ _1\"></span>43 BW A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>m, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7d\">23 <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>x<span class=\"_ gs424\"> </span>Ho<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gs424\"> </span>V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>oke<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e,<span class=\"_ gs424\"> </span>RG<span class=\"_ _1\"></span>21<span class=\"_ gs424\"> </span>4DZ<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7e\">24 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s LL<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, 20<span class=\"_ _1\"></span>0 C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et 50<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, Bo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, M<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, 021<span class=\"_ _5\"></span>16<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb7f\">25 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _2\"></span>-1<span class=\"_ _5\"></span>16 Geo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb80\">26 <span class=\"_ _1\"></span>201 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2M 3A<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb81\">27 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Trus<span class=\"_ _1\"></span>t Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e, 1290 O<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, 198<span class=\"_ _1\"></span>01, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb82\">28 <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0 Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>2R 5A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb83\">29 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Fe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H3 9WJ<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb84\">30 <span class=\"_ _1\"></span>1 Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb85\">31 <span class=\"_ _1\"></span>32 M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>in 2<span class=\"_ _1\"></span>, Du<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n, D<span class=\"_ _1\"></span>02 Y<span class=\"_ _1\"></span>51<span class=\"_ _5\"></span>2, I<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb86\">32 <span class=\"_ _1\"></span>8 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E14 5HQ<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb87\">33 <span class=\"_ _1\"></span>12 Th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Ave<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on E<span class=\"_ _1\"></span>C2<span class=\"_ _1\"></span>N 2D<span class=\"_ _1\"></span>L, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb88\">34 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2R 5A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb89\">35 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Tudo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Le B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>Y1 6<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>D, Gu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8a\">36 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 85 Q<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>en V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>V 4A<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8b\">37 <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a Po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hy of L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, L-234<span class=\"_ _1\"></span>6, L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8c\">38 <span class=\"_ _1\"></span>1 L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8d\">39 <span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, 2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8e\">40 <span class=\"_ _1\"></span>70 S<span class=\"_ _1\"></span>ir J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>hn R<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n\u2019s Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 2, I<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb8f\">41 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>, Al<span class=\"_ _1\"></span>l\u00e9<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>r, L<span class=\"_ _5\"></span>-252<span class=\"_ _1\"></span>0 Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb90\">42 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>, St H<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er, JE4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb91\">43 <span class=\"_ _1\"></span>2-<span class=\"_ _2\"></span>4, R<span class=\"_ _1\"></span>ue Eu<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>\u00e8n<span class=\"_ _1\"></span>e Ru<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, L<span class=\"_ _5\"></span>-2453 L<span class=\"_ _1\"></span>uxe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb92\">4<span class=\"_ _1\"></span>4 91 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Pa<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>r, 91 A 9<span class=\"_ _5\"></span>3<span class=\"_ _1\"></span>, Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, 75015, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb93\">45 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e, 33<span class=\"_ _1\"></span>, ru<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>e Ga<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, L-5826<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb94\">46 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb95\">47 <span class=\"_ _1\"></span>160 Q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n V<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, EC<span class=\"_ _1\"></span>4V 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb96\">48 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>h G<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, M<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>ld L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>r Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h, S<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ey, K<span class=\"_ _2\"></span>T2<span class=\"_ _1\"></span>0 6R<span class=\"_ _1\"></span>P<span class=\"_ _5\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb97\">49 <span class=\"_ _1\"></span>49, Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e J.<span class=\"_ _1\"></span>F. Kenn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dy, L-<span class=\"_ _5\"></span>1855 L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, Gr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb98\">50 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce, 78 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>N 6A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb99\">51 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb9a\">52 <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Par<span class=\"_ _1\"></span>k D<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>on<span class=\"_ _1\"></span>-T<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, O<span class=\"_ _1\"></span>xf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>e, R<span class=\"_ _1\"></span>G9 1HH<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb9b\">53 <span class=\"_ _1\"></span>10, C<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e2t<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>u d\u2019<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>u, L-3364 L<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb9c\">54 <span class=\"_ _1\"></span>We<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na 85<span class=\"_ _1\"></span>0, 3<span class=\"_ _1\"></span>014 DA<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>, N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb9d\">55 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 5<span class=\"_ _1\"></span>, Ho<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>f, L<span class=\"_ _5\"></span>-1<span class=\"_ _5\"></span>7<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span></div><div class=\"t m0 hd ff5 fs6 fc3 sc0 ls31 ws32 gsb9e\">56 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, L<span class=\"_ _0\"></span>-2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7d ws0 gsba0\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d an a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it e<span class=\"_ _1\"></span>xemp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n by pa<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee by v<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>.479<span class=\"_ _5\"></span>A o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Ac<span class=\"_ _1\"></span>t 200<span class=\"_ _1\"></span>6:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">10<span class=\"_ _5\"></span>3 W<span class=\"_ _5\"></span>ardour Street Retail In<span class=\"_ _5\"></span>vestment Company Limit<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">B<span class=\"_ _1\"></span>arnwood Properties Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Finance Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Money Investment Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G A<span class=\"_ _1\"></span>ssurance &amp; Pension Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G Life H Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Pearl Customer Care<span class=\"_ _5\"></span> Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 1<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsba9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 2) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbaa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GH C<span class=\"_ _1\"></span>A Limited </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbab\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GMS (Glasgow) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbac\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Customer Care Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbad\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix ER6 Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbae\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Group CA Ser<span class=\"_ _2\"></span>vices Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbaf\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life Assurance Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life CA Holdings Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix SL Direct<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 2 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 3 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Weal<span class=\"_ _0\"></span>th Holdings Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure FSH UK Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbb9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Pension F<span class=\"_ _5\"></span>unds Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbba\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Vebnet (Holdings<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsbbb\">The follo<span class=\"_ _5\"></span>wing subsidiaries wer<span class=\"_ _5\"></span>e dissolved during<span class=\"_ _0\"></span> the period. The subsidi<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ies wer<span class=\"_ _5\"></span>e deconsolidated from<span class=\"_ _5\"></span> the date of d<span class=\"_ _5\"></span>is<span class=\"_ _1\"></span>solution:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbbc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Impal<span class=\"_ _1\"></span>a Loan<span class=\"_ _5\"></span> Company 1 Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbbd\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 1<span class=\"_ _4\"></span>) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbbe\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbbf\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Chiswick Hous<span class=\"_ _1\"></span>e)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 1) Limi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 2) L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix (Printwor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Stockley Park) Limite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 9) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 10) Lim<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Vebnet Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Agency Ser<span class=\"_ _2\"></span>vices Limited </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbc9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Re Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbca\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbcb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GL Pension T<span class=\"_ _4\"></span>rustee Limited<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbcc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) Japan T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbcd\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbce\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) International T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbcf\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn MT Americ<span class=\"_ _1\"></span>an Equity Unconstrained Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsbd1\">Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f or t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was n<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y. The </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsbd2\">sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s were d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsbd3\">the subsidiar<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Ste<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ling Corporate Bond<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Global<span class=\"_ _5\"></span> Corporate Bond T<span class=\"_ _4\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsbd6\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p no lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er has s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ll &amp; M<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>C<span class=\"_ _1\"></span>ap Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbd9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbda\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Amer<span class=\"_ _1\"></span>ican Equity Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbdb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbdc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbde\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Japanese Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbdf\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn UK Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>dex F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn European Equity T<span class=\"_ _4\"></span>racker Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbe9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbea\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbeb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K Valu<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbec\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbed\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbee\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbef\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Nor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>r Com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf0\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Da<span class=\"_ _1\"></span>ted E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf1\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">LGIM Sterling Liquidit<span class=\"_ _1\"></span>y Plus Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf2\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf3\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Short<span class=\"_ _5\"></span>-T<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf4\">\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf5\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">L<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y) Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf6\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">B<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ute A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf7\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls14 ws33\">BlackRock Cas<span class=\"_ _5\"></span>h Fund<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf8\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">N<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y One Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s i G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cro A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbf9\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 A<span class=\"_ _1\"></span>mun<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>F<span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbfa\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s U<span class=\"_ _1\"></span>K Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbfb\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t Cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s LP<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsbfc\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">B<span class=\"_ _1\"></span>rent Cross Partner<span class=\"_ _1\"></span>ship</span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "Su<span class=\"_ _1\"></span>bsi<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fr<span class=\"_ _1\"></span>om t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t effe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol is o<span class=\"_ _1\"></span>bt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed by t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up (s<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1<span class=\"_ _5\"></span>) whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h for o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s is u<span class=\"_ _1\"></span>sua<span class=\"_ _1\"></span>lly w<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>s ove<span class=\"_ _1\"></span>r 50% o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g of t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y. Su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e excl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed fro<span class=\"_ _1\"></span>m co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he da<span class=\"_ _1\"></span>te t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ey cea<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>o be s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, a<span class=\"_ _1\"></span>ny di<span class=\"_ _1\"></span>ffere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e of any re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st a<span class=\"_ _1\"></span>nd d<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on of the carr<span class=\"_ _1\"></span>ying amount of the subsidiar<span class=\"_ _1\"></span>y including non-<span class=\"_ _1\"></span>controlling interests<span class=\"_ _1\"></span>, is rec<span class=\"_ _5\"></span>ognis<span class=\"_ _1\"></span>ed in the c<span class=\"_ _5\"></span>ons<span class=\"_ _1\"></span>olidated income statement.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p us<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d to a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>unt f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e fai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. A<span class=\"_ _1\"></span>ny e<span class=\"_ _1\"></span>xces<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>t of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n ove<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span> go<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>n exce<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>rer<span class=\"_ _2\"></span>\u2019s inter<span class=\"_ _1\"></span>est i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e ne<span class=\"_ _1\"></span>t fai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>ee\u2019s id<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fia<span class=\"_ _1\"></span>ble a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nt l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>g in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ov<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>y ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e. Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e su<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f net a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>d ove<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>he fa<span class=\"_ _1\"></span>ir v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on is r<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Directly attributa<span class=\"_ _1\"></span>ble acquisition c<span class=\"_ _5\"></span>ost<span class=\"_ _1\"></span>s are included within administrative expenses, except<span class=\"_ _0\"></span> for acquisitions undertaken prior t<span class=\"_ _5\"></span>o 20<span class=\"_ _5\"></span>10 wh<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>in t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ost o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n. C<span class=\"_ _1\"></span>ost<span class=\"_ _2\"></span>s dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>y rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e is<span class=\"_ _1\"></span>sui<span class=\"_ _1\"></span>ng o<span class=\"_ _1\"></span>f de<span class=\"_ _1\"></span>bt o<span class=\"_ _1\"></span>r eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hin t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ini<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>al c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t or e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re n<span class=\"_ _1\"></span>ot c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue. I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p ba<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d inco<span class=\"_ _1\"></span>me a<span class=\"_ _1\"></span>nd ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g fro<span class=\"_ _1\"></span>m int<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>gro<span class=\"_ _1\"></span>up tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s are el<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in a n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es su<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h as O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>end<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>\u2018O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), uni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u00e9t<span class=\"_ _1\"></span>\u00e9 d\u2019<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt \u00e0 C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AVs\u2019<span class=\"_ _1\"></span>), inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st ma<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ly in e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, pro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>nd c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h an<span class=\"_ _1\"></span>d c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s perc<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ge o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hip i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> fluc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g to th<span class=\"_ _1\"></span>e lev<span class=\"_ _1\"></span>el of G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d un<span class=\"_ _1\"></span>der t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te A<span class=\"_ _5\"></span>1. In par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up co<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>cop<span class=\"_ _1\"></span>e of i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, inc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e ex<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of<span class=\"_ _1\"></span> sub<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s (s<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>h as p<span class=\"_ _1\"></span>owe<span class=\"_ _1\"></span>r of v<span class=\"_ _1\"></span>eto, l<span class=\"_ _1\"></span>iq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t to rem<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>und m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er) t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t gi<span class=\"_ _1\"></span>ve i<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>o dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>e. T<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re su<span class=\"_ _1\"></span>bst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ci<span class=\"_ _1\"></span>rcu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ces u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er whi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y to exer<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>m, r<span class=\"_ _1\"></span>eq<span class=\"_ _1\"></span>uir<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>xerc<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e of j<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s a qua<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>eld b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o it<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ngs i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e fr<span class=\"_ _1\"></span>om co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s b<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>ween t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s held b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>hir<span class=\"_ _1\"></span>d pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n ad<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, con<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on i<span class=\"_ _1\"></span>s mad<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>f wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>e fa<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>o po<span class=\"_ _1\"></span>wer, for exa<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le, wh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>ird p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in th<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s are w<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y dis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>. Wh<span class=\"_ _1\"></span>ere G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ed to co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l suc<span class=\"_ _1\"></span>h col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>y are co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>, wit<span class=\"_ _1\"></span>h t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f exte<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>rd pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d as<span class=\"_ gse8\"> </span>a li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y (s<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y for Ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t val<span class=\"_ _1\"></span>ue att<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s in n<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>e E1 for fu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s).<span class=\"_ _37b\"> </span>Cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e col<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s have n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ar<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted o<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>is of a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Portfolio tr<span class=\"_ _5\"></span>ansfers<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>en com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g an ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p fir<span class=\"_ _1\"></span>st co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er th<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on m<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nit<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s comb<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n und<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3 <span class=\"ffa9 ls3c ws3d\">B<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>ss Combina<span class=\"_ _1\"></span>tions<span class=\"_ _1\"></span></span>. IF<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>S 3<span class=\"_ _1\"></span>, an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e us<span class=\"_ _1\"></span>e of a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>uis<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ccou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g, d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>es n<span class=\"_ _1\"></span>ot a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly in c<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>mst<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re t<span class=\"_ _1\"></span>he acq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f an as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et o<span class=\"_ _1\"></span>r a gro<span class=\"_ _1\"></span>up o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>te a bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ad a p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. I<span class=\"_ _1\"></span>n su<span class=\"_ _1\"></span>ch ca<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s pol<span class=\"_ _1\"></span>ic<span class=\"_ _2\"></span>y is to re<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>cq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n acco<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for t<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>he di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n and t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>et as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s or lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es acquired<span class=\"_ _5\"></span> is recognised<span class=\"_ _5\"></span> in the consolidated<span class=\"_ _5\"></span> income statement.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "H2<span class=\"_ _2\"></span>. A<span class=\"_ _1\"></span>sse<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh a s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ing u<span class=\"_ _1\"></span>se. D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sel<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se. A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>H2.<span class=\"_ _5\"></span>1 T<span class=\"_ _4\"></span>rans<span class=\"_ _1\"></span>fer of business<span class=\"_ _5\"></span> to Aberdeen Group plc<span class=\"_ _37b\"> </span>On 28 Ma<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>h 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t VI<span class=\"_ _1\"></span>I t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>fer o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e U<span class=\"_ _1\"></span>K T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s to A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p plc<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s wa<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as a dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>r to th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e sel<span class=\"_ _1\"></span>f-i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Wra<span class=\"_ _1\"></span>p SI<span class=\"_ _1\"></span>PP<span class=\"_ _1\"></span> bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h are h<span class=\"_ _1\"></span>eld o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce sh<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t, a<span class=\"_ _1\"></span>re ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ed to b<span class=\"_ _1\"></span>e tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ed to A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erd<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>. At 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025, th<span class=\"_ _1\"></span>ere a<span class=\"_ _1\"></span>re no as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>r lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>In 202<span class=\"_ _5\"></span>4, a<span class=\"_ _1\"></span>n ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent w<span class=\"_ _1\"></span>as re<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Ab<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up pl<span class=\"_ _1\"></span>c to en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r int<span class=\"_ _1\"></span>o an E<span class=\"_ _2\"></span>xter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>ds L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nk (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>EF<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>) rei<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t up<span class=\"_ _1\"></span>on co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Par<span class=\"_ _1\"></span>t V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ret<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>led p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. O<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I in 2025, a fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en rec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e EF<span class=\"_ _1\"></span>L ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>. No pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or los<span class=\"_ _1\"></span>s ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d dur<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g th<span class=\"_ _1\"></span>e Pa<span class=\"_ _1\"></span>rt V<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EF<span class=\"_ _1\"></span>L rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e ar<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. H2<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>2 Di<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>l of W<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ll G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n si<span class=\"_ _1\"></span>te<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up fin<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le of t<span class=\"_ _1\"></span>he W<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hal<span class=\"_ _1\"></span>l Gr<span class=\"_ _1\"></span>een s<span class=\"_ _1\"></span>ite w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>es l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d an ow<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r-<span class=\"_ _37b\"> </span>occ<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d bu<span class=\"_ _1\"></span>ild<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>ale co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ted i<span class=\"_ _1\"></span>n Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y 202<span class=\"_ _5\"></span>6 a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er 2025 th<span class=\"_ _1\"></span>e la<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>nd b<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>red a<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>he v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he ex<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ted n<span class=\"_ _1\"></span>et s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>es pr<span class=\"_ _1\"></span>oce<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d are c<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as he<span class=\"_ _1\"></span>ld for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e ma<span class=\"_ _1\"></span>jo<span class=\"_ _1\"></span>r cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s rep<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>re as fo<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span><table class=\"s w435 h227\" id=\"_c5953363-7d52-47aa-9789-0fb0a8826590\"><tr><td></td><td class=\"c n x1de y6440 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y6440 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y6441 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y6441 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600e w95 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Property, plant and<span class=\"_ _5\"></span> equipment<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y600e w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n xa63 y600e we1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y600f w96 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">Invest<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt prop<span class=\"_ _1\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b2 y600f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">4<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf6e y600f w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,082<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff8 w99 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Financial asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b3 y5ff8 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x419 y5ff8 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,985<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6044 wa3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Cash and cash equivalents<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b4 y6044 wc2 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5dc y6044 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">33<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6045 w4a5 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td class=\"c n x20f y6045 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b5 y6045 wa6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,100<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y6046 w4a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s</div><div class=\"t m0 x15b6 h11 y6040 ff3 fs8 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x798 y5ff9 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b7 y5ff9 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">75<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w4a7 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">T<span class=\"_ _4\"></span>otal assets of the<span class=\"_ _5\"></span> disposal group<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f6 y5f93 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">14<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,175<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w20c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Investment c<span class=\"_ _5\"></span>ontract liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b8 y5edb w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15b9 y5edb w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w4a8 h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s he<span class=\"_ _1\"></span>ld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ba y5edc w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15bb y5edc w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td></tr></table>1 <span class=\"_ _2d\"> </span>I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p at 31 De<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2024 we<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h we<span class=\"_ _1\"></span>re h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d to b<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d we<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>n fin<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>t 31 De<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 20<span class=\"_ _1\"></span>24 and t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed 10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% of t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h a<span class=\"_ _1\"></span>ny n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st r<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s ne<span class=\"_ _1\"></span>t as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e at<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e to u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>s dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>ps as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale i<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>ll b<span class=\"_ _1\"></span>e reco<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ed pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ly th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ugh a s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r tha<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ing u<span class=\"_ _1\"></span>se. D<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>ale a<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d at th<span class=\"_ _1\"></span>e low<span class=\"_ _1\"></span>er of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g am<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r val<span class=\"_ _1\"></span>ue le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to s<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sel<span class=\"_ _1\"></span>l ar<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly a<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e dis<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>al gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, exclu<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se. A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s and l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed se<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tel<span class=\"_ _1\"></span>y in th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "H3. Associates<span class=\"_ _37b\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es ov<span class=\"_ _1\"></span>er wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has si<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ant i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nce, b<span class=\"_ _1\"></span>ut w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h it do<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>. Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>lly i<span class=\"_ _1\"></span>t is pre<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup h<span class=\"_ _1\"></span>as si<span class=\"_ _1\"></span>gni<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>nt i<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>ce if i<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>lds b<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n 20% an<span class=\"_ _1\"></span>d 50% o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ri<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y. Inves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ass<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>s th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>re he<span class=\"_ _1\"></span>ld fo<span class=\"_ _1\"></span>r inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ted f<span class=\"_ _1\"></span>or u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>FR<span class=\"_ _2\"></span>S 9 Fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 28 Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s in A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>nd J<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>t Ventu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e are m<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>ed at f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r valu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h pro<span class=\"_ _1\"></span>fit o<span class=\"_ _1\"></span>r los<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>se h<span class=\"_ _1\"></span>eld fo<span class=\"_ _1\"></span>r st<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic p<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e acco<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d for u<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od o<span class=\"_ _1\"></span>f acc<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g. U<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>, on i<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>tia<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>he i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n an as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e is reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>t cost<span class=\"_ _2\"></span>. The c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is th<span class=\"_ _1\"></span>en u<span class=\"_ _1\"></span>pd<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d to re<span class=\"_ _1\"></span>fle<span class=\"_ _1\"></span>ct t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s shar<span class=\"_ _1\"></span>e of pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t or lo<span class=\"_ _1\"></span>ss o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>nd that share<span class=\"_ _5\"></span> is recogni<span class=\"_ _5\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he consolidat<span class=\"_ _5\"></span>ed income statement.<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng 202<span class=\"_ _5\"></span>4, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up a<span class=\"_ _1\"></span>nno<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d an ag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>rod<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, to l<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>h Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al (<span class=\"_ _1\"></span>\u2018<span class=\"_ _1\"></span>FG<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>), the fi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>st p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket investment<span class=\"_ _5\"></span> manager to be<span class=\"_ _5\"></span> est<span class=\"_ _1\"></span>ablished in<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he UK to<span class=\"_ _5\"></span> promote the objectives<span class=\"_ _5\"></span> of the Mansion House C<span class=\"_ _5\"></span>ompa<span class=\"_ _1\"></span>ct. The Company\u2019s<span class=\"_ _5\"></span> investment in FGC<span class=\"_ _5\"></span> is through a 4<span class=\"_ _5\"></span>9.<span class=\"_ _5\"></span>9% holding in Futur<span class=\"_ _0\"></span>e Growth Capital (Holdings) Limited and<span class=\"_ _5\"></span> it<span class=\"_ _1\"></span>s wholly owned subsidiar<span class=\"_ _1\"></span>y und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>, Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>is inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he F<span class=\"_ _1\"></span>GC a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ate i<span class=\"_ _1\"></span>s ac<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d fo<span class=\"_ _1\"></span>r usi<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y met<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>od i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s. A<span class=\"_ _1\"></span>t 31 <span class=\"_ _5\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025, the G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of t<span class=\"_ _1\"></span>he in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is \u00a31<span class=\"_ _3\"></span>1 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a34 mill<span class=\"_ _1\"></span>ion). Th<span class=\"_ _1\"></span>e<span class=\"_ gse8\"> </span>mo<span class=\"_ _1\"></span>vem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>ar ar<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m a ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e of \u00a31<span class=\"_ _5\"></span>0 mil<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a3<span class=\"_ _1\"></span>5 mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on) an<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s sha<span class=\"_ _1\"></span>re of<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>he lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s fro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iat<span class=\"_ _1\"></span>e of \u00a3(3) mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on (202<span class=\"_ _5\"></span>4: \u00a3(1<span class=\"_ _5\"></span>) mil<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>on), inc<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d wit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>in ne<span class=\"_ _1\"></span>t inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> income<span class=\"_ gse8\"> </span>statement<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb2b\">Su<span class=\"_ _1\"></span>mma<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al in<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (at 1<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%) for Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed gro<span class=\"_ _1\"></span>up i<span class=\"_ _1\"></span>s sho<span class=\"_ _1\"></span>wn b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></div><div class=\"gsb2c\"><table class=\"s w4a9 h1cd\" id=\"_6feb4231-3b12-4136-ad5a-c39413c3cf7a\"><tr><td></td><td class=\"c n x1de y601c w43 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y601c w44 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y601d wc9 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y601d w47 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ff9 w4aa h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x586 y5ff9 w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x587 y5ff9 w5b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w1dd h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al liabilities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15bc y5f93 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15bd y5f93 w8a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(3)<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ffa w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15be y5ffa we4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">7<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w4ab h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Los<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e ye<span class=\"_ _1\"></span>ar a<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15bf y5edc wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(7)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c0 y5edc w8a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(2)<span class=\"_ _37b\"> </span></div></td></tr></table></div>H5. Group entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's sub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s), ass<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to 20% o<span class=\"_ _1\"></span>r m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as a su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _2\"></span>y or as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te).<span class=\"_ _37b\"> </span><table class=\"s w4ad h229\" id=\"_d6cc13ea-2fdb-4e9c-bb73-7a326aa39341\"><tr><td></td><td></td><td></td><td class=\"t m0 x425 hd y6445 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6445 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6446 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6447 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6447 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6448 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6448 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6449 ff2 fs2 fc3 sc0 ls1c ws6\">Subsidiaries:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644a w4b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Limited (life assurance c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c6 y644a w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c7 y644a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y644a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Europe Operat<span class=\"_ _1\"></span>ions (Stephen's<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>reen) </td><td></td><td class=\"c n x15c9 y644c w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y644c w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y644c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644d ff3 fs2 fc3 sc0 ls1c ws6\">Designated<span class=\"_ _5\"></span> Act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> (formerly Phoenix<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>ife </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y644e ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe DAC<span class=\"_ _1\"></span>) (n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644f w4b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe C<span class=\"_ _2\"></span>A Li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ife a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cc y644f w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cd y644f w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y644f w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6450 w4b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Life Limited (life assurance c<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>pany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cf y6450 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d0 y6450 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y6450 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6451 w4b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Limited (life assurance company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d2 y6451 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y6451 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y6451 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6452 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life A<span class=\"_ _1\"></span>ssurance Limited (life assurance </td><td></td><td class=\"c n x15c9 y6453 w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6453 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6453 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6454 ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6455 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Int<span class=\"_ _0\"></span>ernational Design<span class=\"_ _5\"></span>ated Activit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x15c9 y6456 w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y6456 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y6456 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6457 ff3 fs2 fc3 sc0 ls1c ws6\">(life assurance<span class=\"_ _5\"></span> company \u2013<span class=\"_ _5\"></span> directly owned by<span class=\"_ _5\"></span> the Company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6458 ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Group Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6459 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6459 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6459 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645a ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y645b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Group Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited </td><td></td><td class=\"c n x15c9 y645c w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y645c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y645c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645d ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y645e w4bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGMS (Ireland) Limited (<span class=\"_ _5\"></span>management serv<span class=\"_ _1\"></span>ices c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d9 y645e w4be h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15da y645e w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y645e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y645f w4bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices (Bermuda) Limited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15db y645f w4c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls27 ws27\">B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>da\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15dc y645f w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y645f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6460 ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure UK Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6461 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6461 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6461 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6462 ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6463 w4c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PA (GI) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e0 y6463 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e1 y6463 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y6463 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6464 w4c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>03<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e3 y6464 w4c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">War<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>ur S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>eet R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y6464 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6464 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6464 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6465 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6466 ff3 fs2 fc3 sc0 ls9 ws0\">3 St A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>w S<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>re A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td></td><td class=\"c n x15c9 y6467 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6467 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6468 ff3 fs2 fc3 sc0 ls1c ws6\">(propert<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6469 ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed </td><td></td><td class=\"c n x15c9 y646a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646b ff6 fs2 fc3 sc0 ls1c ws6\">(non-<span class=\"_ _1\"></span>trading<span class=\"_ gse8\"> </span>c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y646c ff3 fs2 fc3 sc0 ls18 ws16\">Abbey Life T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Securities Limited </td><td></td><td class=\"c n x15c9 y646d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646e ff6 fs2 fc3 sc0 ls9 ws0\">(p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y646f w4c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Abbey Life T<span class=\"_ _4\"></span>rustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e4 y646f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y646f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y646f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6470 w4c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Alba Life T<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (non<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>rading compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e7 y6470 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y6470 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6470 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6471 ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>dam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (U<span class=\"_ _1\"></span>S Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s) </td><td></td><td class=\"c n x15c9 y6472 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ea y6472 w4cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited Liability</div></td><td class=\"t m0 xee6 h7 y6471 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">LLC (inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6474 ff3 fs2 fc3 sc0 ls9 ws0\">Al<span class=\"_ _1\"></span>ba L<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>S Pen<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td class=\"c n x15c9 y6475 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6475 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6475 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6476 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6477 ff3 fs2 fc3 sc0 ls1c ws6\">Barnwood Properties Limited<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>propert<span class=\"_ _1\"></span>y </td><td></td><td class=\"c n x15c9 y6478 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6478 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6478 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6479 ff6 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y647a w4cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BA (FURBS) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15eb y647a w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y647a w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y647a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647b w4cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BL T<span class=\"_ _4\"></span>elford Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ee y647b w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y647b w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y647b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y647c w4d0 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff6 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c9 y647d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y647d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y647d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647e w4d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Britannic Group Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f1 y647e w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f2 y647e w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y647e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y647f ff3 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic M<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x15c9 y6480 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6480 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6480 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6481 ff3 fs2 fc3 sc0 ls18 ws16\">Limited (investment advice company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6482 w4d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CH Management<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (inves<span class=\"_ _0\"></span>tment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f3 y6482 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y6482 w4d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _2\"></span>y Shar<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y6482 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6483 w4d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Century T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f6 y6483 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y6483 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6483 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616d w4d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CGE<span class=\"_ _5\"></span> Management Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f8 y616d w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f9 y616d w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y616d w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616e w4d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Cit<span class=\"_ _1\"></span>yfourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fb y616e w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y616e w4db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited with</div></td><td class=\"t m0 xee6 h7 y6484 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6485 ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6486 ff3 fs2 fc3 sc0 ls9 ws0\">G A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce &amp; P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es </td><td></td><td class=\"c n x15c9 y5f8f w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y5f8f w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6487 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w4dc h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Patria Private<span class=\"_ _5\"></span> Equit<span class=\"_ _1\"></span>y T<span class=\"_ _4\"></span>rust plc (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fd y5edc w4dd h1c4\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fe y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5edc w4de h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">55.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22a\" id=\"_ab5a71d0-0876-417d-aece-6bdfda693610\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6488 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6488 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6489 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y648a ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y648a ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y648b w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y648b w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y648c w4df h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Phoenix Group Holdings<span class=\"_ _5\"></span> (non-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rading company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y648c w4e0 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>\u00b9\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y648c w4e1 h19c\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private Compan<span class=\"_ _5\"></span>y<span class=\"_ _1b\"> </span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y648d w4e2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l (<span class=\"_ _1\"></span>WP) I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s LLC (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1601 y648d w4e3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">W<span class=\"_ _1\"></span>ilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y648d w4e4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>iabilit<span class=\"_ _1\"></span>y</div></td><td class=\"t m0 xee6 h7 y648e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y648f ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6490 ff3 fs2 fc3 sc0 lsf ws4\">ERIP Gen<span class=\"_ _1\"></span>eral Partner Limi<span class=\"_ _1\"></span>ted (General </td><td class=\"c n x15c9 y6491 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6491 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6491 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">8<span class=\"_ _1\"></span>0.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6492 ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to ER<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6493 w4e6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ERIP Limited Partner<span class=\"_ _1\"></span>ship (Limited Partnership)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y6493 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y6493 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y6493 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6494 w4e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G Financial<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1605 y6494 w4e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y6494 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y6494 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6495 w4eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">G Li<span class=\"_ _1\"></span>fe H L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6495 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y6495 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y6495 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6496 w4ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G T<span class=\"_ _4\"></span>rustees Ltd (<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d9 y6496 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y6496 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6496 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6497 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k (N<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ee) </td><td class=\"c n x15c9 y6498 w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6498 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6498 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6499 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y649a w4ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Gresham <span class=\"_ _5\"></span>Life Assurance Society Limited<span class=\"_ _5\"></span> (dormant<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company<span class=\"_ _5\"></span>)<span class=\"_ _1b\"> </span><span class=\"ff3\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x15ef y649a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y649a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649b w4ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Iceni Nominees<span class=\"_ _5\"></span> (No. 2)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y649b w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160d y649b w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y649b w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649c w4f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">IH (Jersey) Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y649c w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160f y649c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y649c w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649d w4f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Impala Holdings Limited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y649d w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y649d w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y649d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649e w4f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Inhoco 3<span class=\"_ _4\"></span>10<span class=\"_ _5\"></span>7 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y649e w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y649e w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y649e w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649f w4f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Laurt<span class=\"_ _1\"></span>rust Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y649f w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y649f w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y649f w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a0 w4f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64a0 w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a1 w4f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London Life<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y64a1 w4f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1618 y64a1 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y64a1 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a2 w4fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Namulas Pension<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (trustee<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y64a2 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a3 w4fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Institution<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y64a3 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y64a3 w4fd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y64a4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y64a5 ff3 fs2 fc3 sc0 ls1c ws6\">without Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y64a6 w4fe h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Life<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64a6 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a6 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a7 w4ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Life T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (dormant com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y64a7 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1621 y64a7 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y64a7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a8 w500 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Pensions<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1623 y64a8 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64a8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64a8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a9 w501 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">NP Life Holdings Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y64a9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a9 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64aa w502 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Printwork<span class=\"_ _1\"></span>s) Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64aa w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1628 y64aa w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y64aa w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ab w503 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Westgate<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y64ab w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y64ab w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y64ab w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ac w504 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (<span class=\"_ _5\"></span>Covent Garden<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162a y64ac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y64ac w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y64ac w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ad w505 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (Moor<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>ouse)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162b y64ad w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162c y64ad w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162d y64ad w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ae w506 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl AL Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162e y64ae w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ae w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ae w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64af ff3 fs2 fc3 sc0 ls1e ws2d\">Pearl As<span class=\"_ _1\"></span>surance Group<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>oldings </td><td class=\"c n x15c9 y64b0 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b0 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b0 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b1 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b2 w507 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cf y64b2 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1631 y64b2 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1632 y64b2 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w508 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 1<span class=\"_ _5\"></span>) L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64b3 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1634 y64b3 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b4 w509 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 2) Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1635 y64b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64b4 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b5 ff3 fs2 fc3 sc0 ls1c ws6\">Pearl Group<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>ecretariat Ser<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64b6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b6 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b7 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b8 w50a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Life Holdings Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1636 y64b8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64b8 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y64b8 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b9 w50b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl MP Birmingham<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1639 y64b9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163a y64b9 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y64b9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w50c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl RL<span class=\"_ _5\"></span>G Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163c y6403 w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6403 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w50e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163f y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w50f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 4<span class=\"_ _5\"></span>) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1641 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y619b w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 5<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619c w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619c w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 6<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619d w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619d w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w511 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>lasgow) Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1645 y61ad w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y61ad w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y61ad w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ba ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (Ireland) Holdings Unlimited </td><td class=\"c n x15c9 y619e w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y619e w512 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">U<span class=\"_ _1\"></span>nlimited with</div></td><td class=\"t m0 xee6 h7 y64ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y64bb ff6 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>holding<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y64bb ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y63b4 w513 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PG<span class=\"_ _1\"></span>S 2 L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y63b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y63b4 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y63b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fac w514 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life As<span class=\"_ _1\"></span>surance Limited (<span class=\"_ _5\"></span>non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ading company<span class=\"_ _0\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y5fac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y5fac w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5fac w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w515 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix &amp;<span class=\"_ _5\"></span> London A<span class=\"_ _1\"></span>ssurance Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15eb y6105 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y6105 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y6105 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w516 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Advisers Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y5f4a w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y5f4a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y5f4a w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w517 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix A<span class=\"_ _5\"></span>W Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y5f8f w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y5f8f w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y5f8f w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bc ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix C<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y6176 w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6176 w4b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6176 w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bd ff6 fs2 fc3 sc0 ls1c ws6\">ser<span class=\"_ _1\"></span>vices<span class=\"_ gse8\"> </span><span class=\"_ _0\"></span>company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22b\" id=\"_318011a7-a858-43c8-803b-fe442466e6a9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64be ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64be ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64bf ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64c0 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64c0 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64c1 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64c1 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c2 w51a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER<span class=\"_ _5\"></span>1 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y64c2 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y64c2 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y64c2 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c3 w51b h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>2 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c3 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c3 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c3 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c4 w51c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER3 Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64c4 w4f9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64c4 w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64c4 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c5 w51d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164f y64c5 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1650 y64c5 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64c5 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c6 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>5 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c6 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c6 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c6 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c7 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R6 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c7 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c7 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c7 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c8 w51e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1652 y64c8 w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64c8 w51f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y64c8 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64c9 ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding </td><td class=\"c n x15c9 y64ca w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64ca w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64ca w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cb ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64cc w521 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group C<span class=\"_ _1\"></span>A Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64cc w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64cc w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64cc w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64cd w522 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Group<span class=\"_ _5\"></span> Management Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1657 y64cd w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y64cd w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1658 y64cd w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ce w523 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 7)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ce w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1659 y64ce w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y64ce w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cf ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Holdings Limited (holding c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>mpany </td><td class=\"c n x15c9 y64d0 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d1 ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d2 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Holdings </td><td class=\"c n x15c9 y64d3 w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64d3 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64d3 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d4 ff3 fs2 fc3 sc0 ls18 ws16\">(Bermuda) Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d5 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pension Sc<span class=\"_ _1\"></span>heme (<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>rustees) </td><td class=\"c n x15c9 y64a2 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d6 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d7 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pensions T<span class=\"_ _5\"></span>rustee S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64d8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d9 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64da w524 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Real Est<span class=\"_ _1\"></span>ate Managemen<span class=\"_ _1\"></span>t GP Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165b y64da w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165c y64da w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y64da w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64db ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td class=\"c n x15c9 y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64dc w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64dc w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64dd ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64de w526 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64de w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64de w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64de w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64df w527 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Pens<span class=\"_ _5\"></span>ions T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165e y64df w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y64df w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y64df w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w528 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y64e0 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y64e0 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y64e0 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w529 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SL<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>irect Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y64e1 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64e1 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64e1 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w52a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV1<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1665 y64e2 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y64e2 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y64e2 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV2 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e3 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e3 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e4 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV3 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e4 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e4 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e5 w52c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV<span class=\"_ _5\"></span>4 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1666 y64e5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y64e5 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y64e5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e6 w52d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix UL<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64e6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64e6 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64e6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w52e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t Ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (un<span class=\"_ _1\"></span>it t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1667 y60f5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y60f5 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y60f5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e7 w52f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Wealth Holdings<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1668 y64e7 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y64e7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y64e7 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64e8 ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d </td><td class=\"c n x15c9 y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64e9 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ea ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64eb w530 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix W<span class=\"_ _5\"></span>ealth T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Serv<span class=\"_ _1\"></span>ices Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _2d\"> </span><span class=\"ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x1650 y64eb w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64eb w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ec w531 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pilangen Logis<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ik AB (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166b y64ec w532 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _5\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y64ec w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y64ec w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ed w533 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en Lo<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ik I A<span class=\"_ _1\"></span>B (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166d y64ed w534 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _4\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y64ed w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y64ed w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ee w535 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ee w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ee w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ee w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ef w536 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure FS Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64ef w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64ef w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64ef w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ff w537 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re F<span class=\"_ _1\"></span>SH U<span class=\"_ _1\"></span>K L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y60ff w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y60ff w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y60ff w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f0 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>) </td><td class=\"c n x15c9 y6100 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6100 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6100 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f1 ff3 fs2 fc3 sc0 ls1c ws6\">(holding compan<span class=\"_ _5\"></span>y \u2013 directly<span class=\"_ _5\"></span> owned by the C<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f72 w538 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Life<span class=\"_ _5\"></span> Pension T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166e y5f72 w539 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _3\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y5f72 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y5f72 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w53a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure LL Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1671 y5f16 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5f16 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w53b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Midco Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1674 y5ed7 w4e9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y5ed7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w53c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Nominees Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y5ed8 w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y5ed8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w53d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Pensi<span class=\"_ _5\"></span>on T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1676 y5ed9 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y5ed9 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y5ed9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w53e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure PM<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1678 y5f17 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y5f17 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y5f17 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w53f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f1 y5edb w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5edb w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5edb w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w540 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>wo Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y5edc w4c2 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22c\" id=\"_2afc9974-d7a2-49fe-90e5-348293e3108e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64f2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64f2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64f3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64f4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64f5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64f5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f6 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>fe A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny </td><td class=\"c n x15c9 y64f7 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y64f7 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y64f7 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f8 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64f9 w541 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y64f9 w4ca h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y64f9 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y64f9 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64fa w542 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> N<span class=\"_ _1\"></span>ominees Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64fa w4dd h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64fa w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64fa w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fb ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sh M<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ual P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent </td><td class=\"c n x15c9 y64fc w4bb h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y64fc w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y64fc w4bc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fd ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64fe w543 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL (NEWCO<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167e y64fe w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y64fe w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y64fe w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ff w544 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL Liverpool Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1680 y64ff w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1681 y64ff w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1682 y64ff w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6500 w545 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ium N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 S<span class=\"_ _1\"></span>A (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6500 w546 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Belgium<span class=\"_ _5\"></span>\u00b9\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1683 y6500 w547 h19e\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Soci\u00e9t\u00e9 A<span class=\"_ _1\"></span>nonyme<span class=\"_ _2\"></span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y6501 w548 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>S (i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1684 y6501 w549 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y6501 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y6501 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6502 w54a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>2 A<span class=\"_ _1\"></span>pS (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y6502 w54b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y6502 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6502 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6503 w54c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1686 y6503 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y6503 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6503 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6504 w54e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.2 S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _1\"></span>.r.l. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y6504 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6504 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6504 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6505 w550 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.3 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y6505 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168a y6505 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6505 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6506 w551 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Co<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ray S<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6506 w552 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u00b2<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y6506 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6506 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6507 w553 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A S<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>in N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 S<span class=\"_ _2\"></span>.L<span class=\"_ _1\"></span>.U.<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168b y6507 w554 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Madrid\u00b2\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6507 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6507 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6459 w555 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Fra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>I (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fb y6459 w556 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Paris\u00b2\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y6459 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6459 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6508 w557 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s No.<span class=\"_ _5\"></span>1 B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V<span class=\"_ _5\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y6508 w558 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168c y6508 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168d y6508 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6509 w559 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL<span class=\"_ _1\"></span>ACOM<span class=\"_ _5\"></span> (No. 8) Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6509 w4ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y6509 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6509 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650a ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life CA Holdings Limited (holding </td><td class=\"c n x15c9 y650b w55a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Basingstoke\u00b2\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168e y650b w55b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordin<span class=\"_ _5\"></span>ar<span class=\"_ _2\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168f y650b w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650c ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y650d ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt G<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y650e w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y650e w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y650e w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650f ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>F P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6510 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Financial Advice Ser<span class=\"_ _1\"></span>vices Limited </td><td class=\"c n x15c9 y6511 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6511 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6511 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6512 ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6513 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Assurance (HWPF) Luxembour<span class=\"_ _5\"></span>g </td><td class=\"c n x15c9 y6464 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1690 y6464 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1691 y6464 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6514 ff3 fs2 fc3 sc0 ls1c ws6\">S.\u00e0<span class=\"_ _1\"></span>.r<span class=\"_ _5\"></span>.l. (investment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6467 w55d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Group Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6467 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6467 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6515 w55e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Investment Funds Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6515 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y6515 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y6515 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6516 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Lifetime Mortgages Limited </td><td class=\"c n x15c9 y6517 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6517 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6517 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6518 ff3 fs2 fc3 sc0 ls1c ws6\">(mortgage<span class=\"_ _5\"></span> provider compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6519 w55f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mas<span class=\"_ _5\"></span>ter T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Co<span class=\"_ _5\"></span>. Ltd (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y6519 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y6519 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y6519 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651a w560 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mortgages<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y651a w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y651a w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y651a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651b ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Pr<span class=\"_ _5\"></span>oper<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y651c w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y651c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y651c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651d ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y651e w561 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life T<span class=\"_ _4\"></span>rustee Compan<span class=\"_ _5\"></span>y Limited (trustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y651e w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y651e w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1692 y651e w562 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _0\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651f w563 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Asset<span class=\"_ _1\"></span>s and Emplo<span class=\"_ _5\"></span>yee Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y651f w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1693 y651f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y651f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w564 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Pension Funds<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y60c6 w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y60c6 w565 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6520 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6521 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60c8 w566 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGH C<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1695 y60c8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1696 y60c8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1697 y60c8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6522 w567 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1698 y6522 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y6522 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y6522 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6523 ff3 fs2 fc3 sc0 ls1c ws6\">The Heritable Securities and Mortgage In<span class=\"_ _5\"></span>vestment </td><td class=\"c n x15c9 y6524 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6524 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6524 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6525 ff3 fs2 fc3 sc0 ls1c ws6\">A<span class=\"_ _1\"></span>ssociation Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6526 w568 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The London Life<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>sso<span class=\"_ _1\"></span>ciation Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e7 y6526 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1699 y6526 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6527 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6528 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6529 ff3 fs2 fc3 sc0 ls1c ws6\">The Pathe Buil<span class=\"_ _0\"></span>ding Managemen<span class=\"_ _0\"></span>t Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y652a w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y652a w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y652a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y652b ff3 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y652c w56a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Phoenix Life<span class=\"_ _5\"></span> SC<span class=\"_ _1\"></span>P Institution<span class=\"_ _0\"></span> (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y652c w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169a y652c w56b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y652e ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6049 w56c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>surance Society (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169b y6049 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169c y6049 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6530 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5f4a w56d h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">The Standard Life<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> Company of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V. (finan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y616e w56e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169d y616e w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169e y616e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w56f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>eb<span class=\"_ _1\"></span>net (Holdings)<span class=\"_ _5\"></span> Limited (h<span class=\"_ _1\"></span>olding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f8 y5f8f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y5f8f w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6531 ff3 fs2 fc3 sc0 ls1c ws6\">Welbre<span class=\"_ _5\"></span>nt Propert<span class=\"_ _1\"></span>y Investment<span class=\"_ _5\"></span> Company </td><td class=\"c n x15c9 y6176 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6176 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6176 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6532 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22d\" id=\"_d2c3a9c0-c648-49b4-b32b-4d1868d78693\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6533 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6533 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6534 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6535 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6535 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6536 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6536 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6537 w570 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a Vent<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169f y6537 w571 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">Boston\u00b2\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x434 y6537 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6538 ff3 fs2 fc3 sc0 ls8 ws1e\">80.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6539 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653a w572 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y653a w573 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y653a w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653b ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653c ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653d w575 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Strategic Credit LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y653d w576 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y653d w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653f ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6540 w577 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y6540 w4dd h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y6540 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6541 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6542 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6543 w578 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Shor<span class=\"_ _1\"></span>t Duration Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y6543 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ef y6543 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a5 y6543 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6544 w57b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Ma<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>m UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a6 y6544 w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon\u00b2<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6544 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6544 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6545 w57d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6545 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6545 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6545 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6546 w580 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Hi<span class=\"_ _1\"></span>gh A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y6546 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y6546 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6546 w582 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">9<span class=\"_ _1\"></span>0.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6547 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n x16a9 y6548 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6548 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6548 w584 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.11%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6549 ff3 fs2 fc3 sc0 ls18 ws16\">Institutional Overs<span class=\"_ _1\"></span>eas Bond Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654a ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Stra<span class=\"_ _1\"></span>tegic Investment </td><td></td><td class=\"c n x16a9 y654b w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654b w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654b w585 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">81.07%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y654c ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>ds \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654d ff3 fs2 fc3 sc0 ls18 ws16\">Americ<span class=\"_ _1\"></span>an Index Opportunities Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654e ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds </td><td></td><td class=\"c n x16a9 y654f w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654f w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654f w586 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.<span class=\"_ _2\"></span>50<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6550 ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6551 ff3 fs2 fc3 sc0 ls9 ws0\">ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Op<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6552 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds \u2013 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>us </td><td></td><td class=\"c n x16a9 y64a6 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y64a6 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y64a6 w587 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6553 ff3 fs2 fc3 sc0 ls1c ws6\">Henderson Institutional Japan<span class=\"_ _5\"></span> Ind<span class=\"_ _1\"></span>ex Opportunities F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64dc w588 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64dc w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64dc w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6554 w58b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y6554 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y6554 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ae y6554 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6555 w58c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y6555 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y6555 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y6555 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6556 w58d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b0 y6556 w4b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6556 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6556 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6557 w58e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Ja<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6557 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6557 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6557 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6558 w590 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ean E<span class=\"_ _2\"></span>x UK Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6558 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y6558 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6558 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6559 w591 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y6559 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6559 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6559 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655a w592 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK G<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y655a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y655a w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b7 y655a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655b w593 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d Sm<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ler Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y655b w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y655b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y655b w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">99.99%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b2 w595 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y64b2 w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y64b2 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y64b2 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w597 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64b3 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64b3 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655c ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex A<span class=\"_ _2\"></span>sia </td><td></td><td class=\"c n x16a9 y655d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y655d w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y655d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655e ff6 fs2 fc3 sc0 ls9 ws0\">Pac<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c ex J<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64e9 w598 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls7 ws5\">PU<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>M AC<span class=\"_ _2\"></span>S Su<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y64e9 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6401 w599 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6401 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6401 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6401 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6402 w59a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bd y6402 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y6402 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16be y6402 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w59b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bf y6403 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6403 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w59c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex US Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y619a w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y619a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w59d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S U<span class=\"_ _1\"></span>K Al<span class=\"_ _1\"></span>l Sh<span class=\"_ _1\"></span>are L<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Mul<span class=\"_ _1\"></span>ti M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y619b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w59e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S US D<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y619c w59f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y619c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y619c w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655f ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y619d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y619d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y619d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6560 ff6 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ gse8\"> </span>Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6561 ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y63c6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y63c6 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y63c6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6562 ff6 fs2 fc3 sc0 ls9 ws0\">All M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f16 w5a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic (<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n) Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y5f16 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y5f16 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w5a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Un<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y5ed7 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c6 y5ed7 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c7 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w5a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5ed8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y5ed8 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w5a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Euro S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vere<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y5ed9 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y5ed9 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y5ed9 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w5a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell European Credit<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y5f77 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y5f77 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y5f77 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w5a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Flo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>BS Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y5f4c w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16cd y5f4c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ce y5f4c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w5a7 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5edc w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y5edc w589 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22e\" id=\"_b047e761-dc81-4c3a-a484-85745729e02e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6563 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6563 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6564 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6565 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6565 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6566 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6566 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6567 w5a8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6567 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6567 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6567 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6568 w5a9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked S<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6568 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6568 w589 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6568 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6569 w5aa h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Lon<span class=\"_ _1\"></span>g Gi<span class=\"_ _1\"></span>lt S<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6569 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6569 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6569 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656a w5ab h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Short Duration Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y656a w4ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y656a w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y656a w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656b w5ac h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Sterling Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y656b w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y656b w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y656b w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656c w5ad h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y656c w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656c w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656c w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656d w188 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>reig<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y656d w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y656d w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y656d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656e w5ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l T<span class=\"_ _5\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y656e w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y656e w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y656e w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656f w5af h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y656f w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656f w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656f w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6570 w5b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Ul<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y6570 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y6570 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y6570 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6571 w5b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM Far E<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n U<span class=\"_ _1\"></span>nit Trust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6571 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6571 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y6571 w58a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6572 w5b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Un<span class=\"_ _1\"></span>it T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6572 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6572 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6572 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6573 w5b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y6573 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y6573 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y6573 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6574 w5b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd (S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies 3)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y6574 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y6574 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6574 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6575 w5b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM AC<span class=\"_ _1\"></span>S Sterling Credit F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y6575 w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y6575 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y6575 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6576 w595 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y6576 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y6576 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y6576 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6577 w5b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">iShares Bloomber<span class=\"_ _5\"></span>g Roll Select C<span class=\"_ _5\"></span>ommodit<span class=\"_ _1\"></span>y Strategy ET<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y6577 w5b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">W<span class=\"_ _1\"></span>ilmington\u00b2\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6577 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y6577 w5b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">6<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>02%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6578 w5ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">RGI Institutional<span class=\"_ _0\"></span> UK Listed Sm<span class=\"_ _5\"></span>aller Companies F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y6578 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6578 w5bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6578 w5bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _a\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6579 w5bd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>td L<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6579 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d9 y6579 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y657a ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y657b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y657c w5bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) U<span class=\"_ _1\"></span>K Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s LT<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y657c w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y657c w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y657c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657d ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) </td><td></td><td class=\"c n x16a9 y657e w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y657e w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y657e w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657f ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s L<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6580 w5c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn (<span class=\"_ _1\"></span>Lo<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ian) Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6580 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6580 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16dc y6580 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6581 w5c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Emerging Mark<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s Income Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6581 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6581 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y6581 w5c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">72.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6582 w5c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6582 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161e y6582 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y6582 w5c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">82.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6583 w5c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16dd y6583 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6583 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6583 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6584 w5cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6584 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y6584 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6584 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6585 w5cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6585 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6585 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y6585 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">82.4<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6586 w5ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16de y6586 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dc y6586 w5cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6586 w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6587 ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y6588 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y6588 w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y6588 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6589 ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Euro Liquidity 1 Fund </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658a ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658b w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658b w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658b w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.7<span class=\"_ _2\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658c ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 2 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658d ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658e w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658e w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658e w5d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">9<span class=\"_ _5\"></span>6.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658f ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 3 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6590 w5d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e1 y6590 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6590 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6590 w5d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">7<span class=\"_ _5\"></span>6.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w5d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Sustainable Index American Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e2 y60c6 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y60c6 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y60c6 w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6591 w5d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y6591 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6591 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6591 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">92<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6592 w5da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate F<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6592 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6592 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6592 w38a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6593 w5db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix Fu<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e5 y6593 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6593 w5dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Sp<span class=\"_ _1\"></span>ecial Limited</div></td><td class=\"t m0 xee6 h7 y6594 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6595 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6596 w5dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pat<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>II L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6596 w4dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6596 w5de h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6597 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6598 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6599 w5df h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">European<span class=\"_ _5\"></span> Strategic Partners LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e7 y6599 w5e0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">E<span class=\"_ _5\"></span>dinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y6599 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659a ff3 fs2 fc3 sc0 ls19 ws17\">72<span class=\"_ _1\"></span>.70<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y659c w5e1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s 200<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e8 y659c w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e9 y659c w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659e ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y659f ff3 fs2 fc3 sc0 ls1c ws6\">North Americ<span class=\"_ _1\"></span>an Strategic P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tners </td><td></td><td class=\"c n x16a9 y65a0 w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65a0 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y65a1 ff6 fs2 fc3 sc0 ls9 ws0\">(Fe<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>er) 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y65a1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65a2 w5e2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65a2 w5e3 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Cay<span class=\"_ _1\"></span>man I<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _5\"></span>\u00b9<span class=\"_ _1\"></span>\u2070<span class=\"_ _1c\"> </span><span class=\"ff3 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></span></div></td><td class=\"t m0 xee6 h7 y65a3 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a4 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6170 w5e4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ignis Strategic Credit F<span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>d LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6170 w5e5 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\"><span class=\"ff6 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds\u00b9\u2070<span class=\"_ _24\"> </span></span>L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65a5 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a6 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65a7 ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n x16a9 y6176 w5e6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y6176 w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16eb y6176 w4c5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65a8 ff6 fs2 fc3 sc0 ls18 ws16\">Fundamental Strategies<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22f\" id=\"_3bd0daf4-29d5-4421-b00f-6a0b8258c688\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65a9 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65a9 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65aa ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65ab ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65ab ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65ac w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65ac w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ad ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n xc11 y65ae w5e6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ec y65ae w5b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ed y65ae w4c5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65af ff6 fs2 fc3 sc0 ls9 ws0\">Sys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65b0 w5e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP General Part<span class=\"_ _1\"></span>ner Limited Part<span class=\"_ _1\"></span>nership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y65b0 w5be h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ee y65b0 w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b1 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b2 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b3 w5e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP II General Part<span class=\"_ _1\"></span>ner Limited Partn<span class=\"_ _1\"></span>ership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y65b3 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65b3 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b5 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b6 w5e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">HS<span class=\"_ _1\"></span>BC I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y65b6 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65b6 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65b6 w5ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">78<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b7 w5eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res 350 U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>K<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f0 y65b7 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65b7 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65b7 w5ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.95<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b8 w5ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65b8 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y65b8 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y65b8 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b9 w5ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f5 y65b9 w5f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Guern<span class=\"_ _1\"></span>sey<span class=\"_ _1\"></span>\u00b3\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y65b9 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65bb ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65bc w5f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Quilter Investors Global Dynamic Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65bc w5f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1618 y65bc w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y65bc w5f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">83.<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bd w5f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65bd w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65bd w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f8 y65bd w5f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65be w5f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Global Infrastr<span class=\"_ _1\"></span>ucture Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f9 y65be w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65be w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65be w5fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bf w5fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sto<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ak C<span class=\"_ _1\"></span>ore Fu<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Lu<span class=\"_ _1\"></span>x) S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>p<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y65bf w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y65bf w5fd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Special Limited</div></td><td class=\"t m0 xee6 h7 y65c0 ff3 fs2 fc3 sc0 ls1b ws19\">83.<span class=\"_ _1\"></span>30%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65c1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d hc y65c2 ff2 fs2 fc3 sc0 ls14 ws12\">Associates:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65c3 w5fe h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al (Holdings)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y65c3 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y65c3 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fb y65c3 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65c4 w600 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y65c4 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y65c4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y65c4 w601 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.9<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y65c5 ffa fs2 fc3 sc0 ls33 wsb\">Significant holdings:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65c6 ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Global </td><td></td><td class=\"c n x16a9 y6554 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6554 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6554 w602 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">2<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.19<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c7 ff6 fs2 fc3 sc0 ls1c ws6\">Responsible<span class=\"_ _5\"></span> Managed<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64df w603 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y64df w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y64df w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y64df w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">55<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w605 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n Al<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fe y64e0 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y64e0 w606 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y64e0 w607 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w608 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Emerging Market<span class=\"_ _1\"></span>s Oppor<span class=\"_ _1\"></span>tunitie<span class=\"_ _1\"></span>s Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc05 y64e1 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y64e1 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y64e1 w609 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w60a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y64e2 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y64e2 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1702 y64e2 w60b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">6<span class=\"_ _a\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w60c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y64e3 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y64e3 w60d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y64e3 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">81<span class=\"_ _5\"></span>.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c8 ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>\u2013<span class=\"_ _37b\"> </span></td><td></td><td class=\"c n x16a9 y65c9 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65c9 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65c9 w60e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">80<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>39%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ca ff6 fs2 fc3 sc0 ls9 ws0\">lin<span class=\"_ _1\"></span>ked G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65cb w60f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls15 ws13\">a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I<span class=\"_ _1\"></span>I \u2013 G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span><span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1705 y65cb w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65cb w611 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1707 y65cb w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">62.60%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cc w613 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls90 ws6a\">ab<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV II<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y65cc w54d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169c y65cc w614 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y65cc w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cd w615 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y65cd w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y65cd w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1708 y65cd w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">7<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ce ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate </td><td></td><td class=\"c n x16a9 y65cf w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65cf w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65cf w617 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">9<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65d0 ff6 fs2 fc3 sc0 ls18 ws16\">Securit<span class=\"_ _1\"></span>ies Sustainable<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65d1 w618 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) Sterling Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65d1 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65d1 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65d1 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">20.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6002 w61a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y6002 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y6002 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6002 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f0f w61c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y5f0f w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cd y5f0f w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170b y5f0f w61d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f10 w61e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Dynamic Distribution Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5f10 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5f10 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y5f10 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">6<span class=\"_ _a\"></span>7.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w620 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170c y5f11 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y5f11 w621 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170d y5f11 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w623 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn E<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hical Corporate Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y5f12 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y5f12 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y5f12 w624 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w625 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170e y5ed4 w626 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ed4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ed4 w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.0<span class=\"_ _2\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w627 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nked B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y5ed5 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5ed5 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y5ed5 w628 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsad wsee\">53.<span class=\"_ _1\"></span>03%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w629 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Rea<span class=\"_ _1\"></span>l E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5f72 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15da y5f72 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1711 y5f72 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">44<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w62a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Global<span class=\"_ _5\"></span> Smaller Companies<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y5f16 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1606 y5f16 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y5f16 w62b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">30.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w62c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y5ed7 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y5ed7 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y5ed7 w62d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.7<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w62e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y5ed8 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y5ed8 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y5ed8 w62f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">62.8<span class=\"_ _1\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w630 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1712 y5ed9 w631 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>don<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y5ed9 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1713 y5ed9 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w632 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y5f77 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y5f77 w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y5f77 w634 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">29<span class=\"_ _5\"></span>.47%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w635 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f4c w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1663 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1714 y5f4c w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">42.27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w636 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Short Dat<span class=\"_ _5\"></span>ed Corporate Bond Fu<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1715 y5edc w61f h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y5edc w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y5edc w637 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">3<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h230\" id=\"_b6eb5c43-0724-4821-9807-db3c6cde6bc9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65d2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65d2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65d3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65d4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65d5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65d5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d6 w638 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y65d6 w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y65d6 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y65d6 w63b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">39.2<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d7 w63c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y65d7 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1672 y65d7 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y65d7 w63d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">25<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d8 w63e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Chi<span class=\"_ _1\"></span>na O<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>re Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y65d8 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y65d8 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y65d8 w63f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">8<span class=\"_ _1\"></span>1.<span class=\"_ _a\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d9 w640 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>an Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y65d9 w641 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y65d9 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y65d9 w642 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">32.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65da w643 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn SICAV II<span class=\"_ _5\"></span> European Smalle<span class=\"_ _5\"></span>r Companies Fu<span class=\"_ _0\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1716 y65da w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65da w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y65da w644 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>41<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65db w645 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y65db w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1718 y65db w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65db w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dc wf0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>igh Y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>eld B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y65dc w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1683 y65dc w614 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y65dc w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dd w646 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> Euro Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65dd w641 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65dd w5a0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y65dd w647 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65de w648 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Sterling<span class=\"_ _5\"></span> Corporate Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171b y65de w525 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65de w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65de w649 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls121 ws185\">45.<span class=\"_ _1\"></span>49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65df w64a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Strategic Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65df w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65df w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65df w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws17\">68<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e0 w64b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y65e0 w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y65e0 w61b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65e0 w64c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">35.<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e1 w64d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Mid-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ap Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e1 w5c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y65e1 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y65e1 w64e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">40.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e2 w64f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ble E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171d y65e2 w639 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y65e2 w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y65e2 w642 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">92.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e3 ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 GD<span class=\"_ _1\"></span>P Wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y65e4 w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65e4 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65e4 w650 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">78<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e5 ff6 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65e6 w651 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171e y65e6 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171f y65e6 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e6 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e7 w653 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al G<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e7 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _0\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1721 y65e7 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65e7 w7d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>76<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e8 w654 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Bo<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y65e8 w655 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65e8 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65e8 w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">23.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e9 w656 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1722 y65e9 w657 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1723 y65e9 w658 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e9 w659 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">30<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ea w65a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Sustainable Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65ea w61f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65ea w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65ea w65b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">20.<span class=\"_ _5\"></span>98%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65eb w65c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y65eb w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y65eb w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65eb w65d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls188 ws1a1\">4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ec w65e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65ec w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1603 y65ec w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y65ec w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">29.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ed w65f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1724 y65ed w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y65ed w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1725 y65ed w660 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">34.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ee w661 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1726 y65ee w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65ee w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1727 y65ee w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">39.78%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ef w663 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y65ef w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y65ef w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y65ef w64e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">30.48%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f0 w664 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Ev<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>e UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65f0 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65f0 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65f0 w665 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f1 ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y65f2 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65f2 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65f2 w667 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">37<span class=\"_ _4\"></span>.71%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f3 ff6 fs2 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65f4 w668 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Emerging<span class=\"_ _5\"></span> Mar<span class=\"_ _1\"></span>kets Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y65f4 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y65f4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y65f4 w586 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f5 w669 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> US Dollar Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65f5 w641 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65f5 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y65f5 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">32.9<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f6 w66a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Global Infrastructure Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65f6 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65f6 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65f6 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f7 w66b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Hig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y65f7 w639 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1729 y65f7 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y65f7 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">26<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f8 w66d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Gallions Reach Shopping Park Limited P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172a y65f8 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65f8 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172b y65f8 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651e w66e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k Uni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y651e w66f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">J<span class=\"_ _1\"></span>ersey<span class=\"_ _2\"></span>\u2074\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y651e w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y651e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f9 w670 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y65f9 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65f9 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65f9 w671 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fa ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Emerg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Lo<span class=\"_ _1\"></span>w </td><td></td><td class=\"c n x16a9 y65fb w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65fb w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65fb w672 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">65.<span class=\"_ _1\"></span>35%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fc ff6 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>latilit<span class=\"_ _1\"></span>y Equity<span class=\"_ gse8\"> </span>Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65fd w673 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AC<span class=\"_ _1\"></span>S Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y65fd w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168c y65fd w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172c y65fd w674 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4e wscd\">25.<span class=\"_ _1\"></span>97<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65fe w675 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Cor<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>I 1\u20135<span class=\"_ _1\"></span>Y<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65fe w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65fe w676 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y65fe w677 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ff ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y6600 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6600 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y6600 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6601 ff3 fs2 fc3 sc0 ls9 ws0\">Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>ing E<span class=\"_ _2\"></span>x Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6602 w678 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Facto<span class=\"_ _1\"></span>r Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6602 w679 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u2074<span class=\"_ _2\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6602 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172d y6602 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6603 w67a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AQR G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172e y6603 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6603 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6603 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _a\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6604 w67b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s Lea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6604 w67c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6604 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y6604 w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">30.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6605 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>I IC<span class=\"_ _2\"></span>VC \u2013 </td><td></td><td class=\"c n x16a9 y6606 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6606 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6606 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">29.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6607 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Co<span class=\"_ _1\"></span>re Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6608 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK &amp; B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s IC<span class=\"_ _2\"></span>VC \u2013 B<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>e </td><td></td><td class=\"c n x16a9 y6103 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6103 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6103 w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.95%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6609 ff6 fs2 fc3 sc0 ls9 ws0\">Gi<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK a<span class=\"_ _1\"></span>nd Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>de Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ff9 w67e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1731 y5ff9 w67f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ff9 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ff9 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">38<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w680 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>ds \u2013 S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f93 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y5f93 w63a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5f93 w650 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">25<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w681 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket A<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1732 y5f77 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1615 y5f77 w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1733 y5f77 w659 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>86%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w683 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y5f4c w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y5f4c w684 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse9 ws1a0\">28.42<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w685 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>-A<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y5edc w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1734 y5edc w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UCI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y5edc w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h231\" id=\"_1e2048f6-aab5-4297-82cd-8a8ed36e87ce\"><tr><td></td><td></td><td class=\"t m0 x425 hd y660a ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y660a ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y660b ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660c ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y660c ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y660d w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y660d w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y660e w686 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n Ad<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y660e w687 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18d ws1a6\">Ta<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _a\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _1\"></span>\u2074<span class=\"_ _a\"></span>\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y660e w5cf h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y660e w61d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y660f ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Eme<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n xc11 y6610 w666 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6610 w5f6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6610 w688 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">82.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6611 ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al Return Bond Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6612 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Gol<span class=\"_ _1\"></span>dma<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>chs </td><td></td><td class=\"c n xc11 y6613 w666 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6613 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6613 w689 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6614 ff3 fs2 fc3 sc0 ls18 ws16\">Emerging Markets Debt Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6615 ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res E<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t &amp; Low C<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n xc11 y6616 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6616 w68a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1738 y6616 w240 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6617 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>ilt R<span class=\"_ _1\"></span>eal E<span class=\"_ _2\"></span>st<span class=\"_ _1\"></span>ate I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6618 ff3 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>dl<span class=\"_ _1\"></span>e Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>VC </td><td></td><td class=\"c n xc11 y6619 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u2075\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6619 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1739 y6619 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y661a ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 C<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>ct<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y661b w68b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>owt<span class=\"_ _1\"></span>h Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y661b w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2075\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173a y661b w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OEI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y661b w672 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">20.49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661c w68c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ck AC<span class=\"_ _2\"></span>S US Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y661c w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y661c w5c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173b y661c w68d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">2<span class=\"_ _5\"></span>6.83<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661d w68e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t 20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span>% Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y661d w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b3<span class=\"_ _1\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y661d w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y661d w68f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse9 ws1a0\">28.<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661e w690 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Invesco<span class=\"_ _5\"></span> Managed Growth Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x173d y661e w691 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">H<span class=\"_ _1\"></span>enley<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e0 y661e w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173e y661e w692 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">51.<span class=\"_ _2\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x173f h7 y661f ff6 fs2 fc3 sc0 ls1c ws6\">Thames\u2075\u00b2<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6620 w693 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>e Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1740 y6620 w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6620 w616 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y6620 w694 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws19\">22.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6621 w695 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6621 w696 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6621 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y6621 w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6622 w697 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>arg<span class=\"_ _1\"></span>et R<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6622 w610 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6622 w611 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1741 y6622 w698 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls2c ws2c\">41.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6623 w699 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1742 y6623 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1743 y6623 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6623 w5ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6624 ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x16a9 y6625 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6625 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6625 w69a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">28<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6626 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>SD I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6627 w69b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1744 y6627 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y6627 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1745 y6627 w69c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">41<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6628 w69d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>ler C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1746 y6628 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167f y6628 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1747 y6628 w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls122 ws184\">30<span class=\"_ _1\"></span>.43<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6629 w69e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ium B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed B<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>nd Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6629 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6629 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6629 w69f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">35.<span class=\"_ _1\"></span>57<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662a w6a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund\ue63c<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y662a w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y662a w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y662a w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662b w6a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y662b w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d3 y662b w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1748 y662b w6a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4f ws4c\">56<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>56%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662c w6a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Rob<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>co \u2013 Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>ize<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y662c w6a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">Rotterda<span class=\"_ _1\"></span>m\u2075\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y662c w5f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y662c w642 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">98<span class=\"_ _1\"></span>.92<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662d ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y662e w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y662e w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y662e w649 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">32.<span class=\"_ _1\"></span>94%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662f ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6630 w6a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er U<span class=\"_ _1\"></span>K M<span class=\"_ _1\"></span>id 250 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6630 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160f y6630 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6630 w698 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6631 w6a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> Global Bond<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y6631 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2075<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161c y6631 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174b y6631 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls98 ws11a\">2<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>63%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6632 ff3 fs2 fc3 sc0 ls1c ws6\">Robeco QI<span class=\"_ _5\"></span> Emerging Markets Sustainable<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6633 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y6633 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y6633 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _1\"></span>7.<span class=\"_ _a\"> </span>8<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6634 ff3 fs2 fc3 sc0 ls9 ws0\">Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies I<span class=\"_ _1\"></span>I<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6635 w6a8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Sust<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e All M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6635 w6a9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174c y6635 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y6635 w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>36%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6636 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Common Contractual<span class=\"_ _5\"></span> Fund \u2013 V<span class=\"_ _5\"></span>anguard </td><td></td><td class=\"c n x16a9 y6637 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6637 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6637 w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>87<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6638 ff3 fs2 fc3 sc0 ls9 ws0\">U.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y In<span class=\"_ _1\"></span>dex C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>n Con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6639 ff3 fs2 fc3 sc0 ls9 ws0\">Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd U.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>. </td><td></td><td class=\"c n x16a9 y663a w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663a w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y663a w6ab h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">2<span class=\"_ _5\"></span>0.<span class=\"_ _1\"></span>58%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663b ff3 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663c ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y663d w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y663d w6ac h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663e ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663f ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6640 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6641 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6641 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y6641 w6ad h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6642 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6643 ff6 fs2 fc3 sc0 ls1c ws6\">Common C<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ractual<span class=\"_ gse8\"> </span>F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6644 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6645 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6645 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6645 w6ae h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls73 ws73\">96.38<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6646 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6647 ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table>1 <span class=\"_ _2d\"> </span>10 Br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>, Bi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>, B1 2<span class=\"_ _1\"></span>JB<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>2 <span class=\"_ _2d\"> </span>9<span class=\"_ _1\"></span>0 St<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n\u2019s G<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, D2, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>3 <span class=\"_ _2d\"> </span>W<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Telfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Telfo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, TF<span class=\"_ _1\"></span>3 4<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>B, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>4 <span class=\"_ _2d\"> </span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 3<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Edi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, EH1 2D<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>5 <span class=\"_ _2d\"> </span>G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y S<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 25/<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8 No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Wal<span class=\"_ _1\"></span>l Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 1, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>6 <span class=\"_ _2d\"> </span>C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n's Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, 2<span class=\"_ _1\"></span>2 Vi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>M1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span>7 <span class=\"_ _2d\"> </span>1 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 2L<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>8 <span class=\"_ _2d\"> </span>Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny, 251 Li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e Fal<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, DE 198<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>9 <span class=\"_ _2d\"> </span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>-11<span class=\"_ _5\"></span>6 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>10 <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>Y1<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>104<span class=\"_ _1\"></span>, C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>1<span class=\"_ _5\"></span>1 <span class=\"_ _a\"> </span>280 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2M 4<span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>12 <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2-24 Ne<span class=\"_ _1\"></span>w St<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, St Pa<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, 4t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, JE1 4T<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span>13 <span class=\"_ _1\"></span>20 O<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ey, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, En<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d, E<span class=\"_ _1\"></span>C4M 7AN<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>14 <span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4 E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e, St H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er, Je<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>y, Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>el I<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>E4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>15 <span class=\"_ _1\"></span>9 Pa<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, 3r<span class=\"_ _1\"></span>d Fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, Ham<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n H<span class=\"_ _1\"></span>M 1<span class=\"_ _5\"></span>1, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span>16 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>o (Sw<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n) A<span class=\"_ _1\"></span>b, St<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 4c<span class=\"_ _1\"></span>, 4 Tr, <span class=\"_ _5\"></span>11<span class=\"_ _5\"></span>4 35 S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>17 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Lo<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hm<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>t 87, <span class=\"_ _5\"></span>10<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0 B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>18 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de 12, 1203 Cop<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en K<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>19 <span class=\"_ _1\"></span>35<span class=\"_ _1\"></span>a Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue J<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>F. <span class=\"_ _5\"></span>K<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y, L<span class=\"_ _5\"></span>-1855, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>20 <span class=\"_ _1\"></span>162 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>rd H<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>, 750<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>21 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r 7<span class=\"_ _5\"></span>, 1st fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, 280<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ma<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Sp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>22 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht O<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>g 58<span class=\"_ _1\"></span>, 10<span class=\"_ _1\"></span>43 BW A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>m, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds<span class=\"_ _37b\"> </span>23 <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>x<span class=\"_ gs424\"> </span>Ho<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gs424\"> </span>V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>oke<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e,<span class=\"_ gs424\"> </span>RG<span class=\"_ _1\"></span>21<span class=\"_ gs424\"> </span>4DZ<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>24 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s LL<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, 20<span class=\"_ _1\"></span>0 C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et 50<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, Bo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, M<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, 021<span class=\"_ _5\"></span>16<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>25 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _2\"></span>-1<span class=\"_ _5\"></span>16 Geo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H<span class=\"_ _37b\"> </span>26 <span class=\"_ _1\"></span>201 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2M 3A<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>27 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Trus<span class=\"_ _1\"></span>t Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e, 1290 O<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, 198<span class=\"_ _1\"></span>01, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>28 <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0 Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>2R 5A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>29 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Fe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H3 9WJ<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>30 <span class=\"_ _1\"></span>1 Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>31 <span class=\"_ _1\"></span>32 M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>in 2<span class=\"_ _1\"></span>, Du<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n, D<span class=\"_ _1\"></span>02 Y<span class=\"_ _1\"></span>51<span class=\"_ _5\"></span>2, I<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>32 <span class=\"_ _1\"></span>8 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E14 5HQ<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>33 <span class=\"_ _1\"></span>12 Th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Ave<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on E<span class=\"_ _1\"></span>C2<span class=\"_ _1\"></span>N 2D<span class=\"_ _1\"></span>L, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>34 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2R 5A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>35 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Tudo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Le B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>Y1 6<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>D, Gu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>36 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 85 Q<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>en V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>V 4A<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>37 <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a Po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hy of L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, L-234<span class=\"_ _1\"></span>6, L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>38 <span class=\"_ _1\"></span>1 L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>39 <span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, 2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>40 <span class=\"_ _1\"></span>70 S<span class=\"_ _1\"></span>ir J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>hn R<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n\u2019s Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 2, I<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>41 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>, Al<span class=\"_ _1\"></span>l\u00e9<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>r, L<span class=\"_ _5\"></span>-252<span class=\"_ _1\"></span>0 Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>42 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>, St H<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er, JE4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>43 <span class=\"_ _1\"></span>2-<span class=\"_ _2\"></span>4, R<span class=\"_ _1\"></span>ue Eu<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>\u00e8n<span class=\"_ _1\"></span>e Ru<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, L<span class=\"_ _5\"></span>-2453 L<span class=\"_ _1\"></span>uxe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>4<span class=\"_ _1\"></span>4 91 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Pa<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>r, 91 A 9<span class=\"_ _5\"></span>3<span class=\"_ _1\"></span>, Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, 75015, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>45 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e, 33<span class=\"_ _1\"></span>, ru<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>e Ga<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, L-5826<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>46 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>47 <span class=\"_ _1\"></span>160 Q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n V<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, EC<span class=\"_ _1\"></span>4V 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>48 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>h G<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, M<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>ld L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>r Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h, S<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ey, K<span class=\"_ _2\"></span>T2<span class=\"_ _1\"></span>0 6R<span class=\"_ _1\"></span>P<span class=\"_ _5\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>49 <span class=\"_ _1\"></span>49, Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e J.<span class=\"_ _1\"></span>F. Kenn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dy, L-<span class=\"_ _5\"></span>1855 L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, Gr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>50 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce, 78 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>N 6A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>51 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>52 <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Par<span class=\"_ _1\"></span>k D<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>on<span class=\"_ _1\"></span>-T<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, O<span class=\"_ _1\"></span>xf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>e, R<span class=\"_ _1\"></span>G9 1HH<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>53 <span class=\"_ _1\"></span>10, C<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e2t<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>u d\u2019<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>u, L-3364 L<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>54 <span class=\"_ _1\"></span>We<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na 85<span class=\"_ _1\"></span>0, 3<span class=\"_ _1\"></span>014 DA<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>, N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>55 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 5<span class=\"_ _1\"></span>, Ho<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>f, L<span class=\"_ _5\"></span>-1<span class=\"_ _5\"></span>7<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>56 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, L<span class=\"_ _0\"></span>-2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d an a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it e<span class=\"_ _1\"></span>xemp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n by pa<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee by v<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>.479<span class=\"_ _5\"></span>A o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Ac<span class=\"_ _1\"></span>t 200<span class=\"_ _1\"></span>6:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">10<span class=\"_ _5\"></span>3 W<span class=\"_ _5\"></span>ardour Street Retail In<span class=\"_ _5\"></span>vestment Company Limit<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">B<span class=\"_ _1\"></span>arnwood Properties Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Finance Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Money Investment Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G A<span class=\"_ _1\"></span>ssurance &amp; Pension Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G Life H Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Pearl Customer Care<span class=\"_ _5\"></span> Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 1<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 2) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GH C<span class=\"_ _1\"></span>A Limited </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GMS (Glasgow) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Customer Care Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix ER6 Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Group CA Ser<span class=\"_ _2\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life Assurance Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life CA Holdings Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix SL Direct<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 2 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 3 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Weal<span class=\"_ _0\"></span>th Holdings Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure FSH UK Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Pension F<span class=\"_ _5\"></span>unds Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Vebnet (Holdings<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>The follo<span class=\"_ _5\"></span>wing subsidiaries wer<span class=\"_ _5\"></span>e dissolved during<span class=\"_ _0\"></span> the period. The subsidi<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ies wer<span class=\"_ _5\"></span>e deconsolidated from<span class=\"_ _5\"></span> the date of d<span class=\"_ _5\"></span>is<span class=\"_ _1\"></span>solution:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Impal<span class=\"_ _1\"></span>a Loan<span class=\"_ _5\"></span> Company 1 Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 1<span class=\"_ _4\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Chiswick Hous<span class=\"_ _1\"></span>e)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 1) Limi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 2) L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix (Printwor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Stockley Park) Limite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 9) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 10) Lim<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Vebnet Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Agency Ser<span class=\"_ _2\"></span>vices Limited </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Re Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GL Pension T<span class=\"_ _4\"></span>rustee Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) Japan T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) International T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn MT Americ<span class=\"_ _1\"></span>an Equity Unconstrained Fund<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f or t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was n<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y. The sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s were d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol the subsidiar<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Ste<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ling Corporate Bond<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Global<span class=\"_ _5\"></span> Corporate Bond T<span class=\"_ _4\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p no lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er has s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ll &amp; M<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>C<span class=\"_ _1\"></span>ap Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Amer<span class=\"_ _1\"></span>ican Equity Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Japanese Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn UK Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>dex F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn European Equity T<span class=\"_ _4\"></span>racker Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K Valu<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Nor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>r Com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Da<span class=\"_ _1\"></span>ted E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">LGIM Sterling Liquidit<span class=\"_ _1\"></span>y Plus Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Short<span class=\"_ _5\"></span>-T<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">L<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y) Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">B<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ute A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls14 ws33\">BlackRock Cas<span class=\"_ _5\"></span>h Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">N<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y One Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s i G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cro A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 A<span class=\"_ _1\"></span>mun<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>F<span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s U<span class=\"_ _1\"></span>K Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t Cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s LP<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">B<span class=\"_ _1\"></span>rent Cross Partner<span class=\"_ _1\"></span>ship</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "<div class=\"t m0 hf ff1 fs2 fc1 sc0 lse wsb gsb2e\">H4. Structured entities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb2f\">A st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or s<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s are n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r in d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>o </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb30\">con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, such a<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ny vo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y, and t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb31\">means of<span class=\"_ _5\"></span> contractual arrangements<span class=\"_ _1\"></span>. A structured e<span class=\"_ _5\"></span>nt<span class=\"_ _1\"></span>ity often has some<span class=\"_ _5\"></span> or all of the<span class=\"_ _5\"></span> following fe<span class=\"_ _5\"></span>atures or attributes: (<span class=\"_ _5\"></span>a)<span class=\"_ _5\"></span> restricted </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb32\">ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s; (<span class=\"_ _1\"></span>b) a nar<span class=\"_ _1\"></span>row an<span class=\"_ _1\"></span>d wel<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, suc<span class=\"_ _1\"></span>h as to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t opp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s by pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb33\">rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; (c) in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb34\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d (d) fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>m of m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb35\">instrument<span class=\"_ _1\"></span>s to<span class=\"_ _5\"></span> investors that creat<span class=\"_ _5\"></span>e concentrations of<span class=\"_ _5\"></span> credit or other<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isks (tranches)<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb36\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, a num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb37\">of de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y str<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it has<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsb38\">interests in both consolidated and unconsolidated<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>ructured entities as shown below:<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb39\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3a\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">O<span class=\"_ _1\"></span>EIC<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3b\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls1c ws6\">SIC<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>Vs;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3c\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3d\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsd wsc\">as<span class=\"_ _1\"></span>set<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>bac<span class=\"_ _1\"></span>ked<span class=\"_ _5\"></span> se<span class=\"_ _1\"></span>curities;<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3e\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">C<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed D<span class=\"_ _1\"></span>ebt O<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018CD<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb3f\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws5 gsb40\">\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p Em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>e Ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>BT<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb41\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve ar<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb42\">val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s in i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>\u2019s pros<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ho<span class=\"_ _1\"></span>lds </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb43\">red<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ho a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb44\">investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategies t<span class=\"_ _5\"></span>o accomplish their<span class=\"_ _5\"></span> respective investment<span class=\"_ _5\"></span> objecti<span class=\"_ _1\"></span>ves. All of<span class=\"_ _5\"></span> the funds are managed<span class=\"_ _5\"></span> by fund managers who<span class=\"_ _5\"></span> are </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb45\">compensated by<span class=\"_ _5\"></span> the respective funds for<span class=\"_ _5\"></span> their ser<span class=\"_ _1\"></span>vices. Such compensation general<span class=\"_ _5\"></span>ly consists of an<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>et<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>based fee<span class=\"_ _5\"></span> and a </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb46\">pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive fe<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ea<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsa ws6 gsb47\">H4.<span class=\"_ _5\"></span>1 Interests in consolidated structured entities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb48\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re it h<span class=\"_ _1\"></span>as co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsb49\">The EBT i<span class=\"_ _5\"></span>s a consolidated<span class=\"_ _5\"></span> str<span class=\"_ _1\"></span>uctured entity that hol<span class=\"_ _5\"></span>ds shares to<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>atisf<span class=\"_ _1\"></span>y awards<span class=\"_ _5\"></span> granted to e<span class=\"_ _5\"></span>mployees under the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s share-<span class=\"_ _1\"></span>based </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb4a\">pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T of \u00a39 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>6 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls98 ws11a gsb4b\">A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s no in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t to any o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lsf ws12 gsb4c\">H4.<span class=\"_ _1\"></span>2 Interests in unc<span class=\"_ _5\"></span>onsolid<span class=\"_ _1\"></span>ated structured entities<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb4d\">Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re hel<span class=\"_ _1\"></span>d as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb4e\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n he<span class=\"_ _1\"></span>ld at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb4f\">con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n \u2018ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e\u2019<span class=\"_ _5\"></span>. D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb50\">A sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n unc<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w. The<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb51\">fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gsb52\"><table class=\"s w4ac h228\" id=\"_5aa5b21b-a189-4679-ac12-65a22c79aab0\"><tr><td></td><td class=\"c n x15c1 y6442 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c2 y6442 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x603 hd y6443 ff2 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x15c3 hd y6443 ff12 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x607 hd y6444 ffa fs6 fc3 sc0 lsbd wsc4\">financial assets<span class=\"_ _37b\"> </span></td><td class=\"t m0 x759 hd y6444 ff13 fs6 fc3 sc0 ls9 ws0\">fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x59d y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c4 y5f93 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,654<span class=\"_ _37b\"> </span></div></td><td class=\"c n x499 y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,398<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f8 y5f77 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f9 y5f77 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82,740<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,642<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,542<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92,742<span class=\"_ _37b\"> </span></div></td><td class=\"c n x504 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91,680<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb53\">Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s maxi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bov<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb54\">inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s in a f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>, it c<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to be e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to any r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb55\">Gro<span class=\"_ _1\"></span>up\u2019s ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 50% a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ize o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsb56\">ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>y to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly h<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsb57\">Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sub<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te I5.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "H4. Structured entities<span class=\"_ _37b\"> </span>A st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or s<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s are n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r in d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, such a<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ny vo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y, and t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by means of<span class=\"_ _5\"></span> contractual arrangements<span class=\"_ _1\"></span>. A structured e<span class=\"_ _5\"></span>nt<span class=\"_ _1\"></span>ity often has some<span class=\"_ _5\"></span> or all of the<span class=\"_ _5\"></span> following fe<span class=\"_ _5\"></span>atures or attributes: (<span class=\"_ _5\"></span>a)<span class=\"_ _5\"></span> restricted ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s; (<span class=\"_ _1\"></span>b) a nar<span class=\"_ _1\"></span>row an<span class=\"_ _1\"></span>d wel<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, suc<span class=\"_ _1\"></span>h as to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t opp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s by pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; (c) in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d (d) fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>m of m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked instrument<span class=\"_ _1\"></span>s to<span class=\"_ _5\"></span> investors that creat<span class=\"_ _5\"></span>e concentrations of<span class=\"_ _5\"></span> credit or other<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isks (tranches)<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, a num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er of de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y str<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it has<span class=\"_ _1\"></span> interests in both consolidated and unconsolidated<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>ructured entities as shown below:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">O<span class=\"_ _1\"></span>EIC<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls1c ws6\">SIC<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>Vs;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsd wsc\">as<span class=\"_ _1\"></span>set<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>bac<span class=\"_ _1\"></span>ked<span class=\"_ _5\"></span> se<span class=\"_ _1\"></span>curities;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">C<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed D<span class=\"_ _1\"></span>ebt O<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018CD<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p Em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>e Ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>BT<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve ar<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s in i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>\u2019s pros<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ho<span class=\"_ _1\"></span>lds red<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ho a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategies t<span class=\"_ _5\"></span>o accomplish their<span class=\"_ _5\"></span> respective investment<span class=\"_ _5\"></span> objecti<span class=\"_ _1\"></span>ves. All of<span class=\"_ _5\"></span> the funds are managed<span class=\"_ _5\"></span> by fund managers who<span class=\"_ _5\"></span> are compensated by<span class=\"_ _5\"></span> the respective funds for<span class=\"_ _5\"></span> their ser<span class=\"_ _1\"></span>vices. Such compensation general<span class=\"_ _5\"></span>ly consists of an<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>et<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>based fee<span class=\"_ _5\"></span> and a pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive fe<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ea<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>H4.<span class=\"_ _5\"></span>1 Interests in consolidated structured entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re it h<span class=\"_ _1\"></span>as co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>The EBT i<span class=\"_ _5\"></span>s a consolidated<span class=\"_ _5\"></span> str<span class=\"_ _1\"></span>uctured entity that hol<span class=\"_ _5\"></span>ds shares to<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>atisf<span class=\"_ _1\"></span>y awards<span class=\"_ _5\"></span> granted to e<span class=\"_ _5\"></span>mployees under the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s share-<span class=\"_ _1\"></span>based pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T of \u00a39 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>6 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s no in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t to any o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>H4.<span class=\"_ _1\"></span>2 Interests in unc<span class=\"_ _5\"></span>onsolid<span class=\"_ _1\"></span>ated structured entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re hel<span class=\"_ _1\"></span>d as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n he<span class=\"_ _1\"></span>ld at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n \u2018ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e\u2019<span class=\"_ _5\"></span>. D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>A sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n unc<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w. The<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w4ac h228\" id=\"_5aa5b21b-a189-4679-ac12-65a22c79aab0\"><tr><td></td><td class=\"c n x15c1 y6442 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c2 y6442 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x603 hd y6443 ff2 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x15c3 hd y6443 ff12 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x607 hd y6444 ffa fs6 fc3 sc0 lsbd wsc4\">financial assets<span class=\"_ _37b\"> </span></td><td class=\"t m0 x759 hd y6444 ff13 fs6 fc3 sc0 ls9 ws0\">fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x59d y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c4 y5f93 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,654<span class=\"_ _37b\"> </span></div></td><td class=\"c n x499 y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,398<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f8 y5f77 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f9 y5f77 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82,740<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,642<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,542<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92,742<span class=\"_ _37b\"> </span></div></td><td class=\"c n x504 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91,680<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s maxi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bov<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s in a f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>, it c<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to be e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to any r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 50% a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ize o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>y to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly h<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sub<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te I5.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "H4. Structured entities<span class=\"_ _37b\"> </span>A st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>s an e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y tha<span class=\"_ _1\"></span>t ha<span class=\"_ _1\"></span>s be<span class=\"_ _1\"></span>en d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t vot<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g or s<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ar r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s are n<span class=\"_ _1\"></span>ot t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t fa<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r in d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g wh<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y, such a<span class=\"_ _1\"></span>s wh<span class=\"_ _1\"></span>en a<span class=\"_ _1\"></span>ny vo<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht<span class=\"_ _2\"></span>s rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e to ad<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>y, and t<span class=\"_ _1\"></span>he r<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>van<span class=\"_ _1\"></span>t ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by means of<span class=\"_ _5\"></span> contractual arrangements<span class=\"_ _1\"></span>. A structured e<span class=\"_ _5\"></span>nt<span class=\"_ _1\"></span>ity often has some<span class=\"_ _5\"></span> or all of the<span class=\"_ _5\"></span> following fe<span class=\"_ _5\"></span>atures or attributes: (<span class=\"_ _5\"></span>a)<span class=\"_ _5\"></span> restricted ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s; (<span class=\"_ _1\"></span>b) a nar<span class=\"_ _1\"></span>row an<span class=\"_ _1\"></span>d wel<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ed ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, suc<span class=\"_ _1\"></span>h as to p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t opp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s for i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s by pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g on r<span class=\"_ _1\"></span>isk<span class=\"_ _2\"></span>s and<span class=\"_ _1\"></span> rewa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed wi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s; (c) in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ffic<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>t eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y to<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e it<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ut su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l sup<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>; an<span class=\"_ _1\"></span>d (d) fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e for<span class=\"_ _1\"></span>m of m<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>lly l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked instrument<span class=\"_ _1\"></span>s to<span class=\"_ _5\"></span> investors that creat<span class=\"_ _5\"></span>e concentrations of<span class=\"_ _5\"></span> credit or other<span class=\"_ _5\"></span> r<span class=\"_ _1\"></span>isks (tranches)<span class=\"_ _5\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at a<span class=\"_ _1\"></span>ll o<span class=\"_ _1\"></span>f it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s in co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, a num<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er of de<span class=\"_ _1\"></span>bt s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y str<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>e eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s have b<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n ide<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t it has<span class=\"_ _1\"></span> interests in both consolidated and unconsolidated<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>ructured entities as shown below:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t tr<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls8 ws1e\">O<span class=\"_ _1\"></span>EIC<span class=\"_ _1\"></span>s;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 ls1c ws6\">SIC<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>Vs;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6 lsd wsc\">as<span class=\"_ _1\"></span>set<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>bac<span class=\"_ _1\"></span>ked<span class=\"_ _5\"></span> se<span class=\"_ _1\"></span>curities;<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">C<span class=\"_ _1\"></span>oll<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed D<span class=\"_ _1\"></span>ebt O<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns (<span class=\"_ _1\"></span>\u2018CD<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>s\u2019<span class=\"_ _1\"></span>);<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>her d<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t st<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>; and<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p Em<span class=\"_ _1\"></span>plo<span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>e Ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t (\u2018<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>BT<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>).<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s l<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve ar<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le to m<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ce r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k ar<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>ng f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m un<span class=\"_ _1\"></span>cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ut f<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s in i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to t<span class=\"_ _1\"></span>he t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span>nd co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>\u2019s pros<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>us a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p ho<span class=\"_ _1\"></span>lds red<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ble s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n ea<span class=\"_ _1\"></span>ch o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l an<span class=\"_ _1\"></span>d ext<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l fu<span class=\"_ _1\"></span>nd m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s w<span class=\"_ _1\"></span>ho a<span class=\"_ _1\"></span>pp<span class=\"_ _1\"></span>ly va<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us investment<span class=\"_ _5\"></span> st<span class=\"_ _1\"></span>rategies t<span class=\"_ _5\"></span>o accomplish their<span class=\"_ _5\"></span> respective investment<span class=\"_ _5\"></span> objecti<span class=\"_ _1\"></span>ves. All of<span class=\"_ _5\"></span> the funds are managed<span class=\"_ _5\"></span> by fund managers who<span class=\"_ _5\"></span> are compensated by<span class=\"_ _5\"></span> the respective funds for<span class=\"_ _5\"></span> their ser<span class=\"_ _1\"></span>vices. Such compensation general<span class=\"_ _5\"></span>ly consists of an<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>et<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>based fee<span class=\"_ _5\"></span> and a pe<span class=\"_ _1\"></span>rfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nce<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ive fe<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d is re<span class=\"_ _1\"></span>flec<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he va<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ea<span class=\"_ _1\"></span>ch f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>H4.<span class=\"_ _5\"></span>1 Interests in consolidated structured entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at w<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>re it h<span class=\"_ _1\"></span>as co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>l ove<span class=\"_ _1\"></span>r fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>The EBT i<span class=\"_ _5\"></span>s a consolidated<span class=\"_ _5\"></span> str<span class=\"_ _1\"></span>uctured entity that hol<span class=\"_ _5\"></span>ds shares to<span class=\"_ _5\"></span> s<span class=\"_ _1\"></span>atisf<span class=\"_ _1\"></span>y awards<span class=\"_ _5\"></span> granted to e<span class=\"_ _5\"></span>mployees under the<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>roup\u2019<span class=\"_ _5\"></span>s share-<span class=\"_ _1\"></span>based pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up gr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>ns to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e EB<span class=\"_ _1\"></span>T of \u00a39 m<span class=\"_ _1\"></span>ill<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n (202<span class=\"_ _5\"></span>4: \u00a31<span class=\"_ _4\"></span>6 m<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lio<span class=\"_ _1\"></span>n). A<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g da<span class=\"_ _1\"></span>te, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s no in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to pr<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l or o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t to any o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ed en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y.<span class=\"_ _37b\"> </span>H4.<span class=\"_ _1\"></span>2 Interests in unc<span class=\"_ _5\"></span>onsolid<span class=\"_ _1\"></span>ated structured entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p has in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s in u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>red e<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re hel<span class=\"_ _1\"></span>d as fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n he<span class=\"_ _1\"></span>ld at fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit or l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. An<span class=\"_ _1\"></span>y cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in fa<span class=\"_ _1\"></span>ir va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e is in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d in t<span class=\"_ _1\"></span>he con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent i<span class=\"_ _1\"></span>n \u2018ne<span class=\"_ _1\"></span>t inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e\u2019<span class=\"_ _5\"></span>. D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e is re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>ved f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>se i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s.<span class=\"_ _37b\"> </span>A sum<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n unc<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies i<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>w. The<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>re s<span class=\"_ _1\"></span>how<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>cco<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>ng to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n in t<span class=\"_ _1\"></span>he co<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t of fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l po<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w4ac h228\" id=\"_5aa5b21b-a189-4679-ac12-65a22c79aab0\"><tr><td></td><td class=\"c n x15c1 y6442 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c2 y6442 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x603 hd y6443 ff2 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e of </td><td class=\"t m0 x15c3 hd y6443 ff12 fs6 fc3 sc0 ls9 ws0\">Ca<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td class=\"t m0 x607 hd y6444 ffa fs6 fc3 sc0 lsbd wsc4\">financial assets<span class=\"_ _37b\"> </span></td><td class=\"t m0 x759 hd y6444 ff13 fs6 fc3 sc0 ls9 ws0\">fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"c n x59d y6015 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59e y6015 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w11f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Equities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c4 y5f93 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,654<span class=\"_ _37b\"> </span></div></td><td class=\"c n x499 y5f93 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,398<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w207 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Collective<span class=\"_ _5\"></span> investment schemes<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f8 y5f77 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">83,446<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1f9 y5f77 w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">82,740<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w122 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Debt securities<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59a y5f4c w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">7,642<span class=\"_ _37b\"> </span></div></td><td class=\"c n x59b y5f4c w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">7,542<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x503 y5edc w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">92,742<span class=\"_ _37b\"> </span></div></td><td class=\"c n x504 y5edc w5e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">91,680<span class=\"_ _37b\"> </span></div></td></tr></table>Th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s maxi<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>m ex<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re to lo<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th re<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>rd to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>bov<span class=\"_ _1\"></span>e is t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>yi<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>. On<span class=\"_ _1\"></span>ce t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up ha<span class=\"_ _1\"></span>s di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f it<span class=\"_ _2\"></span>s sha<span class=\"_ _1\"></span>res o<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s in a f<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>, it c<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to be e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d to any r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k f<span class=\"_ _1\"></span>rom t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up\u2019s ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e ab<span class=\"_ _1\"></span>ove u<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es a<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>y les<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n 50% a<span class=\"_ _1\"></span>nd a<span class=\"_ _1\"></span>s su<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ize o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d ent<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e likel<span class=\"_ _1\"></span>y to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>tly h<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r ca<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span>ing v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e.<span class=\"_ _37b\"> </span>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o sub<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n no<span class=\"_ _1\"></span>te I5.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "H5. Group entities<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le be<span class=\"_ _1\"></span>low s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s out t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p's sub<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>es (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed co<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t sc<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s), ass<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ak<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in w<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>he h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s to 20% o<span class=\"_ _1\"></span>r m<span class=\"_ _1\"></span>ore o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>omi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>har<span class=\"_ _1\"></span>es o<span class=\"_ _1\"></span>r uni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>hey a<span class=\"_ _1\"></span>re no<span class=\"_ _1\"></span>t cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed as a su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _2\"></span>y or as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te).<span class=\"_ _37b\"> </span><table class=\"s w4ad h229\" id=\"_d6cc13ea-2fdb-4e9c-bb73-7a326aa39341\"><tr><td></td><td></td><td></td><td class=\"t m0 x425 hd y6445 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6445 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6446 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6446 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x80b hd y6447 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6447 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6448 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6448 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6449 ff2 fs2 fc3 sc0 ls1c ws6\">Subsidiaries:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644a w4b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Limited (life assurance c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c6 y644a w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c7 y644a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y644a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Europe Operat<span class=\"_ _1\"></span>ions (Stephen's<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>reen) </td><td></td><td class=\"c n x15c9 y644c w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y644c w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y644c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y644d ff3 fs2 fc3 sc0 ls1c ws6\">Designated<span class=\"_ _5\"></span> Act<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> (formerly Phoenix<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>ife </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y644e ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe DAC<span class=\"_ _1\"></span>) (n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y644f w4b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe C<span class=\"_ _2\"></span>A Li<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ife a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cc y644f w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cd y644f w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y644f w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6450 w4b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Life Limited (life assurance c<span class=\"_ _5\"></span>om<span class=\"_ _1\"></span>pany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15cf y6450 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d0 y6450 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y6450 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6451 w4b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Limited (life assurance company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d2 y6451 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y6451 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y6451 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6452 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life A<span class=\"_ _1\"></span>ssurance Limited (life assurance </td><td></td><td class=\"c n x15c9 y6453 w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6453 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6453 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6454 ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6455 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Int<span class=\"_ _0\"></span>ernational Design<span class=\"_ _5\"></span>ated Activit<span class=\"_ _1\"></span>y Company<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x15c9 y6456 w265 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y6456 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cb y6456 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6457 ff3 fs2 fc3 sc0 ls1c ws6\">(life assurance<span class=\"_ _5\"></span> company \u2013<span class=\"_ _5\"></span> directly owned by<span class=\"_ _5\"></span> the Company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6458 ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Group Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6459 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6459 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6459 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645a ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y645b ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Group Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited </td><td></td><td class=\"c n x15c9 y645c w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y645c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y645c w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y645d ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y645e w4bd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGMS (Ireland) Limited (<span class=\"_ _5\"></span>management serv<span class=\"_ _1\"></span>ices c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d9 y645e w4be h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15da y645e w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y645e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y645f w4bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices (Bermuda) Limited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15db y645f w4c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls27 ws27\">B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>da\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15dc y645f w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y645f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6460 ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure UK Ser<span class=\"_ _1\"></span>vices Limited </td><td></td><td class=\"c n x15c9 y6461 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6461 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6461 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6462 ff6 fs2 fc3 sc0 ls9 ws0\">(mana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6463 w4c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PA (GI) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (no<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e0 y6463 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e1 y6463 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y6463 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6464 w4c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _5\"></span>03<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e3 y6464 w4c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">War<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>ur S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>eet R<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y6464 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6464 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6464 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6465 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6466 ff3 fs2 fc3 sc0 ls9 ws0\">3 St A<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dre<span class=\"_ _1\"></span>w S<span class=\"_ _1\"></span>qua<span class=\"_ _1\"></span>re A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td></td><td class=\"c n x15c9 y6467 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6467 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6468 ff3 fs2 fc3 sc0 ls1c ws6\">(propert<span class=\"_ _1\"></span>y management<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6469 ff3 fs2 fc3 sc0 ls9 ws0\">Ab<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ey L<span class=\"_ _1\"></span>ife A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed </td><td></td><td class=\"c n x15c9 y646a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646b ff6 fs2 fc3 sc0 ls1c ws6\">(non-<span class=\"_ _1\"></span>trading<span class=\"_ gse8\"> </span>c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y646c ff3 fs2 fc3 sc0 ls18 ws16\">Abbey Life T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Securities Limited </td><td></td><td class=\"c n x15c9 y646d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y646d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y646d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y646e ff6 fs2 fc3 sc0 ls9 ws0\">(p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>tee<span class=\"_ gse8\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y646f w4c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Abbey Life T<span class=\"_ _4\"></span>rustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e4 y646f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y646f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y646f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6470 w4c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Alba Life T<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (non<span class=\"_ _1\"></span>-t<span class=\"_ _1\"></span>rading compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e7 y6470 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y6470 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6470 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6471 ff3 fs2 fc3 sc0 ls9 ws0\">A<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>dam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s (U<span class=\"_ _1\"></span>S Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s) </td><td></td><td class=\"c n x15c9 y6472 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ea y6472 w4cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited Liability</div></td><td class=\"t m0 xee6 h7 y6471 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">LLC (inv<span class=\"_ _5\"></span>est<span class=\"_ _1\"></span>ment com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6473 ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6474 ff3 fs2 fc3 sc0 ls9 ws0\">Al<span class=\"_ _1\"></span>ba L<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>S Pen<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td><td class=\"c n x15c9 y6475 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6475 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6475 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6476 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6477 ff3 fs2 fc3 sc0 ls1c ws6\">Barnwood Properties Limited<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>propert<span class=\"_ _1\"></span>y </td><td></td><td class=\"c n x15c9 y6478 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6478 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6478 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6479 ff6 fs2 fc3 sc0 ls1c ws6\">investment<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y647a w4cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BA (FURBS) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15eb y647a w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y647a w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y647a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647b w4cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">BL T<span class=\"_ _4\"></span>elford Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ee y647b w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y647b w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y647b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c x1e3 y647c w4d0 h1b4\"><div class=\"t m0 x1dd h7 y5f8e ff6 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15c9 y647d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y647d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y647d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y647e w4d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Britannic Group Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f1 y647e w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f2 y647e w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y647e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y647f ff3 fs2 fc3 sc0 ls9 ws0\">Br<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ic M<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ey I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>v<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x15c9 y6480 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6480 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6480 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6481 ff3 fs2 fc3 sc0 ls18 ws16\">Limited (investment advice company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6482 w4d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CH Management<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (inves<span class=\"_ _0\"></span>tment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f3 y6482 w4cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Wilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y6482 w4d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _2\"></span>y Shar<span class=\"_ _5\"></span>es<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y6482 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6483 w4d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Century T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f6 y6483 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y6483 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y6483 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616d w4d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">CGE<span class=\"_ _5\"></span> Management Company<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f8 y616d w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f9 y616d w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y616d w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y616e w4d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Cit<span class=\"_ _1\"></span>yfourinc (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fb y616e w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y616e w4db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited with</div></td><td class=\"t m0 xee6 h7 y6484 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6485 ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6486 ff3 fs2 fc3 sc0 ls9 ws0\">G A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce &amp; P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es </td><td></td><td class=\"c n x15c9 y5f8f w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y5f8f w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6487 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gse8\"> </span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w4dc h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Patria Private<span class=\"_ _5\"></span> Equit<span class=\"_ _1\"></span>y T<span class=\"_ _4\"></span>rust plc (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fd y5edc w4dd h1c4\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fe y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5edc w4de h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">55.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22a\" id=\"_ab5a71d0-0876-417d-aece-6bdfda693610\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6488 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6488 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6489 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6489 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y648a ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y648a ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y648b w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y648b w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y648c w4df h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1e ws2d\">Phoenix Group Holdings<span class=\"_ _5\"></span> (non-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rading company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y648c w4e0 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span>\u00b9\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y648c w4e1 h19c\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Private Compan<span class=\"_ _5\"></span>y<span class=\"_ _1b\"> </span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y648d w4e2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l (<span class=\"_ _1\"></span>WP) I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s LLC (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1601 y648d w4e3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">W<span class=\"_ _1\"></span>ilmington\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y648d w4e4 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>iabilit<span class=\"_ _1\"></span>y</div></td><td class=\"t m0 xee6 h7 y648e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y648f ff3 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6490 ff3 fs2 fc3 sc0 lsf ws4\">ERIP Gen<span class=\"_ _1\"></span>eral Partner Limi<span class=\"_ _1\"></span>ted (General </td><td class=\"c n x15c9 y6491 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6491 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6491 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls8 ws1e\">8<span class=\"_ _1\"></span>0.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6492 ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to ER<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6493 w4e6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">ERIP Limited Partner<span class=\"_ _1\"></span>ship (Limited Partnership)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y6493 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y6493 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y6493 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6494 w4e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G Financial<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1605 y6494 w4e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y6494 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y6494 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6495 w4eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">G Li<span class=\"_ _1\"></span>fe H L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6495 w4c2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15fc y6495 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y6495 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6496 w4ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">G T<span class=\"_ _4\"></span>rustees Ltd (<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>rustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d9 y6496 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ef y6496 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6496 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6497 ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k (N<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ee) </td><td class=\"c n x15c9 y6498 w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6498 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6498 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6499 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y649a w4ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Gresham <span class=\"_ _5\"></span>Life Assurance Society Limited<span class=\"_ _5\"></span> (dormant<span class=\"_ _5\"></span><span class=\"_ gse8\"> </span>company<span class=\"_ _5\"></span>)<span class=\"_ _1b\"> </span><span class=\"ff3\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x15ef y649a w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y649a w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649b w4ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Iceni Nominees<span class=\"_ _5\"></span> (No. 2)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y649b w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160d y649b w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y649b w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649c w4f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">IH (Jersey) Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y649c w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160f y649c w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y649c w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649d w4f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Impala Holdings Limited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y649d w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y649d w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y649d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649e w4f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Inhoco 3<span class=\"_ _4\"></span>10<span class=\"_ _5\"></span>7 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y649e w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y649e w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y649e w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y649f w4f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Laurt<span class=\"_ _1\"></span>rust Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y649f w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y649f w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y649f w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a0 w4f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64a0 w4ce h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a1 w4f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London Life<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1600 y64a1 w4f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1618 y64a1 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y64a1 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a2 w4fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Namulas Pension<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>rustees Limited (trustee<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y64a2 w4b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1612 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a3 w4fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Institution<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y64a3 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y64a3 w4fd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Unlimited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y64a4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y64a5 ff3 fs2 fc3 sc0 ls1c ws6\">without Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y64a6 w4fe h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">National Pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ident Life<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64a6 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a6 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a7 w4ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Life T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (dormant com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y64a7 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1621 y64a7 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y64a7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a8 w500 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NM Pensions<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1623 y64a8 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64a8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64a8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64a9 w501 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">NP Life Holdings Limited (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y64a9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64a9 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64a9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64aa w502 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Printwork<span class=\"_ _1\"></span>s) Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64aa w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1628 y64aa w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y64aa w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ab w503 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">NPI (Westgate<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1617 y64ab w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y64ab w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y64ab w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ac w504 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (<span class=\"_ _5\"></span>Covent Garden<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162a y64ac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d3 y64ac w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d4 y64ac w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ad w505 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl (Moor<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>ouse)<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162b y64ad w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162c y64ad w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162d y64ad w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ae w506 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl AL Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162e y64ae w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ae w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ae w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64af ff3 fs2 fc3 sc0 ls1e ws2d\">Pearl As<span class=\"_ _1\"></span>surance Group<span class=\"_ _5\"></span> H<span class=\"_ _1\"></span>oldings </td><td class=\"c n x15c9 y64b0 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b0 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b0 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b1 ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b2 w507 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ial s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cf y64b2 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1631 y64b2 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1632 y64b2 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w508 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 1<span class=\"_ _5\"></span>) L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64b3 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1634 y64b3 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d1 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b4 w509 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Gro<span class=\"_ _1\"></span>up H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s (N<span class=\"_ _1\"></span>o. 2) Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1635 y64b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1624 y64b4 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y64b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b5 ff3 fs2 fc3 sc0 ls1c ws6\">Pearl Group<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>ecretariat Ser<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64b6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64b6 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64b6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64b7 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64b8 w50a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Life Holdings Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1636 y64b8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64b8 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y64b8 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b9 w50b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl MP Birmingham<span class=\"_ _5\"></span> Limited (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1639 y64b9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163a y64b9 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y64b9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w50c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl RL<span class=\"_ _5\"></span>G Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163c y6403 w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6403 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w50e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pearl T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163f y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w50f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 4<span class=\"_ _5\"></span>) Limited) (<span class=\"_ _5\"></span>dormant company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1641 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y619b w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 5<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619c w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619c w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619d w510 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 6<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1644 y619d w50d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc0a y619d w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y619d w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y61ad w511 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>lasgow) Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1645 y61ad w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y61ad w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y61ad w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ba ff3 fs2 fc3 sc0 ls18 ws16\">PGM<span class=\"_ _1\"></span>S (Ireland) Holdings Unlimited </td><td class=\"c n x15c9 y619e w265 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ca y619e w512 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">U<span class=\"_ _1\"></span>nlimited with</div></td><td class=\"t m0 xee6 h7 y64ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y64bb ff6 fs2 fc3 sc0 ls1c ws6\">Company<span class=\"_ _5\"></span> (<span class=\"_ _1\"></span>holding<span class=\"_ gse8\"> </span><span class=\"_ _5\"></span>company)<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y64bb ff3 fs2 fc3 sc0 ls1c ws6\">Shares<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y63b4 w513 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PG<span class=\"_ _1\"></span>S 2 L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1626 y63b4 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y63b4 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y63b4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5fac w514 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life As<span class=\"_ _1\"></span>surance Limited (<span class=\"_ _5\"></span>non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ading company<span class=\"_ _0\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y5fac w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y5fac w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y5fac w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6105 w515 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix &amp;<span class=\"_ _5\"></span> London A<span class=\"_ _1\"></span>ssurance Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15eb y6105 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y6105 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y6105 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4a w516 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Advisers Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y5f4a w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y5f4a w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y5f4a w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w517 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix A<span class=\"_ _5\"></span>W Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y5f8f w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y5f8f w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y5f8f w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bc ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix C<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y6176 w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6176 w4b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6176 w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64bd ff6 fs2 fc3 sc0 ls1c ws6\">ser<span class=\"_ _1\"></span>vices<span class=\"_ gse8\"> </span><span class=\"_ _0\"></span>company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22b\" id=\"_318011a7-a858-43c8-803b-fe442466e6a9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64be ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64be ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64bf ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64bf ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64c0 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64c0 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64c1 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64c1 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c2 w51a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER<span class=\"_ _5\"></span>1 Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1648 y64c2 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1649 y64c2 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ff y64c2 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c3 w51b h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>2 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c3 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c3 w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c3 w4e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c4 w51c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix ER3 Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y64c4 w4f9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161e y64c4 w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161f y64c4 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c5 w51d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164f y64c5 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1650 y64c5 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64c5 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c6 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>5 L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c6 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c6 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c6 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c7 w51b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix E<span class=\"_ _1\"></span>R6 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y64c7 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1646 y64c7 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1647 y64c7 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64c8 w51e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up E<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1652 y64c8 w4f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Jer<span class=\"_ _1\"></span>sey\u00b9\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y64c8 w51f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y64c8 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64c9 ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding </td><td class=\"c n x15c9 y64ca w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64ca w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64ca w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cb ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64cc w521 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Group C<span class=\"_ _1\"></span>A Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64cc w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64cc w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64cc w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64cd w522 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix Group<span class=\"_ _5\"></span> Management Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1657 y64cd w4d2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1602 y64cd w4d3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1658 y64cd w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ce w523 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">PG Dormant (No 7)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ce w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1659 y64ce w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y64ce w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64cf ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life Holdings Limited (holding c<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>mpany </td><td class=\"c n x15c9 y64d0 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d0 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d0 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d1 ff3 fs2 fc3 sc0 ls9 ws0\">\u2013 dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>tly o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d2 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Managem<span class=\"_ _1\"></span>ent Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Holdings </td><td class=\"c n x15c9 y64d3 w520 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsac wsb0\">B<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a\u00b9<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1653 y64d3 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1654 y64d3 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d4 ff3 fs2 fc3 sc0 ls18 ws16\">(Bermuda) Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d5 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pension Sc<span class=\"_ _1\"></span>heme (<span class=\"_ _1\"></span>T<span class=\"_ _5\"></span>rustees) </td><td class=\"c n x15c9 y64a2 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64a2 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64a2 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d6 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y64d7 ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Pensions T<span class=\"_ _5\"></span>rustee S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices </td><td class=\"c n x15c9 y64d8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64d8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64d8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64d9 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64da w524 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Phoenix Real Est<span class=\"_ _1\"></span>ate Managemen<span class=\"_ _1\"></span>t GP Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165b y64da w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165c y64da w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y64da w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64db ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ps N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted </td><td class=\"c n x15c9 y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64dc w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64dc w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64dd ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>shi<span class=\"_ _1\"></span>p (fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64de w526 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64de w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64de w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64de w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64df w527 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP Pens<span class=\"_ _5\"></span>ions T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165e y64df w4da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y64df w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y64df w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w528 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SCP T<span class=\"_ _4\"></span>rustees Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y64e0 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1606 y64e0 w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1607 y64e0 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w529 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SL<span class=\"_ _5\"></span> D<span class=\"_ _1\"></span>irect Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y64e1 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64e1 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64e1 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w52a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV1<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1665 y64e2 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y64e2 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y64e2 w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV2 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e3 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e3 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e4 w52b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV3 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y64e4 w4d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f4 y64e4 w4d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ord<span class=\"_ _5\"></span>inar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y64e4 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e5 w52c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix SPV<span class=\"_ _5\"></span>4 Limited (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1666 y64e5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15ec y64e5 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y64e5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e6 w52d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix UL<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y64e6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15f7 y64e6 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y64e6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60f5 w52e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t Ma<span class=\"_ _1\"></span>nag<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mit<span class=\"_ _1\"></span>ed (un<span class=\"_ _1\"></span>it t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ust m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1667 y60f5 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y60f5 w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y60f5 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e7 w52f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Wealth Holdings<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (holding company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1668 y64e7 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y64e7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y64e7 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64e8 ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix We<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>es L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d </td><td class=\"c n x15c9 y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y64e9 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64ea ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64eb w530 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Phoenix W<span class=\"_ _5\"></span>ealth T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ustee Serv<span class=\"_ _1\"></span>ices Limited<span class=\"_ _5\"></span> (tr<span class=\"_ _1\"></span>ustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _2d\"> </span><span class=\"ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></span></div></td><td></td><td></td><td class=\"c n x1650 y64eb w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1651 y64eb w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ec w531 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Pilangen Logis<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ik AB (investment<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166b y64ec w532 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _5\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y64ec w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y64ec w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ed w533 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pil<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en Lo<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ik I A<span class=\"_ _1\"></span>B (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166d y64ed w534 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1e ws2d\">Stockholm<span class=\"_ _4\"></span>\u00b9\u2076<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164a y64ed w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y64ed w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ee w535 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1611 y64ee w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x162f y64ee w4b2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y64ee w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ef w536 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure FS Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1633 y64ef w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64ef w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64ef w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60ff w537 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re F<span class=\"_ _1\"></span>SH U<span class=\"_ _1\"></span>K L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d (<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e0 y60ff w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1603 y60ff w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1604 y60ff w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f0 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ly R<span class=\"_ _1\"></span>eA<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>e Gro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>lc<span class=\"_ _1\"></span>) </td><td class=\"c n x15c9 y6100 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y6100 w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y6100 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f1 ff3 fs2 fc3 sc0 ls1c ws6\">(holding compan<span class=\"_ _5\"></span>y \u2013 directly<span class=\"_ _5\"></span> owned by the C<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f72 w538 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Life<span class=\"_ _5\"></span> Pension T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166e y5f72 w539 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _3\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y5f72 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y5f72 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w53a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure LL Limited<span class=\"_ _5\"></span> (dormant c<span class=\"_ _5\"></span>omp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1671 y5f16 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5f16 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w53b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">ReA<span class=\"_ _1\"></span>ssure Midco Limited (holding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1674 y5ed7 w4e9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e5 y5ed7 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w53c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Nominees Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161d y5ed8 w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y5ed8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w53d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure Pensi<span class=\"_ _5\"></span>on T<span class=\"_ _5\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1676 y5ed9 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y5ed9 w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y5ed9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f17 w53e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure PM<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1678 y5f17 w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y5f17 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y5f17 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w53f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>rustees Limited (<span class=\"_ _5\"></span>dormant compan<span class=\"_ _0\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f1 y5edb w4b7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _5\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1672 y5edb w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y5edb w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w540 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">ReA<span class=\"_ _1\"></span>ssure T<span class=\"_ _4\"></span>wo Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y5edc w4c2 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15e8 y5edc w4c1 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22c\" id=\"_2afc9974-d7a2-49fe-90e5-348293e3108e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y64f2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y64f2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y64f3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y64f3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y64f4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y64f4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y64f5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y64f5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f6 ff3 fs2 fc3 sc0 ls9 ws0\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re U<span class=\"_ _1\"></span>K Li<span class=\"_ _1\"></span>fe A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny </td><td class=\"c n x15c9 y64f7 w4c2 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y64f7 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y64f7 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64f8 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64f9 w541 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y64f9 w4ca h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y64f9 w4c3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y64f9 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64fa w542 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Scottish Mutual<span class=\"_ _5\"></span> N<span class=\"_ _1\"></span>ominees Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1627 y64fa w4dd h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1663 y64fa w4ba h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1664 y64fa w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fb ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sh M<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ual P<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent </td><td class=\"c n x15c9 y64fc w4bb h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y64fc w4b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y64fc w4bc h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y64fd ff6 fs2 fc3 sc0 ls9 ws0\">Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ee<span class=\"_ gse8\"> </span>co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64fe w543 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL (NEWCO<span class=\"_ _5\"></span>) Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167e y64fe w4bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y64fe w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y64fe w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64ff w544 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL Liverpool Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1680 y64ff w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1681 y64ff w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1682 y64ff w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6500 w545 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ium N<span class=\"_ _1\"></span>o.<span class=\"_ _5\"></span>1 S<span class=\"_ _1\"></span>A (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6500 w546 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Belgium<span class=\"_ _5\"></span>\u00b9\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1683 y6500 w547 h19e\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">Soci\u00e9t\u00e9 A<span class=\"_ _1\"></span>nonyme<span class=\"_ _2\"></span><span class=\"ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></span></div></td></tr><tr><td class=\"c n x1e3 y6501 w548 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 A<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>S (i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1684 y6501 w549 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x434 y6501 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y6501 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6502 w54a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A D<span class=\"_ _1\"></span>enm<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k N<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>2 A<span class=\"_ _1\"></span>pS (<span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f6 y6502 w54b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Copenhagen\u00b9\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167f y6502 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6502 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6503 w54c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1686 y6503 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1642 y6503 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6503 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6504 w54e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.2 S<span class=\"_ _2\"></span>.\u00e0<span class=\"_ _1\"></span>.r.l. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y6504 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6504 w4b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6504 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6505 w550 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A G<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ny No<span class=\"_ _1\"></span>.3 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>.l<span class=\"_ _1\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160c y6505 w54d h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168a y6505 w4b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6505 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6506 w551 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Co<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ray S<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1620 y6506 w552 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u00b2<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166c y6506 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6506 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6507 w553 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A S<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>in N<span class=\"_ _1\"></span>o.<span class=\"_ _4\"></span>1 S<span class=\"_ _2\"></span>.L<span class=\"_ _1\"></span>.U.<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168b y6507 w554 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Madrid\u00b2\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y6507 w4ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y6507 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6459 w555 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A Fra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e SC<span class=\"_ _1\"></span>I (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fb y6459 w556 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls8 ws1e\">Paris\u00b2\u2070<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1637 y6459 w4ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6459 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6508 w557 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _2\"></span>A N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s No.<span class=\"_ _5\"></span>1 B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V<span class=\"_ _5\"></span>. (<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161b y6508 w558 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168c y6508 w4c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168d y6508 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6509 w559 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">SL<span class=\"_ _1\"></span>ACOM<span class=\"_ _5\"></span> (No. 8) Limit<span class=\"_ _5\"></span>ed (dormant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1608 y6509 w4ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x167c y6509 w4c3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6509 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650a ff3 fs2 fc3 sc0 ls18 ws16\">Phoenix Life CA Holdings Limited (holding </td><td class=\"c n x15c9 y650b w55a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse ws1b\">Basingstoke\u00b2\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x168e y650b w55b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Ordin<span class=\"_ _5\"></span>ar<span class=\"_ _2\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168f y650b w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650c ff3 fs2 fc3 sc0 ls1c ws6\">company<span class=\"_ _5\"></span> \u2013 directly o<span class=\"_ _0\"></span>wned by<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y650d ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt G<span class=\"_ _1\"></span>P L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d (Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>al </td><td class=\"c n x15c9 y650e w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2077<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y650e w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y650e w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y650f ff6 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r to<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>F P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6510 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Financial Advice Ser<span class=\"_ _1\"></span>vices Limited </td><td class=\"c n x15c9 y6511 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d7 y6511 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d8 y6511 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6512 ff6 fs2 fc3 sc0 ls9 ws0\">(fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ces d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6513 ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Assurance (HWPF) Luxembour<span class=\"_ _5\"></span>g </td><td class=\"c n x15c9 y6464 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1690 y6464 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1691 y6464 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6514 ff3 fs2 fc3 sc0 ls1c ws6\">S.\u00e0<span class=\"_ _1\"></span>.r<span class=\"_ _5\"></span>.l. (investment compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6467 w55d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Group Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6467 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1688 y6467 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1689 y6467 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6515 w55e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Investment Funds Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1614 y6515 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x166f y6515 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1670 y6515 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6516 ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Lifetime Mortgages Limited </td><td class=\"c n x15c9 y6517 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6517 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6517 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6518 ff3 fs2 fc3 sc0 ls1c ws6\">(mortgage<span class=\"_ _5\"></span> provider compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6519 w55f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mas<span class=\"_ _5\"></span>ter T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust Co<span class=\"_ _5\"></span>. Ltd (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160e y6519 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1679 y6519 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167a y6519 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651a w560 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Mortgages<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164c y651a w518 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x164d y651a w519 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Or<span class=\"_ _5\"></span>dinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y651a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651b ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Pr<span class=\"_ _5\"></span>oper<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y651c w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y651c w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y651c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y651d ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y651e w561 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life T<span class=\"_ _4\"></span>rustee Compan<span class=\"_ _5\"></span>y Limited (trustee c<span class=\"_ _5\"></span>ompany)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1662 y651e w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1669 y651e w4ea h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">O<span class=\"_ _1\"></span>rdinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1692 y651e w562 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _0\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651f w563 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Standard Life Asset<span class=\"_ _1\"></span>s and Emplo<span class=\"_ _5\"></span>yee Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fd y651f w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1693 y651f w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y651f w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w564 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Standard Life Pension Funds<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167b y60c6 w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1615 y60c6 w565 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6520 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6521 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y60c8 w566 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">PGH C<span class=\"_ _1\"></span>A Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1695 y60c8 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1696 y60c8 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1697 y60c8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6522 w567 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Su<span class=\"_ _1\"></span>nL<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ted (<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vic<span class=\"_ _1\"></span>es d<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1698 y6522 w4ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x161c y6522 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1675 y6522 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6523 ff3 fs2 fc3 sc0 ls1c ws6\">The Heritable Securities and Mortgage In<span class=\"_ _5\"></span>vestment </td><td class=\"c n x15c9 y6524 w4bb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15d5 y6524 w4b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d6 y6524 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6525 ff3 fs2 fc3 sc0 ls1c ws6\">A<span class=\"_ _1\"></span>ssociation Ltd (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6526 w568 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The London Life<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>sso<span class=\"_ _1\"></span>ciation Limited<span class=\"_ _5\"></span> (dormant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e7 y6526 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1699 y6526 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6527 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6528 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y6529 ff3 fs2 fc3 sc0 ls1c ws6\">The Pathe Buil<span class=\"_ _0\"></span>ding Managemen<span class=\"_ _0\"></span>t Compan<span class=\"_ _5\"></span>y </td><td class=\"c n x15c9 y652a w4c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">T<span class=\"_ _4\"></span>elford\u00b3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x15de y652a w4c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15df y652a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y652b ff3 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y652c w56a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Phoenix Life<span class=\"_ _5\"></span> SC<span class=\"_ _1\"></span>P Institution<span class=\"_ _0\"></span> (dormant<span class=\"_ _5\"></span> company)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161a y652c w4d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169a y652c w56b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y652e ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6049 w56c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">The Scottish Mutual<span class=\"_ _5\"></span> A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>surance Society (<span class=\"_ _5\"></span>dor<span class=\"_ _1\"></span>mant compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169b y6049 w4ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _4\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169c y6049 w569 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited by<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y652f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6530 ff3 fs2 fc3 sc0 ls1c ws6\" colspan=\"2\">Guarantee<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c x1e3 y5f4a w56d h1a7\"><div class=\"t m0 x1dd h7 y5f31 ff3 fs2 fc3 sc0 ls1c ws6\">The Standard Life<span class=\"_ _5\"></span> A<span class=\"_ _2\"></span>ssurance<span class=\"_ _5\"></span> Company of<span class=\"_ _37b\"> </span></div><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Euro<span class=\"_ _1\"></span>pe B<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span>V. (finan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al h<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c9 y616e w56e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse ws1b\">Amsterdam\u00b2\u00b2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169d y616e w4c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinary Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169e y616e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f8f w56f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>eb<span class=\"_ _1\"></span>net (Holdings)<span class=\"_ _5\"></span> Limited (h<span class=\"_ _1\"></span>olding company<span class=\"_ _5\"></span>)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f8 y5f8f w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x163d y5f8f w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163e y5f8f w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6531 ff3 fs2 fc3 sc0 ls1c ws6\">Welbre<span class=\"_ _5\"></span>nt Propert<span class=\"_ _1\"></span>y Investment<span class=\"_ _5\"></span> Company </td><td class=\"c n x15c9 y6176 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x160a y6176 w4ba h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Ordinar<span class=\"_ _1\"></span>y Shares<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160b y6176 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6532 ff6 fs2 fc3 sc0 ls1c ws6\">Limited (<span class=\"_ _5\"></span>dormant<span class=\"_ gse8\"> </span>compan<span class=\"_ _5\"></span>y)<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22d\" id=\"_d2c3a9c0-c648-49b4-b32b-4d1868d78693\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6533 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6533 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6534 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6534 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6535 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6535 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6536 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6536 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6537 w570 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a Vent<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tn<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x169f y6537 w571 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">Boston\u00b2\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x434 y6537 w4e5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6538 ff3 fs2 fc3 sc0 ls8 ws1e\">80.0<span class=\"_ _1\"></span>0%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6539 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653a w572 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l Pr<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y653a w573 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y653a w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653b ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653c ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y653d w575 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Pearl Strategic Credit LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y653d w576 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y653d w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y653e ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y653f ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6540 w577 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SL<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>F Pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y6540 w4dd h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y6540 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6541 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6542 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6543 w578 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Shor<span class=\"_ _1\"></span>t Duration Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y6543 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ef y6543 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a5 y6543 w4c5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6544 w57b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Ma<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>m UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a6 y6544 w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon\u00b2<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6544 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6544 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6545 w57d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6545 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6545 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6545 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6546 w580 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Hi<span class=\"_ _1\"></span>gh A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y6546 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y6546 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1638 y6546 w582 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">9<span class=\"_ _1\"></span>0.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6547 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n x16a9 y6548 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6548 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6548 w584 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.11%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6549 ff3 fs2 fc3 sc0 ls18 ws16\">Institutional Overs<span class=\"_ _1\"></span>eas Bond Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654a ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Stra<span class=\"_ _1\"></span>tegic Investment </td><td></td><td class=\"c n x16a9 y654b w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654b w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654b w585 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">81.07%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y654c ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>ds \u2013 Ja<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>s He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on I<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654d ff3 fs2 fc3 sc0 ls18 ws16\">Americ<span class=\"_ _1\"></span>an Index Opportunities Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y654e ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds </td><td></td><td class=\"c n x16a9 y654f w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y654f w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y654f w586 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.<span class=\"_ _2\"></span>50<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6550 ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6551 ff3 fs2 fc3 sc0 ls9 ws0\">ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Op<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6552 ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>egi<span class=\"_ _1\"></span>c In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds \u2013 J<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>us </td><td></td><td class=\"c n x16a9 y64a6 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y64a6 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y64a6 w587 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.6<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6553 ff3 fs2 fc3 sc0 ls1c ws6\">Henderson Institutional Japan<span class=\"_ _5\"></span> Ind<span class=\"_ _1\"></span>ex Opportunities F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64dc w588 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64dc w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64dc w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64dc w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6554 w58b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y6554 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y6554 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ae y6554 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6555 w58c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y6555 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y6555 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y6555 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6556 w58d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n ex U<span class=\"_ _1\"></span>K Fun<span class=\"_ _1\"></span>d 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b0 y6556 w4b1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6556 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6556 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6557 w58e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Ja<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6557 w4f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6557 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6557 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6558 w590 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ean E<span class=\"_ _2\"></span>x UK Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6558 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y6558 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y6558 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6559 w591 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y6559 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y6559 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y6559 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655a w592 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK G<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y655a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y655a w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b7 y655a w4e7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y655b w593 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hia<span class=\"_ _1\"></span>n UK L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d Sm<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ler Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y655b w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y655b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163b y655b w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">99.99%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b2 w595 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 2<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y64b2 w4f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y64b2 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y64b2 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64b3 w597 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y64b3 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y64b3 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y64b3 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655c ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex A<span class=\"_ _2\"></span>sia </td><td></td><td class=\"c n x16a9 y655d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y655d w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y655d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655e ff6 fs2 fc3 sc0 ls9 ws0\">Pac<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c ex J<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>an Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64e9 w598 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls7 ws5\">PU<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>M AC<span class=\"_ _2\"></span>S Su<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x Em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y64e9 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y64e9 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y64e9 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6401 w599 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6401 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6401 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6401 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6402 w59a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bd y6402 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y6402 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16be y6402 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6403 w59b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bf y6403 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6403 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6403 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619a w59c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex US Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y619a w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y619a w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y619a w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619b w59d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S U<span class=\"_ _1\"></span>K Al<span class=\"_ _1\"></span>l Sh<span class=\"_ _1\"></span>are L<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Mul<span class=\"_ _1\"></span>ti M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y619b w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y619b w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y619b w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y619c w59e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S US D<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ar C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y619c w59f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y619c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y619c w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y655f ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y619d w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y619d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y619d w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6560 ff6 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Cr<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>t<span class=\"_ gse8\"> </span>Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6561 ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y63c6 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16bb y63c6 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c1 y63c6 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6562 ff6 fs2 fc3 sc0 ls9 ws0\">All M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es C<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>it<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f16 w5a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic (<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n) Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y5f16 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y5f16 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y5f16 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w5a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Un<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>ed F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y5ed7 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c6 y5ed7 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c7 y5ed7 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w5a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5ed8 w4b5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1699 y5ed8 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f0 y5ed8 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w5a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Euro S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vere<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y5ed9 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y5ed9 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y5ed9 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w5a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell European Credit<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y5f77 w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y5f77 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1609 y5f77 w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w5a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Flo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng R<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>BS Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y5f4c w4fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16cd y5f4c w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ce y5f4c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w5a7 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5edc w4b5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y5edc w589 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y5edc w4b3 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h22e\" id=\"_b047e761-dc81-4c3a-a484-85745729e02e\"><tr><td></td><td></td><td class=\"t m0 x425 hd y6563 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y6563 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y6564 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y6564 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y6565 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y6565 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y6566 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y6566 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6567 w5a8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6567 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6567 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6567 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6568 w5a9 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked S<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6568 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6568 w589 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6568 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6569 w5aa h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Lon<span class=\"_ _1\"></span>g Gi<span class=\"_ _1\"></span>lt S<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g He<span class=\"_ _1\"></span>dg<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6569 w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6569 w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y6569 w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656a w5ab h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Short Duration Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y656a w4ce h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">B<span class=\"_ _1\"></span>irmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1681 y656a w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y656a w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656b w5ac h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM Bothwell Sterling Credit Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y656b w4b5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y656b w57a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166a y656b w4b3 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656c w5ad h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y656c w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656c w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656c w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656d w188 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>reig<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y656d w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y656d w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y656d w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656e w5ae h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l T<span class=\"_ _5\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y656e w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y656e w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y656e w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y656f w5af h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y656f w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y656f w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y656f w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6570 w5b0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>wel<span class=\"_ _1\"></span>l Ul<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d1 y6570 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166c y6570 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d2 y6570 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6571 w5b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM Far E<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>n U<span class=\"_ _1\"></span>nit Trust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6571 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6571 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c8 y6571 w58a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6572 w5b2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Un<span class=\"_ _1\"></span>it T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cf y6572 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6572 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b1 y6572 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6573 w5b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y6573 w4b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y6573 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1640 y6573 w4e7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6574 w5b4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket Fu<span class=\"_ _1\"></span>nd (S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies 3)<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d3 y6574 w4fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ec y6574 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167d y6574 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6575 w5b5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">PUTM AC<span class=\"_ _1\"></span>S Sterling Credit F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y6575 w4b1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Birmingham<span class=\"_ _4\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y6575 w57a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1630 y6575 w4b3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6576 w595 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">PU<span class=\"_ _1\"></span>TM A<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an Fu<span class=\"_ _1\"></span>nd 3<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b9 y6576 w4f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Bir<span class=\"_ _1\"></span>mingham<span class=\"_ _5\"></span>\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y6576 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y6576 w4bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6577 w5b6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">iShares Bloomber<span class=\"_ _5\"></span>g Roll Select C<span class=\"_ _5\"></span>ommodit<span class=\"_ _1\"></span>y Strategy ET<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d0 y6577 w5b7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lse ws1b\">W<span class=\"_ _1\"></span>ilmington\u00b2\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6577 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dd y6577 w5b9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">6<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>02%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6578 w5ba h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">RGI Institutional<span class=\"_ _0\"></span> UK Listed Sm<span class=\"_ _5\"></span>aller Companies F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c5 y6578 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y6578 w5bb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6578 w5bc h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>3<span class=\"_ _a\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6579 w5bd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">E<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P Sc<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>td L<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6579 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d9 y6579 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y657a ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y657b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y657c w5bf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) U<span class=\"_ _1\"></span>K Pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s LT<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y657c w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y657c w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y657c w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657d ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s (<span class=\"_ _1\"></span>Fut<span class=\"_ _1\"></span>ure G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>wt<span class=\"_ _1\"></span>h C<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l) </td><td></td><td class=\"c n x16a9 y657e w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y657e w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y657e w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y657f ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>te A<span class=\"_ _2\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s L<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6580 w5c0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn (<span class=\"_ _1\"></span>Lo<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ian) Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>c Ba<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ust<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6580 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6580 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16dc y6580 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6581 w5c3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Emerging Mark<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s Income Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y6581 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6581 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y6581 w5c4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">72.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6582 w5c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6582 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161e y6582 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y6582 w5c7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">82.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6583 w5c8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16dd y6583 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6583 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6583 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6584 w5cb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6584 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n xc0a y6584 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6584 w244 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6585 w5cc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6585 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y6585 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y6585 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">82.4<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6586 w5ce h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16de y6586 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15dc y6586 w5cf h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6586 w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">76<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6587 ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y6588 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y6588 w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y6588 w4bc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6589 ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Euro Liquidity 1 Fund </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658a ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658b w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658b w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658b w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">99.7<span class=\"_ _2\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658c ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 2 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y658d ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) \u2013 </td><td></td><td class=\"c n x16a9 y658e w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y658e w5d1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e0 y658e w5d3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">9<span class=\"_ _5\"></span>6.88%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y658f ff3 fs2 fc3 sc0 ls18 ws16\">Seabur<span class=\"_ _1\"></span>y Sterling Liquidit<span class=\"_ _1\"></span>y 3 Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6590 w5d4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e1 y6590 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6590 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6590 w5d5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls68 ws63\">7<span class=\"_ _5\"></span>6.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y60c6 w5d6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Sustainable Index American Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e2 y60c6 w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y60c6 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165d y60c6 w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">7<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6591 w5d8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y6591 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6591 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1687 y6591 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">92<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6592 w5da h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate F<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6592 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6592 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ce y6592 w38a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>74<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6593 w5db h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix Fu<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e5 y6593 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6593 w5dc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Sp<span class=\"_ _1\"></span>ecial Limited</div></td><td class=\"t m0 xee6 h7 y6594 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6595 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6596 w5dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Pat<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia Ph<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>eni<span class=\"_ _1\"></span>x Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>II L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6596 w4dd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y6596 w5de h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y6597 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y6598 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6599 w5df h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">European<span class=\"_ _5\"></span> Strategic Partners LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e7 y6599 w5e0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">E<span class=\"_ _5\"></span>dinburgh\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y6599 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659a ff3 fs2 fc3 sc0 ls19 ws17\">72<span class=\"_ _1\"></span>.70<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659b ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y659c w5e1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>c Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s 200<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e8 y659c w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16e9 y659c w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659d ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y659e ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y659f ff3 fs2 fc3 sc0 ls1c ws6\">North Americ<span class=\"_ _1\"></span>an Strategic P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tners </td><td></td><td class=\"c n x16a9 y65a0 w573 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65a0 w4e5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y659f ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d h7 y65a1 ff6 fs2 fc3 sc0 ls9 ws0\">(Fe<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>er) 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ gse8\"> </span>Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ip<span class=\"_ _37b\"> </span></td><td></td><td></td><td class=\"t m0 x60a h7 y65a1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65a2 w5e2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd L<span class=\"_ _1\"></span>P<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65a2 w5e3 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Cay<span class=\"_ _1\"></span>man I<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _5\"></span>\u00b9<span class=\"_ _1\"></span>\u2070<span class=\"_ _1c\"> </span><span class=\"ff3 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></span></div></td><td class=\"t m0 xee6 h7 y65a3 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a4 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y6170 w5e4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Ignis Strategic Credit F<span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>d LP<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e4 y6170 w5e5 h1a0\" colspan=\"2\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\"><span class=\"ff6 ls9 ws0\">C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds\u00b9\u2070<span class=\"_ _24\"> </span></span>L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65a5 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65a6 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65a7 ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n x16a9 y6176 w5e6 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16a1 y6176 w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16eb y6176 w4c5 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65a8 ff6 fs2 fc3 sc0 ls18 ws16\">Fundamental Strategies<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w4ad h22f\" id=\"_3bd0daf4-29d5-4421-b00f-6a0b8258c688\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65a9 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65a9 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65aa ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65aa ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65ab ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65ab ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65ac w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65ac w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ad ff3 fs2 fc3 sc0 ls9 ws0\">Ig<span class=\"_ _1\"></span>nis S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>teg<span class=\"_ _1\"></span>ic S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons F<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 </td><td></td><td class=\"c n xc11 y65ae w5e6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Dublin\u00b3\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ec y65ae w5b8 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ed y65ae w4c5 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65af ff6 fs2 fc3 sc0 ls9 ws0\">Sys<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c St<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>es<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65b0 w5e7 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP General Part<span class=\"_ _1\"></span>ner Limited Part<span class=\"_ _1\"></span>nership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c8 y65b0 w5be h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ee y65b0 w574 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b1 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b2 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b3 w5e8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">E<span class=\"_ _1\"></span>SP II General Part<span class=\"_ _1\"></span>ner Limited Partn<span class=\"_ _1\"></span>ership<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y65b3 w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u00b2\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65b3 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65b4 ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65b5 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65b6 w5e9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">HS<span class=\"_ _1\"></span>BC I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y65b6 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65b6 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65b6 w5ea h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">78<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b7 w5eb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res 350 U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>K<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f0 y65b7 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65b7 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65b7 w5ec h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">95.95<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b8 w5ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Inc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65b8 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y65b8 w596 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y65b8 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65b9 w5ef h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>nix<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>P<span class=\"_ _4\"></span>. I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f5 y65b9 w5f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 lsf ws4\">Guern<span class=\"_ _1\"></span>sey<span class=\"_ _1\"></span>\u00b3\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y65b9 w4e5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Limited<span class=\"_ _37b\"> </span></div></td><td class=\"t m0 xee6 h7 y65ba ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65bb ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"c n x1e3 y65bc w5f1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Quilter Investors Global Dynamic Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65bc w5f2 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1618 y65bc w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165a y65bc w5f4 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">83.<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bd w5f5 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Euro G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65bd w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65bd w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f8 y65bd w5f7 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _a\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65be w5f8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Global Infrastr<span class=\"_ _1\"></span>ucture Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f9 y65be w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65be w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65be w5fa h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65bf w5fb h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Sto<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ak C<span class=\"_ _1\"></span>ore Fu<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Lu<span class=\"_ _1\"></span>x) S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>p<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16da y65bf w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165c y65bf w5fd h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Special Limited</div></td><td class=\"t m0 xee6 h7 y65c0 ff3 fs2 fc3 sc0 ls1b ws19\">83.<span class=\"_ _1\"></span>30%<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x60a h7 y65c1 ff3 fs2 fc3 sc0 lsf ws4\">Partner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></td><td></td></tr><tr><td class=\"t m0 x21d hc y65c2 ff2 fs2 fc3 sc0 ls14 ws12\">Associates:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65c3 w5fe h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al (Holdings)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1655 y65c3 w57e h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x165f y65c3 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fb y65c3 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65c4 w600 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Future Gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th Capit<span class=\"_ _1\"></span>al Limited<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1661 y65c4 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1677 y65c4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y65c4 w601 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.9<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y65c5 ffa fs2 fc3 sc0 ls33 wsb\">Significant holdings:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y65c6 ff3 fs2 fc3 sc0 ls1c ws6\">Janus Henderson Institutional<span class=\"_ _5\"></span> Global </td><td></td><td class=\"c n x16a9 y6554 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6554 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ab y6554 w602 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">2<span class=\"_ _2\"></span>9<span class=\"_ _1\"></span>.19<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c7 ff6 fs2 fc3 sc0 ls1c ws6\">Responsible<span class=\"_ _5\"></span> Managed<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y64df w603 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n In<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l UK I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex O<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y64df w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1693 y64df w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y64df w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">55<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>26<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e0 w605 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Jan<span class=\"_ _1\"></span>us H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>n Al<span class=\"_ _1\"></span>l St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dit Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fe y64e0 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y64e0 w606 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y64e0 w607 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e1 w608 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">Janus Hender<span class=\"_ _1\"></span>son Emerging Market<span class=\"_ _1\"></span>s Oppor<span class=\"_ _1\"></span>tunitie<span class=\"_ _1\"></span>s Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xc05 y64e1 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y64e1 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y64e1 w609 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e2 w60a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">He<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y64e2 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b2\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y64e2 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1702 y64e2 w60b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">6<span class=\"_ _a\"></span>4<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y64e3 w60c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ct Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b4 y64e3 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y64e3 w60d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y64e3 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">81<span class=\"_ _5\"></span>.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65c8 ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II \u2013 G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>\u2013<span class=\"_ _37b\"> </span></td><td></td><td class=\"c n x16a9 y65c9 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65c9 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65c9 w60e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">80<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>39%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ca ff6 fs2 fc3 sc0 ls9 ws0\">lin<span class=\"_ _1\"></span>ked G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65cb w60f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls15 ws13\">a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I<span class=\"_ _1\"></span>I \u2013 G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n C<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span><span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1705 y65cb w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u00b3\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65cb w611 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1707 y65cb w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">62.60%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cc w613 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls90 ws6a\">ab<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV II<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16c2 y65cc w54d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169c y65cc w614 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1643 y65cc w5d7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65cd w615 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>y D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y65cd w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x163d y65cd w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1708 y65cd w5d0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">7<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ce ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate </td><td></td><td class=\"c n x16a9 y65cf w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65cf w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65cf w617 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">9<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>21%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65d0 ff6 fs2 fc3 sc0 ls18 ws16\">Securit<span class=\"_ _1\"></span>ies Sustainable<span class=\"_ gse8\"> </span>Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65d1 w618 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Standard Liquidit<span class=\"_ _1\"></span>y Fund (L<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>x) Sterling Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y65d1 w55c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1612 y65d1 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65d1 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">20.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6002 w61a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y6002 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y6002 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y6002 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f0f w61c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn A<span class=\"_ _2\"></span>sia Pa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y5f0f w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15cd y5f0f w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170b y5f0f w61d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f10 w61e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Dynamic Distribution Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y5f10 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5f10 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y5f10 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">6<span class=\"_ _a\"></span>7.<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f11 w620 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Du<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170c y5f11 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y5f11 w621 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170d y5f11 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f12 w623 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn E<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hical Corporate Bond<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16af y5f12 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b6 y5f12 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y5f12 w624 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed4 w625 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Eu<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170e y5ed4 w626 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ed4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ed4 w5d2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">49.0<span class=\"_ _2\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed5 w627 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Li<span class=\"_ _1\"></span>nked B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ef y5ed5 w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fc y5ed5 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1616 y5ed5 w628 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsad wsee\">53.<span class=\"_ _1\"></span>03%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f72 w629 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Rea<span class=\"_ _1\"></span>l E<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y5f72 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15da y5f72 w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1711 y5f72 w619 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">44<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f16 w62a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Global<span class=\"_ _5\"></span> Smaller Companies<span class=\"_ _5\"></span> Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b8 y5f16 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1606 y5f16 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f5 y5f16 w62b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">30.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed7 w62c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y5ed7 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y5ed7 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y5ed7 w62d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.7<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed8 w62e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y5ed8 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y5ed8 w61b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16d8 y5ed8 w62f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls21 ws21\">62.8<span class=\"_ _1\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5ed9 w630 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1712 y5ed9 w631 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span>don<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167c y5ed9 w5c6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1713 y5ed9 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">21.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w632 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f7 y5f77 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1642 y5f77 w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16b3 y5f77 w634 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7 ws5\">29<span class=\"_ _5\"></span>.47%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w635 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ger I<span class=\"_ _1\"></span>V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f4c w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1663 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1714 y5f4c w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">42.27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w636 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Short Dat<span class=\"_ _5\"></span>ed Corporate Bond Fu<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1715 y5edc w61f h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162f y5edc w5b8 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y5edc w637 h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">3<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.1<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h230\" id=\"_b6eb5c43-0724-4821-9807-db3c6cde6bc9\"><tr><td></td><td></td><td class=\"t m0 x425 hd y65d2 ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y65d2 ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y65d3 ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y65d3 ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y65d4 ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y65d4 ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y65d5 w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y65d5 w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d6 w638 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d5 y65d6 w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y65d6 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y65d6 w63b h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls52 wsf2\">39.2<span class=\"_ _1\"></span>5%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d7 w63c h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y65d7 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1672 y65d7 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e2 y65d7 w63d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls11f ws196\">25<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>27%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d8 w63e h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Chi<span class=\"_ _1\"></span>na O<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>re Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a4 y65d8 w54f h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y65d8 w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fd y65d8 w63f h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">8<span class=\"_ _1\"></span>1.<span class=\"_ _a\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65d9 w640 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>an Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d6 y65d9 w641 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y65d9 w611 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1619 y65d9 w642 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">32.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65da w643 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn SICAV II<span class=\"_ _5\"></span> European Smalle<span class=\"_ _5\"></span>r Companies Fu<span class=\"_ _0\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1716 y65da w639 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e8 y65da w63a h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y65da w644 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>41<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65db w645 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al Co<span class=\"_ _1\"></span>rp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b5 y65db w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1718 y65db w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65db w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dc wf0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV II G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>igh Y<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>eld B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x170a y65dc w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1683 y65dc w614 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1660 y65dc w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">4<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65dd w646 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> Euro Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65dd w641 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65dd w5a0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e9 y65dd w647 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65de w648 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">abrdn Sterling<span class=\"_ _5\"></span> Corporate Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171b y65de w525 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65de w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65de w649 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls121 ws185\">45.<span class=\"_ _1\"></span>49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65df w64a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Strategic Bond Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65df w4ed h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65df w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65df w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls19 ws17\">68<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e0 w64b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn U<span class=\"_ _1\"></span>K Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1709 y65e0 w4f0 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164a y65e0 w61b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65e0 w64c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">35.<span class=\"_ _4\"></span>1<span class=\"_ _5\"></span>8%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e1 w64d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Mid-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ap Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e1 w5c1 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x169a y65e1 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c0 y65e1 w64e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">40.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e2 w64f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Euro<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>x U<span class=\"_ _1\"></span>K Su<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ble E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171d y65e2 w639 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Lux<span class=\"_ _5\"></span>embourg<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e5 y65e2 w5f9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1622 y65e2 w642 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls90 ws6a\">92.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e3 ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 GD<span class=\"_ _1\"></span>P Wei<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al </td><td></td><td class=\"c n x16a9 y65e4 w55c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16df y65e4 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1704 y65e4 w650 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">78<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65e5 ff6 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd<span class=\"_ gse8\"> </span>F<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65e6 w651 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171e y65e6 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171f y65e6 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e6 w5ff h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls104 ws110\">9<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e7 w653 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV I \u2013 Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al G<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65e7 w54f h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _0\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1721 y65e7 w652 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1719 y65e7 w7d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf6 ws17b\">8<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>76<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e8 w654 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Bo<span class=\"_ _1\"></span>nd T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d7 y65e8 w655 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">L<span class=\"_ _5\"></span>ondon<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168a y65e8 w5b8 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y65e8 w619 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">23.<span class=\"_ _1\"></span>33%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65e9 w656 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Fu<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re Re<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate U<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S E<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>F<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1722 y65e9 w657 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1723 y65e9 w658 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1720 y65e9 w659 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls4b ws4b\">30<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ea w65a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">abrdn UK Sustainable Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ea y65ea w61f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c9 y65ea w621 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x171c y65ea w65b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1a ws18\">20.<span class=\"_ _5\"></span>98%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65eb w65c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cc y65eb w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1700 y65eb w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16fa y65eb w65d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls188 ws1a1\">4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>51%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ec w65e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y65ec w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1603 y65ec w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1656 y65ec w612 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">29.67%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ed w65f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1724 y65ed w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y65ed w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1725 y65ed w660 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">34.38%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ee w661 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1726 y65ee w5c1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65ee w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1727 y65ee w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls52 wsf2\">39.78%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65ef w663 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn M<span class=\"_ _1\"></span>yF<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y65ef w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x162c y65ef w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1694 y65ef w64e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">30.48%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f0 w664 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">ab<span class=\"_ _1\"></span>rdn Ev<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>e UK E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y65f0 w4ed h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1669 y65f0 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ff y65f0 w665 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f1 ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y65f2 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65f2 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65f2 w667 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls19 ws17\">37<span class=\"_ _4\"></span>.71%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65f3 ff6 fs2 fc3 sc0 ls9 ws0\">Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ gse8\"> </span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65f4 w668 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Emerging<span class=\"_ _5\"></span> Mar<span class=\"_ _1\"></span>kets Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a8 y65f4 w54f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y65f4 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y65f4 w586 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls147 ws169\">26.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f5 w669 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Liquidity Fund (Lux) \u2013<span class=\"_ _5\"></span> US Dollar Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y65f5 w641 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxe<span class=\"_ _5\"></span>mb<span class=\"_ _1\"></span>ourg<span class=\"_ _4\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1706 y65f5 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1673 y65f5 w5cd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4c ws54\">32.9<span class=\"_ _5\"></span>7%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f6 w66a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">abrdn Global Infrastructure Equity Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f6 y65f6 w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1646 y65f6 w5b8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f1 y65f6 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _1\"></span>7.<span class=\"_ _a\"></span>8<span class=\"_ _2\"></span>9<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f7 w66b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Res<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Hig<span class=\"_ _1\"></span>h Y<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16cb y65f7 w639 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _5\"></span>\u00b9\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1729 y65f7 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15ed y65f7 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">26<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f8 w66d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Gallions Reach Shopping Park Limited P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>tner<span class=\"_ _1\"></span>ship<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172a y65f8 w61f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _4\"></span>\u00b9\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15f9 y65f8 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172b y65f8 w4c5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _4\"></span>00.<span class=\"_ _5\"></span>00%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y651e w66e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ga<span class=\"_ _1\"></span>lli<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s Rea<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k Uni<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a3 y651e w66f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">J<span class=\"_ _1\"></span>ersey<span class=\"_ _2\"></span>\u2074\u00b2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c3 y651e w57a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y651e w4b3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls166 wsca\">1<span class=\"_ _5\"></span>00.00<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65f9 w670 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Y<span class=\"_ _1\"></span>iel<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y65f9 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65f9 w616 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1629 y65f9 w671 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf6 ws17b\">6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fa ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Emerg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s Lo<span class=\"_ _1\"></span>w </td><td></td><td class=\"c n x16a9 y65fb w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y65fb w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y65fb w672 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">65.<span class=\"_ _1\"></span>35%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65fc ff6 fs2 fc3 sc0 ls18 ws16\">V<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>latilit<span class=\"_ _1\"></span>y Equity<span class=\"_ gse8\"> </span>Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y65fd w673 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AC<span class=\"_ _1\"></span>S Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e3 y65fd w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x168c y65fd w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172c y65fd w674 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4e wscd\">25.<span class=\"_ _1\"></span>97<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y65fe w675 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Cor<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>I 1\u20135<span class=\"_ _1\"></span>Y<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a2 y65fe w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1624 y65fe w676 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1625 y65fe w677 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y65ff ff3 fs2 fc3 sc0 ls9 ws0\">Am<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns \u2013 A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di M<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CI </td><td></td><td class=\"c n x16a9 y6600 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6600 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1728 y6600 w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6601 ff3 fs2 fc3 sc0 ls9 ws0\">Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>ing E<span class=\"_ _2\"></span>x Ch<span class=\"_ _1\"></span>ina E<span class=\"_ _2\"></span>SG L<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lec<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6602 w678 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Facto<span class=\"_ _1\"></span>r Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y6602 w679 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls8 ws1e\">Par<span class=\"_ _1\"></span>is\u2074<span class=\"_ _2\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1688 y6602 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172d y6602 w5ca h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls173 ws189\">74<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6603 w67a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AQR G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Ri<span class=\"_ _1\"></span>sk P<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x172e y6603 w666 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1650 y6603 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164e y6603 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _a\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6604 w67b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Em<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>rket<span class=\"_ _2\"></span>s Lea<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a7 y6604 w67c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1696 y6604 w583 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1703 y6604 w594 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsa ws1a\">30.89%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6605 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Inv<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>I IC<span class=\"_ _2\"></span>VC \u2013 </td><td></td><td class=\"c n x16a9 y6606 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6606 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6606 w5c2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls104 ws110\">29.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6607 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Co<span class=\"_ _1\"></span>re Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6608 ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK &amp; B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s IC<span class=\"_ _2\"></span>VC \u2013 B<span class=\"_ _1\"></span>ail<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>e </td><td></td><td class=\"c n x16a9 y6103 w67d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x172f y6103 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1730 y6103 w604 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.95%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6609 ff6 fs2 fc3 sc0 ls9 ws0\">Gi<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d UK a<span class=\"_ _1\"></span>nd Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>de Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5ff9 w67e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s D<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>t Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t D<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1731 y5ff9 w67f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">D<span class=\"_ _1\"></span>ublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _1\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x170f y5ff9 w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1710 y5ff9 w66c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls93 ws95\">38<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f93 w680 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Fun<span class=\"_ _1\"></span>ds \u2013 S<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>nab<span class=\"_ _1\"></span>le Wo<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>d Bo<span class=\"_ _1\"></span>nd F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n xbfe y5f93 w610 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x166f y5f93 w63a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e6 y5f93 w650 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">25<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w681 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket A<span class=\"_ _1\"></span>dv<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1732 y5f77 w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1615 y5f77 w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UC<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1733 y5f77 w659 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">50<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>86%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w683 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16e6 y5f4c w4f0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15e1 y5f4c w5f3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1610 y5f4c w684 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lse9 ws1a0\">28.42<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w685 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">BN<span class=\"_ _1\"></span>Y M<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lon M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>-A<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16fc y5edc w525 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u2074\u2077<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1734 y5edc w682 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">UCI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1685 y5edc w622 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls86 ws87\">31.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr></table><table class=\"s w4ad h231\" id=\"_1e2048f6-aab5-4297-82cd-8a8ed36e87ce\"><tr><td></td><td></td><td class=\"t m0 x425 hd y660a ff12 fs6 fc3 sc0 lsbe wsc5\">If unincorporated, </td><td class=\"t m0 x60a hd y660a ff12 fs6 fc3 sc0 ls9 ws0\">Type o<span class=\"_ _1\"></span>f in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">Registered<span class=\"_ _5\"></span> address of </td><td class=\"t m0 x425 hd y660b ff12 fs6 fc3 sc0 lsbd wsc4\">address of<span class=\"_ _5\"></span> principal </td><td class=\"t m0 x60a hd y660b ff12 fs6 fc3 sc0 ls9 ws0\">(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f </td><td></td></tr><tr><td></td><td class=\"t m0 x80b hd y660c ff12 fs6 fc3 sc0 lsbe wsc5\">incorporated entities<span class=\"_ _37b\"> </span></td><td class=\"t m0 x425 hd y660c ff12 fs6 fc3 sc0 lsc8 wscb\">place of<span class=\"_ _5\"></span> business<span class=\"_ _37b\"> </span></td><td class=\"c n x1e0 y660d w4ae h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls54 ws50\">shares held)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15c5 y660d w4af h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">% o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>s /u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y660e w686 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lit<span class=\"_ _2\"></span>y Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et O<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>n Ad<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>s Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x171a y660e w687 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18d ws1a6\">Ta<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _a\"></span>t<span class=\"_ _2\"></span>h<span class=\"_ _1\"></span>\u2074<span class=\"_ _a\"></span>\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1679 y660e w5cf h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>, sub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ca y660e w61d h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">35.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y660f ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Eme<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n xc11 y6610 w666 h19c\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6610 w5f6 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6610 w688 h19c\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">82.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6611 ff3 fs2 fc3 sc0 ls1e ws2d\">T<span class=\"_ _4\"></span>ot<span class=\"_ _1\"></span>al Return Bond Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6612 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ldm<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV \u2013 Gol<span class=\"_ _1\"></span>dma<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>chs </td><td></td><td class=\"c n xc11 y6613 w666 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u2079<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1735 y6613 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1736 y6613 w689 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _1\"></span>7.<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>1%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6614 ff3 fs2 fc3 sc0 ls18 ws16\">Emerging Markets Debt Portfolio<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6615 ff3 fs2 fc3 sc0 ls9 ws0\">iS<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res E<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>iro<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t &amp; Low C<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>on </td><td></td><td class=\"c n xc11 y6616 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6616 w68a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1738 y6616 w240 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">3<span class=\"_ _2\"></span>7.<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6617 ff6 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _1\"></span>ilt R<span class=\"_ _1\"></span>eal E<span class=\"_ _2\"></span>st<span class=\"_ _1\"></span>ate I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6618 ff3 fs2 fc3 sc0 ls9 ws0\">Th<span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>dn<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>dl<span class=\"_ _1\"></span>e Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Fun<span class=\"_ _1\"></span>ds I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>VC </td><td></td><td class=\"c n xc11 y6619 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u2075\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1737 y6619 w583 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1739 y6619 w5ee h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls152 ws162\">2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.11<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y661a ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 C<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>ct<span class=\"_ gse8\"> </span>Fu<span class=\"_ _1\"></span>nd </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y661b w68b h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">Ba<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lie G<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ffor<span class=\"_ _1\"></span>d Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>se I<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>owt<span class=\"_ _1\"></span>h Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x7aa y661b w5be h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls18 ws16\">Edinburgh\u2075\u00b9<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173a y661b w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OEI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16ba y661b w672 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls7d ws7e\">20.49<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661c w68c h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Bl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ck AC<span class=\"_ _2\"></span>S US Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y661c w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y661c w5c6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173b y661c w68d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls68 ws63\">2<span class=\"_ _5\"></span>6.83<span class=\"_ _5\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661d w68e h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>ixe<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t 20<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span>% Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1701 y661d w57c h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London<span class=\"_ _5\"></span>\u00b3<span class=\"_ _1\"></span>\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y661d w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y661d w68f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lse9 ws1a0\">28.<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y661e w690 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Invesco<span class=\"_ _5\"></span> Managed Growth Fund<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x173d y661e w691 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 lsf ws4\">H<span class=\"_ _1\"></span>enley<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e0 y661e w5f3 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">OE<span class=\"_ _1\"></span>IC<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173e y661e w692 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls188 ws1a1\">51.<span class=\"_ _2\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x173f h7 y661f ff6 fs2 fc3 sc0 ls1c ws6\">Thames\u2075\u00b2<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6620 w693 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G A<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>e Ret<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Pl<span class=\"_ _1\"></span>us Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1740 y6620 w5fc h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1628 y6620 w616 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _5\"></span>, sub f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1613 y6620 w694 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1b ws19\">22.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6621 w695 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ac y6621 w696 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x165f y6621 w5f6 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x173c y6621 w61d h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6622 w697 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">L&amp;<span class=\"_ _1\"></span>G M<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t T<span class=\"_ _5\"></span>arg<span class=\"_ _1\"></span>et R<span class=\"_ _1\"></span>etu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16b2 y6622 w610 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">Luxembourg\u2075\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6622 w611 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1741 y6622 w698 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls2c ws2c\">41.<span class=\"_ _1\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6623 w699 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e St<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ng Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te B<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1742 y6623 w581 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1743 y6623 w57f h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16c4 y6623 w5ca h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls172 ws188\">2<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6624 ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al E<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>ng M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s </td><td></td><td class=\"c n x16a9 y6625 w579 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16aa y6625 w589 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6625 w69a h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls15 ws13\">28<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>8<span class=\"_ _1\"></span>4%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6626 ff3 fs2 fc3 sc0 ls9 ws0\">Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>nd U<span class=\"_ _1\"></span>SD I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6627 w69b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>h In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1744 y6627 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1659 y6627 w58f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1745 y6627 w69c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls171 ws187\">41<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6628 w69d h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Leg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al U<span class=\"_ _1\"></span>K S<span class=\"_ _1\"></span>mal<span class=\"_ _1\"></span>ler C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1746 y6628 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x167f y6628 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1747 y6628 w662 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls122 ws184\">30<span class=\"_ _1\"></span>.43<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6629 w69e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s C<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ium B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed B<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>nd Po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6629 w57e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1649 y6629 w5c9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td class=\"c n x164b y6629 w69f h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls7d ws7e\">35.<span class=\"_ _1\"></span>57<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662a w6a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s Et<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund\ue63c<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16f2 y662a w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f3 y662a w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16f4 y662a w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662b w6a2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Qu<span class=\"_ _1\"></span>ilt<span class=\"_ _1\"></span>er I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16ad y662b w579 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15d3 y662b w633 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">O<span class=\"_ _1\"></span>EI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1748 y662b w6a3 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4f ws4c\">56<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>56%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y662c w6a4 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Rob<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>co \u2013 Ph<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>x Cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>ize<span class=\"_ _1\"></span>d Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y662c w6a5 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 lsf ws4\">Rotterda<span class=\"_ _1\"></span>m\u2075\u2074<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1621 y662c w5f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fa y662c w642 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls90 ws6a\">98<span class=\"_ _1\"></span>.92<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662d ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y662e w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y662e w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y662e w649 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">32.<span class=\"_ _1\"></span>94%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y662f ff6 fs2 fc3 sc0 ls9 ws0\">\u2013 Glo<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>al D<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d G<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6630 w6a6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Sc<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>er U<span class=\"_ _1\"></span>K M<span class=\"_ _1\"></span>id 250 Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16a0 y6630 w581 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">London\u00b3\u2078<span class=\"_ _37b\"> </span></div></td><td class=\"c n x160f y6630 w596 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span> Tr<span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x16db y6630 w698 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls2c ws2c\">24.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y6631 w6a7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Schroder International<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>election Fund<span class=\"_ _5\"></span> Global Bond<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16bc y6631 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2075<span class=\"_ _1\"></span>\u2075<span class=\"_ _37b\"> </span></div></td><td class=\"c n x161c y6631 w589 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls178 ws18f\">U<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span> Tr<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>t<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174b y6631 w5d9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls98 ws11a\">2<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>63%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6632 ff3 fs2 fc3 sc0 ls1c ws6\">Robeco QI<span class=\"_ _5\"></span> Emerging Markets Sustainable<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6633 w696 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>\u2075\u2076<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1749 y6633 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174a y6633 w5f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">9<span class=\"_ _1\"></span>7.<span class=\"_ _a\"> </span>8<span class=\"_ _2\"></span>7<span class=\"_ _a\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6634 ff3 fs2 fc3 sc0 ls9 ws0\">Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ies I<span class=\"_ _1\"></span>I<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y6635 w6a8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">AB S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>AV I \u2013 Sust<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e All M<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ket P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>fol<span class=\"_ _1\"></span>io<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x16d4 y6635 w6a9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls1c ws6\">Luxembour<span class=\"_ _5\"></span>g\u2074\u00b3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174c y6635 w5f6 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>AV<span class=\"_ _5\"></span>, su<span class=\"_ _1\"></span>b f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1717 y6635 w6a1 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls4b ws4b\">34<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>36%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6636 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Common Contractual<span class=\"_ _5\"></span> Fund \u2013 V<span class=\"_ _5\"></span>anguard </td><td></td><td class=\"c n x16a9 y6637 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6637 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6637 w58a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls15 ws13\">70.<span class=\"_ _1\"></span>87<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6638 ff3 fs2 fc3 sc0 ls9 ws0\">U.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y In<span class=\"_ _1\"></span>dex C<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>n Con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ual F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6639 ff3 fs2 fc3 sc0 ls9 ws0\">Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s pl<span class=\"_ _1\"></span>c \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd U.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>. </td><td></td><td class=\"c n x16a9 y663a w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663a w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y663a w6ab h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1a ws18\">2<span class=\"_ _5\"></span>0.<span class=\"_ _1\"></span>58%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663b ff3 fs2 fc3 sc0 ls9 ws0\">Sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _5\"></span>T<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rm I<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>nd I<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>dex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663c ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y663d w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y663d w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y663d w6ac h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls11f ws196\">95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y663e ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y663f ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6640 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6641 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6641 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174e y6641 w6ad h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls172 ws188\">4<span class=\"_ _2\"></span>7.<span class=\"_ _a\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6642 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6643 ff6 fs2 fc3 sc0 ls1c ws6\">Common C<span class=\"_ _5\"></span>ont<span class=\"_ _1\"></span>ractual<span class=\"_ gse8\"> </span>F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6644 ff3 fs2 fc3 sc0 ls1c ws6\">Vangu<span class=\"_ _5\"></span>ard Investments Common Contractual<span class=\"_ _5\"></span> </td><td></td><td class=\"c n x16a9 y6645 w6aa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls18 ws16\">Dublin<span class=\"_ _5\"></span>\u2074<span class=\"_ _2\"></span>\u2070<span class=\"_ _37b\"> </span></div></td><td class=\"c n x15fe y6645 w5a0 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>ub f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></div></td><td class=\"c n x174d y6645 w6ae h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls73 ws73\">96.38<span class=\"_ _1\"></span>%<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d h7 y6646 ff3 fs2 fc3 sc0 ls9 ws0\">Fun<span class=\"_ _1\"></span>d \u2013 Vang<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd F<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>SE De<span class=\"_ _1\"></span>vel<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ed Wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ld </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x21d h7 y6647 ff3 fs2 fc3 sc0 ls1c ws6\">ex UK C<span class=\"_ _5\"></span>ommon Contractual Fund<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td><td></td></tr></table>1 <span class=\"_ _2d\"> </span>10 Br<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>, Bi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>, B1 2<span class=\"_ _1\"></span>JB<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>2 <span class=\"_ _2d\"> </span>9<span class=\"_ _1\"></span>0 St<span class=\"_ _1\"></span>. S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>n\u2019s G<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, D2, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>3 <span class=\"_ _2d\"> </span>W<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Telfo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Telfo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>hr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, TF<span class=\"_ _1\"></span>3 4<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>B, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>4 <span class=\"_ _2d\"> </span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>fe H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 3<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Edi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>, EH1 2D<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>5 <span class=\"_ _2d\"> </span>G<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y S<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>al L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l F<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 25/<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8 No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Wal<span class=\"_ _1\"></span>l Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 1, Ir<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>6 <span class=\"_ _2d\"> </span>C<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n's Co<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, 2<span class=\"_ _1\"></span>2 Vi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, H<span class=\"_ _1\"></span>M1<span class=\"_ _5\"></span>2<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span>7 <span class=\"_ _2d\"> </span>1 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 2L<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>8 <span class=\"_ _2d\"> </span>Co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce Co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny, 251 Li<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e Fal<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, DE 198<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>9 <span class=\"_ _2d\"> </span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _1\"></span>-11<span class=\"_ _5\"></span>6 G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>10 <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>gl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>Y1<span class=\"_ _1\"></span>-1<span class=\"_ _5\"></span>104<span class=\"_ _1\"></span>, C<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n Is<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>1<span class=\"_ _5\"></span>1 <span class=\"_ _a\"> </span>280 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2M 4<span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>12 <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2-24 Ne<span class=\"_ _1\"></span>w St<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, St Pa<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>s Ga<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, 4t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, JE1 4T<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span>13 <span class=\"_ _1\"></span>20 O<span class=\"_ _1\"></span>ld B<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ey, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, En<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d, E<span class=\"_ _1\"></span>C4M 7AN<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>14 <span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4 E<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e, St H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>er, Je<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>y, Ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>el I<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>E4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>15 <span class=\"_ _1\"></span>9 Pa<span class=\"_ _1\"></span>r-<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, 3r<span class=\"_ _1\"></span>d Fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, Ham<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>n H<span class=\"_ _1\"></span>M 1<span class=\"_ _5\"></span>1, B<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>a<span class=\"_ _37b\"> </span>16 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>tc<span class=\"_ _1\"></span>o (Sw<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n) A<span class=\"_ _1\"></span>b, St<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n 4c<span class=\"_ _1\"></span>, 4 Tr, <span class=\"_ _5\"></span>11<span class=\"_ _5\"></span>4 35 S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>lm<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>17 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Lo<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hm<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>t 87, <span class=\"_ _5\"></span>10<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>0 B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>18 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de 12, 1203 Cop<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en K<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _37b\"> </span>19 <span class=\"_ _1\"></span>35<span class=\"_ _1\"></span>a Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ue J<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>F. <span class=\"_ _5\"></span>K<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y, L<span class=\"_ _5\"></span>-1855, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>20 <span class=\"_ _1\"></span>162 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>rd H<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>, 750<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>21 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r 7<span class=\"_ _5\"></span>, 1st fl<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r, 280<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ma<span class=\"_ _1\"></span>dr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Sp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>n<span class=\"_ _37b\"> </span>22 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>ht O<span class=\"_ _1\"></span>ffi<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>g 58<span class=\"_ _1\"></span>, 10<span class=\"_ _1\"></span>43 BW A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>m, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ds<span class=\"_ _37b\"> </span>23 <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>x<span class=\"_ gs424\"> </span>Ho<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ gs424\"> </span>V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>w,<span class=\"_ gs424\"> </span>B<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>oke<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ps<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e,<span class=\"_ gs424\"> </span>RG<span class=\"_ _1\"></span>21<span class=\"_ gs424\"> </span>4DZ<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>24 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>hv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s LL<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>, 20<span class=\"_ _1\"></span>0 C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et 50<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h F<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>or, Bo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, M<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hu<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, 021<span class=\"_ _5\"></span>16<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>25 <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ew C<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>on H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, 11<span class=\"_ _5\"></span>4<span class=\"_ _2\"></span>-1<span class=\"_ _5\"></span>16 Geo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ge S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H2 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>H<span class=\"_ _37b\"> </span>26 <span class=\"_ _1\"></span>201 B<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2M 3A<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>27 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Trus<span class=\"_ _1\"></span>t Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e, 1290 O<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, 198<span class=\"_ _1\"></span>01, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d St<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>28 <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0 Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>EC<span class=\"_ _1\"></span>2R 5A<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>29 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 Lo<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an R<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, Fe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>l S<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e, Ed<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nb<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H3 9WJ<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>30 <span class=\"_ _1\"></span>1 Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>31 <span class=\"_ _1\"></span>32 M<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>in 2<span class=\"_ _1\"></span>, Du<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n, D<span class=\"_ _1\"></span>02 Y<span class=\"_ _1\"></span>51<span class=\"_ _5\"></span>2, I<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span>32 <span class=\"_ _1\"></span>8 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>da S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E14 5HQ<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>33 <span class=\"_ _1\"></span>12 Th<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>gm<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Ave<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on E<span class=\"_ _1\"></span>C2<span class=\"_ _1\"></span>N 2D<span class=\"_ _1\"></span>L, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>34 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, E<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>2R 5A<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>35 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. P<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>er P<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Tudo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, Le B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>Y1 6<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>D, Gu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>36 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e, 85 Q<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>en V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>V 4A<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>37 <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>, r<span class=\"_ _1\"></span>ue d<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>a Po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hy of L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, L-234<span class=\"_ _1\"></span>6, L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>38 <span class=\"_ _1\"></span>1 L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on Wa<span class=\"_ _1\"></span>ll P<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e, L<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>, EC<span class=\"_ _1\"></span>2Y 5<span class=\"_ _1\"></span>AU, U<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>39 <span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, 2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>40 <span class=\"_ _1\"></span>70 S<span class=\"_ _1\"></span>ir J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>hn R<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n\u2019s Qu<span class=\"_ _1\"></span>ay, D<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>in 2, I<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span>41 <span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>, Al<span class=\"_ _1\"></span>l\u00e9<span class=\"_ _1\"></span>e S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>r, L<span class=\"_ _5\"></span>-252<span class=\"_ _1\"></span>0 Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g, L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>42 <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r Ho<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>e, T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e E<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>, St H<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>er, JE4 9W<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, J<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ey<span class=\"_ _37b\"> </span>43 <span class=\"_ _1\"></span>2-<span class=\"_ _2\"></span>4, R<span class=\"_ _1\"></span>ue Eu<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>\u00e8n<span class=\"_ _1\"></span>e Ru<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, L<span class=\"_ _5\"></span>-2453 L<span class=\"_ _1\"></span>uxe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>4<span class=\"_ _1\"></span>4 91 B<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>d Pa<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>r, 91 A 9<span class=\"_ _5\"></span>3<span class=\"_ _1\"></span>, Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>, 75015, Fr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span>45 <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e, 33<span class=\"_ _1\"></span>, ru<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>e Ga<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h, L-5826<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>46 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>47 <span class=\"_ _1\"></span>160 Q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>n V<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ia S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>, L<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n, EC<span class=\"_ _1\"></span>4V 4<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>48 <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>h G<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e, M<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>ld L<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>r Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>, T<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>wo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h, S<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ey, K<span class=\"_ _2\"></span>T2<span class=\"_ _1\"></span>0 6R<span class=\"_ _1\"></span>P<span class=\"_ _5\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>49 <span class=\"_ _1\"></span>49, Av<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e J.<span class=\"_ _1\"></span>F. Kenn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dy, L-<span class=\"_ _5\"></span>1855 L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>, Gr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd D<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>50 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n Pl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ce, 78 C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Lo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>, EC4<span class=\"_ _1\"></span>N 6A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>, Un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Ki<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>om<span class=\"_ _37b\"> </span>51 <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>, 1 Gr<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>ow, Ed<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gh<span class=\"_ _1\"></span>, E<span class=\"_ _1\"></span>H1 3A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>,<span class=\"_ gs424\"> </span>Un<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gd<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>52 <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>, Pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Par<span class=\"_ _1\"></span>k D<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e, H<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>on<span class=\"_ _1\"></span>-T<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, O<span class=\"_ _1\"></span>xf<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>e, R<span class=\"_ _1\"></span>G9 1HH<span class=\"_ _1\"></span>, U<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d K<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>m<span class=\"_ _37b\"> </span>53 <span class=\"_ _1\"></span>10, C<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e2t<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>u d\u2019<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>u, L-3364 L<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e, G<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d Du<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>y of L<span class=\"_ _1\"></span>ux<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>54 <span class=\"_ _1\"></span>We<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>na 85<span class=\"_ _1\"></span>0, 3<span class=\"_ _1\"></span>014 DA<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>, N<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>55 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 5<span class=\"_ _1\"></span>, Ho<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>f, L<span class=\"_ _5\"></span>-1<span class=\"_ _5\"></span>7<span class=\"_ _1\"></span>36<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>g<span class=\"_ _37b\"> </span>56 <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>g, 6<span class=\"_ _1\"></span>, Ro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>te D<span class=\"_ _1\"></span>e Tr\u00e8ve<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, L<span class=\"_ _0\"></span>-2633<span class=\"_ _1\"></span>, Lu<span class=\"_ _1\"></span>xem<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>rg<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s hav<span class=\"_ _1\"></span>e be<span class=\"_ _1\"></span>en g<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>d an a<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>it e<span class=\"_ _1\"></span>xemp<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n by pa<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>al g<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>ee by v<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ue o<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>.479<span class=\"_ _5\"></span>A o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s Ac<span class=\"_ _1\"></span>t 200<span class=\"_ _1\"></span>6:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">10<span class=\"_ _5\"></span>3 W<span class=\"_ _5\"></span>ardour Street Retail In<span class=\"_ _5\"></span>vestment Company Limit<span class=\"_ _5\"></span>ed<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">B<span class=\"_ _1\"></span>arnwood Properties Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Finance Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">B<span class=\"_ _1\"></span>ritannic Money Investment Ser<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G A<span class=\"_ _1\"></span>ssurance &amp; Pension Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">G Life H Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Pearl Customer Care<span class=\"_ _5\"></span> Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 1<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l Group Holdings (No<span class=\"_ _5\"></span>. 2) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GH C<span class=\"_ _1\"></span>A Limited </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GMS (Glasgow) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Customer Care Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix ER6 Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Group CA Ser<span class=\"_ _2\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life Assurance Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Life CA Holdings Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix SL Direct<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 1 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 2 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 3 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>V 4 Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Weal<span class=\"_ _0\"></span>th Holdings Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure Companies Ser<span class=\"_ _1\"></span>vices Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Re<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ssure FSH UK Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Pension F<span class=\"_ _5\"></span>unds Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Vebnet (Holdings<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>The follo<span class=\"_ _5\"></span>wing subsidiaries wer<span class=\"_ _5\"></span>e dissolved during<span class=\"_ _0\"></span> the period. The subsidi<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>ies wer<span class=\"_ _5\"></span>e deconsolidated from<span class=\"_ _5\"></span> the date of d<span class=\"_ _5\"></span>is<span class=\"_ _1\"></span>solution:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Impal<span class=\"_ _1\"></span>a Loan<span class=\"_ _5\"></span> Company 1 Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 1<span class=\"_ _4\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pear<span class=\"_ _1\"></span>l (Martineau Phase 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Bar<span class=\"_ _2\"></span>well 2<span class=\"_ _5\"></span>) Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Chiswick Hous<span class=\"_ _1\"></span>e)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 1) Limi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix (M<span class=\"_ _1\"></span>oo<span class=\"_ _1\"></span>r H<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>se 2) L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix (Printwor<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>s)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix (Stockley Park) Limite<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 9) L<span class=\"_ _1\"></span>imi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>L<span class=\"_ _2\"></span>ACOM (N<span class=\"_ _1\"></span>o. 10) Lim<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ed<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Vebnet Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">St<span class=\"_ _1\"></span>andard Life Agency Ser<span class=\"_ _2\"></span>vices Limited </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">Ph<span class=\"_ _1\"></span>oenix Re Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">Pho<span class=\"_ _1\"></span>enix Holdings (Bermuda)<span class=\"_ _5\"></span> L<span class=\"_ _1\"></span>imited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">P<span class=\"_ _1\"></span>GL Pension T<span class=\"_ _4\"></span>rustee Limited<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) Japan T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) No<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h Am<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>n T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn (Lothian<span class=\"_ _5\"></span>) International T<span class=\"_ _4\"></span>rust<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn (L<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>an) U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>al T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn MT Americ<span class=\"_ _1\"></span>an Equity Unconstrained Fund<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>idi<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s we<span class=\"_ _1\"></span>re ei<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er f<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ly di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>f or t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was n<span class=\"_ _1\"></span>o lo<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>eem<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>o con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y. The sub<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dia<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s were d<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m eit<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>ate o<span class=\"_ _1\"></span>f di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l or f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m th<span class=\"_ _1\"></span>e da<span class=\"_ _1\"></span>te w<span class=\"_ _1\"></span>hen t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p was d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to n<span class=\"_ _1\"></span>o lon<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rol the subsidiar<span class=\"_ _1\"></span>y:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Ste<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ling Corporate Bond<span class=\"_ _5\"></span> T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn Short Dated Global<span class=\"_ _5\"></span> Corporate Bond T<span class=\"_ _4\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p no lon<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>er has s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s in th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ki<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s:<span class=\"_ _37b\"> </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K Equ<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn N<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ll &amp; M<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>C<span class=\"_ _1\"></span>ap Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Amer<span class=\"_ _1\"></span>ican Equity Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia Pa<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>fic Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Japanese Equit<span class=\"_ _1\"></span>y Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>e ex U<span class=\"_ _1\"></span>K In<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">abrdn UK Smaller<span class=\"_ _5\"></span> Companies Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket II<span class=\"_ _1\"></span>I Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket I<span class=\"_ _1\"></span>V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket V Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn My<span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o Mu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>er V Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Ja<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>n Eq<span class=\"_ _1\"></span>uit<span class=\"_ _2\"></span>y Enh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>d In<span class=\"_ _1\"></span>dex F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn European Equity T<span class=\"_ _4\"></span>racker Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">abrdn Emerging Markets Equity T<span class=\"_ _5\"></span>racker F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Go<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Bo<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d T<span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>cker Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn U<span class=\"_ _1\"></span>K Valu<span class=\"_ _1\"></span>e Equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y F<span class=\"_ _1\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al I<span class=\"_ _1\"></span>nfl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked Bo<span class=\"_ _1\"></span>nd Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s Eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y E<span class=\"_ _1\"></span>nha<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>ex Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ff6\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Nor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>h A<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>an S<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>r Com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">a<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>dn S<span class=\"_ _1\"></span>IC<span class=\"_ _2\"></span>AV I \u2013 Sho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t Da<span class=\"_ _1\"></span>ted E<span class=\"_ _1\"></span>nh<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced I<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>e Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsd ws16\">LGIM Sterling Liquidit<span class=\"_ _1\"></span>y Plus Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>er Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>n Fun<span class=\"_ _1\"></span>d<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Short<span class=\"_ _5\"></span>-T<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"lsa ws6\">Vanguard<span class=\"_ _5\"></span> I<span class=\"_ _1\"></span>nvestment Series<span class=\"_ _5\"></span> plc \u2013 V<span class=\"_ _5\"></span>anguard Global Corporate<span class=\"_ _5\"></span> B<span class=\"_ _1\"></span>ond Index F<span class=\"_ _5\"></span>und<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">L<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>al &amp; G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l Em<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g Ma<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>nm<span class=\"_ _1\"></span>ent B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nd (<span class=\"_ _1\"></span>Loc<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l Cur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y) Ind<span class=\"_ _1\"></span>ex Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">B<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ck U<span class=\"_ _1\"></span>K A<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ute A<span class=\"_ _1\"></span>lp<span class=\"_ _1\"></span>ha Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls14 ws33\">BlackRock Cas<span class=\"_ _5\"></span>h Fund<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">N<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>y One Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s i G<span class=\"_ _1\"></span>lob<span class=\"_ _1\"></span>al M<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cro A<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on Fu<span class=\"_ _1\"></span>nd<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>di U<span class=\"_ _1\"></span>CI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>S Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s \u2013 A<span class=\"_ _1\"></span>mun<span class=\"_ _1\"></span>di G<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>F<span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>tor E<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Fu<span class=\"_ _1\"></span>nd </span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s U<span class=\"_ _1\"></span>K Sh<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>ng Ce<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>re T<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ws0\">S<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>rd L<span class=\"_ _1\"></span>ife I<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t Cro<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s LP<span class=\"_ _37b\"> </span></span>\u2022 <span class=\"_ _1c\"> </span><span class=\"ls8 ws4\">B<span class=\"_ _1\"></span>rent Cross Partner<span class=\"_ _1\"></span>ship</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "I2<span class=\"_ _2\"></span>. Ca<span class=\"_ _1\"></span>sh fl<span class=\"_ _1\"></span>ows f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s as the pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e fun<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ori<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of rela<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>aim<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ves f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e \u2018cas<span class=\"_ _1\"></span>h (uti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>)/gene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns\u2019 fi<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>re in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Notes<span class=\"_ _37b\"> </span><table class=\"s w6f6 h235\" id=\"_3318b0cc-2b46-4223-b783-e6cb2e1d0134\"><tr><td></td><td></td><td class=\"t m0 x469 hd y6665 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6665 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x282 hd y6666 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6666 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"c n x1e3 y6667 w6f h19f\"><div class=\"t m0 x1dd h7 y5ece ffa fs2 fc3 sc0 ls9 ws0\">Pro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>s) for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>x<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x20f y6667 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1e9 y6667 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,107)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6668 ffa fs2 fc3 sc0 ls9 ws0\">Adj<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or n<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>sh m<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>/(<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ss) be<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>e ta<span class=\"_ _1\"></span>x f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5ec6 w6f7 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Loss on<span class=\"_ _0\"></span> PGL Pension Scheme buy-<span class=\"_ _1\"></span>out transaction<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17b4 y5ec6 w111 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">B1.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17b5 y5ec6 w89 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">\u2013<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17b6 y5ec6 w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x22a h7 y6669 ff3 fs2 fc3 sc0 ls1e ws2d\">F<span class=\"_ _5\"></span>air value (gains<span class=\"_ _5\"></span>)/<span class=\"_ _1\"></span>losses on:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x22b y666a w96 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls8 ws1e\">Invest<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt prop<span class=\"_ _1\"></span>ert<span class=\"_ _2\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17b7 y666a w69 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G4<span class=\"_ _37b\"> </span></div></td><td class=\"c n x22d y666a w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(11)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17b8 y666a w55 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">100<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x22b y5f08 w6f8 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Financial assets and derivative li<span class=\"_ _5\"></span>abilities<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17b9 y5f08 w64 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(18,804)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ba y5f08 w6b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(7,884)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x22b y5f09 w6f9 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>e in f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r va<span class=\"_ _1\"></span>lue o<span class=\"_ _1\"></span>f bo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17bb y5f09 wf2 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">E5.2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17bc y5f09 w83 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(39)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17bd y5f09 w87 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">1<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f0a w68 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Amor<span class=\"_ _1\"></span>tisat<span class=\"_ _1\"></span>ion and impairment of intangible assets<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17be y5f0a w8c h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G2<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17bf y5f0a w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">240<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c0 y5f0a w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">273<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ecc w6fa h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Depreciation of<span class=\"_ _5\"></span> propert<span class=\"_ _1\"></span>y, plant<span class=\"_ _5\"></span> and equipment<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c1 y5ecc w69 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G3<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c2 y5ecc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4fa y5ecc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">21<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y666b w6fb h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Share-<span class=\"_ _1\"></span>based payment charge<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c3 y666b w6fc h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">I1.1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c4 y666b w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c5 y666b w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">26<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y65d1 w6e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nce co<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x23b y65d1 w49 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">C7<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c6 y65d1 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">266<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c7 y65d1 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">290<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y6002 w163 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Ne<span class=\"_ _1\"></span>t int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>e o<span class=\"_ _1\"></span>n Gr<span class=\"_ _1\"></span>oup d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t pe<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>on s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>e li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y/as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c8 y6002 w69 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17c9 y6002 w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">60<span class=\"_ _37b\"> </span></div></td><td class=\"c n x5b7 y6002 w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">56<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f0f w6fd h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">Ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ion s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17ca y5f0f w69 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17cb y5f0f w87 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls9 ws0\">5<span class=\"_ _37b\"> </span></div></td><td class=\"c n x132a y5f0f w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">12<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y666c ff2 fs2 fc3 sc0 ls33 wsb\">Movement<span class=\"_ _5\"></span> in assets and liabilities<span class=\"_ _5\"></span> relating to operations:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x232 y5f11 w6fe h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Increase in inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment asset<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17cc y5f11 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(5,051)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17cd y5f11 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(913)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed3 w6ff h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">(Increase)<span class=\"_ _5\"></span>/decrease in<span class=\"_ _5\"></span> reinsurers\u2019 share of inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment contract liabilities<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17ce y5ed3 w60 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(1,392)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17cf y5ed3 w50 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">342<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed4 w700 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Increase in rein<span class=\"_ _5\"></span>sura<span class=\"_ _1\"></span>nce contract assets/<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iabilities<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d0 y5ed4 w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(593)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17d1 y5ed4 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(305)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed5 w701 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d as h<span class=\"_ _1\"></span>eld f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d2 y5ed5 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,067<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17d3 y5ed5 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">1,475<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f72 w702 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Increase/(<span class=\"_ _5\"></span>decrease) in<span class=\"_ _5\"></span> insurance contract liabilities<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d4 y5f72 w67 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">3,839<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17d5 y5f72 w71 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(166)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f16 w703 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Increase in inv<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>stment contract liabilities<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d6 y5f16 w5d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">20,202<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17d7 y5f16 w59 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">13,405<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ed7 w704 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls1c ws6\">Decrease in<span class=\"_ _5\"></span> obligation for r<span class=\"_ _5\"></span>epayment of col<span class=\"_ _5\"></span>l<span class=\"_ _1\"></span>ateral rec<span class=\"_ _5\"></span>eived<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d8 y5ed7 wd9 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x508 y5ed7 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(156)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5ff9 w705 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e in l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s cl<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span>s hel<span class=\"_ _1\"></span>d for s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17d9 y5ff9 w4d h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(3,175)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17da y5ff9 w4e h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(1,606)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x232 y5f93 w706 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls18 ws16\">Net decrease/(increase<span class=\"_ _5\"></span>) in working capital<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x17db y5f93 w50 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">420<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17dc y5f93 w53 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(406)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y666d ff2 fs2 fc3 sc0 ls33 wsb\">Other cash mo<span class=\"_ _5\"></span>vements relating to o<span class=\"_ _5\"></span>perations<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f4c w707 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff6 fs2 fc3 sc0 ls9 ws0\">Con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s to de<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17dd y5f4c w69 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">G1<span class=\"_ _37b\"> </span></div></td><td class=\"c n x17de y5f4c w8e h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(8)<span class=\"_ _37b\"> </span></div></td><td class=\"c n xf8c y5f4c w8a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">(9)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w708 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls33 wsb\">Cash (<span class=\"_ _5\"></span>utilised<span class=\"_ _1\"></span>)/<span class=\"_ _5\"></span>generated b<span class=\"_ _5\"></span>y operations<span class=\"_ _37b\"> </span></div></td><td></td><td class=\"c n x1ec y5edc w52 h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">(920)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x347 y5edc w4b h1c4\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">3,549</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "Op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>de pu<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>has<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s and s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>s of inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>y and fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s as the pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es ar<span class=\"_ _1\"></span>e fun<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d fro<span class=\"_ _1\"></span>m ca<span class=\"_ _1\"></span>sh flow<span class=\"_ _1\"></span>s as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ted w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h th<span class=\"_ _1\"></span>e ori<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n of ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>t of pay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s of rela<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d ben<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d cl<span class=\"_ _1\"></span>aim<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g ana<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>s gi<span class=\"_ _1\"></span>ves f<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ail b<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e \u2018cas<span class=\"_ _1\"></span>h (uti<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>)/gene<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d by op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns\u2019 fi<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>re in t<span class=\"_ _1\"></span>he s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt of<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>h flow<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "Th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s capi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al m<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt is b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ed o<span class=\"_ _1\"></span>n th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>es of S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y II<span class=\"_ _1\"></span>, as mo<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>fie<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he P<span class=\"_ _1\"></span>R<span class=\"_ _2\"></span>A<span class=\"_ _5\"></span>\u2019s 202<span class=\"_ _4\"></span>4 re<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>). Th<span class=\"_ _1\"></span>is in<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>s a val<span class=\"_ _1\"></span>uat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\u2019s Own Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d a r<span class=\"_ _1\"></span>isk-<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s So<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y Ca<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al Re<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt (\u2018<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>) in l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e wi<span class=\"_ _1\"></span>th S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>y UK r<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote s<span class=\"_ _1\"></span>et<span class=\"_ _2\"></span>s ou<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p\u2019s app<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch t<span class=\"_ _1\"></span>o ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g c<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s an a<span class=\"_ _1\"></span>nal<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>sis o<span class=\"_ _1\"></span>f O<span class=\"_ _1\"></span>wn Fu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d SC<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "standardlifeplc:DescriptionOfAccountingPolicyForCapitalManagement",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "<div class=\"t m0 hf ff1 fs2 fc1 sc0 lse wsb gsc85\">I4. Related party transactions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc86\">In t<span class=\"_ _1\"></span>he or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y cou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y out t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 2<span class=\"_ _5\"></span>4 </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc87\">Related P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Disclosur<span class=\"_ _5\"></span>es<span class=\"_ _1\"></span>, which c<span class=\"_ _5\"></span>ompr<span class=\"_ _1\"></span>ise Group<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>ension schemes, an<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ociate and<span class=\"_ _5\"></span> key managemen<span class=\"_ _5\"></span>t pers<span class=\"_ _1\"></span>onnel.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 ls18 ws43 gsc88\">I4.<span class=\"_ _5\"></span>1 Related<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ty transactions<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc89\">Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th a G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te:<span class=\"_ _37b\"> </span></div><div class=\"gsc8a\"><table class=\"s w91 h239\" id=\"_b785e22b-cf3e-457c-96c7-67f3d8d89fed\"><tr><td></td><td class=\"c n x180b y6648 w730 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180c y6648 w731 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x469 hd y6680 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6680 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x282 hd y6681 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6681 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y6682 ffa fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w732 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Payment of<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>dministrative expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180d y5f77 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180e y5f77 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6683 ff2 fs2 fc3 sc0 ls33 wsb\">Future<span class=\"_ _5\"></span> Growth Capital Holdings Limit<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w733 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Investment in associate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180f y5edc w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1810 y5edc wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc8b\">In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve, in 202<span class=\"_ _5\"></span>4 P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PG<span class=\"_ _1\"></span>L P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc8c\">are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote G1<span class=\"_ _5\"></span>.6<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"t m0 hc ff2 fs2 fc2 sc0 lse wsb gsc8d\">I4.<span class=\"_ _1\"></span>2 T<span class=\"_ _4\"></span>ransactions with k<span class=\"_ _5\"></span>ey management personnel<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc8e\">The total compensation of<span class=\"_ _5\"></span> key m<span class=\"_ _0\"></span>anagement personnel, being<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hose having<span class=\"_ _5\"></span> author<span class=\"_ _1\"></span>ity and responsibility for<span class=\"_ _5\"></span> pl<span class=\"_ _1\"></span>anning, dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ing and </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsa ws6 gsc8f\">controlling<span class=\"_ _5\"></span> the activit<span class=\"_ _1\"></span>ies of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>, including the Executive,<span class=\"_ _5\"></span> Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xecutive Directors and<span class=\"_ _5\"></span> members of the Group<span class=\"_ _5\"></span>\u2019s Executive </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 lsd ws16 gsc90\">Committee is<span class=\"_ _5\"></span> as follows: </div><div class=\"gsc91\"><table class=\"s w734 h1c8\" id=\"_72c3428a-27ea-4adb-8bdc-b30d45548d07\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w735 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c1 y5edb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c2 y5edb w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w736 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Equity compensation plans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1811 y5edc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a3 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr></table></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc92\">Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d em<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of i<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es 136 to 1<span class=\"_ _4\"></span>75.<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc93\">Key ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>onn<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ily m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s may i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st in p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>old b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p on<span class=\"_ _1\"></span> </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc94\">eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o all e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. In t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th ke<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff6 fs2 fc3 sc0 ls7 ws5 gsc95\">man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l wer<span class=\"_ _1\"></span>e not d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s Ma<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r </div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls39 ws1b gsc96\">T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust pension scheme.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "I4. Related party transactions<span class=\"_ _37b\"> </span>In t<span class=\"_ _1\"></span>he or<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>nar<span class=\"_ _2\"></span>y cou<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>se o<span class=\"_ _1\"></span>f bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up an<span class=\"_ _1\"></span>d it<span class=\"_ _2\"></span>s subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>iar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es c<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y out t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns w<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>h rel<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s as de<span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>ed by I<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>S 2<span class=\"_ _5\"></span>4 Related P<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y Disclosur<span class=\"_ _5\"></span>es<span class=\"_ _1\"></span>, which c<span class=\"_ _5\"></span>ompr<span class=\"_ _1\"></span>ise Group<span class=\"_ _5\"></span> p<span class=\"_ _1\"></span>ension schemes, an<span class=\"_ _5\"></span> ass<span class=\"_ _1\"></span>ociate and<span class=\"_ _5\"></span> key managemen<span class=\"_ _5\"></span>t pers<span class=\"_ _1\"></span>onnel.<span class=\"_ _37b\"> </span>I4.<span class=\"_ _5\"></span>1 Related<span class=\"_ _5\"></span> par<span class=\"_ _1\"></span>ty transactions<span class=\"_ _37b\"> </span>Du<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ng t<span class=\"_ _1\"></span>he y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r<span class=\"_ _5\"></span>, t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up en<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>red i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e fol<span class=\"_ _1\"></span>low<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g rel<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ted p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _2\"></span>y tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th a G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n s<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d an a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>te:<span class=\"_ _37b\"> </span><table class=\"s w91 h239\" id=\"_b785e22b-cf3e-457c-96c7-67f3d8d89fed\"><tr><td></td><td class=\"c n x180b y6648 w730 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbd wsc4\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180c y6648 w731 h19b\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 lsc8 wscb\">T<span class=\"_ _5\"></span>ransactions<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x469 hd y6680 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></td><td class=\"t m0 x333 hd y6680 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></td></tr><tr><td></td><td class=\"t m0 x282 hd y6681 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></td><td class=\"t m0 x42c hd y6681 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></td></tr><tr><td class=\"t m0 x21d hc y6682 ffa fs2 fc3 sc0 ls9 ws0\">Pea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>l G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ff Pe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on S<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5f77 w732 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Payment of<span class=\"_ _5\"></span> a<span class=\"_ _1\"></span>dministrative expenses<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180d y5f77 wd9 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(6)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180e y5f77 wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"t m0 x21d hc y6683 ff2 fs2 fc3 sc0 ls33 wsb\">Future<span class=\"_ _5\"></span> Growth Capital Holdings Limit<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span>:<span class=\"_ _37b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x1e3 y5edc w733 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls18 ws16\">Investment in associate<span class=\"_ _37b\"> </span></div></td><td class=\"c n x180f y5edc w83 h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">(10)<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1810 y5edc wf9 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">(5)<span class=\"_ _37b\"> </span></div></td></tr></table>In a<span class=\"_ _1\"></span>dd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n to t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>ve, in 202<span class=\"_ _5\"></span>4 P<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ix L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e Li<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>ple<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>e bu<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>ou<span class=\"_ _1\"></span>t of t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e PG<span class=\"_ _1\"></span>L P<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n S<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>. Fu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>s are i<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d in n<span class=\"_ _1\"></span>ote G1<span class=\"_ _5\"></span>.6<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>I4.<span class=\"_ _1\"></span>2 T<span class=\"_ _4\"></span>ransactions with k<span class=\"_ _5\"></span>ey management personnel<span class=\"_ _37b\"> </span>The total compensation of<span class=\"_ _5\"></span> key m<span class=\"_ _0\"></span>anagement personnel, being<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hose having<span class=\"_ _5\"></span> author<span class=\"_ _1\"></span>ity and responsibility for<span class=\"_ _5\"></span> pl<span class=\"_ _1\"></span>anning, dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ing and controlling<span class=\"_ _5\"></span> the activit<span class=\"_ _1\"></span>ies of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>, including the Executive,<span class=\"_ _5\"></span> Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xecutive Directors and<span class=\"_ _5\"></span> members of the Group<span class=\"_ _5\"></span>\u2019s Executive Committee is<span class=\"_ _5\"></span> as follows: <table class=\"s w734 h1c8\" id=\"_72c3428a-27ea-4adb-8bdc-b30d45548d07\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w735 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c1 y5edb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c2 y5edb w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w736 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Equity compensation plans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1811 y5edc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a3 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr></table>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d em<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of i<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es 136 to 1<span class=\"_ _4\"></span>75.<span class=\"_ _37b\"> </span>Key ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>onn<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ily m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s may i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st in p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>old b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p on<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o all e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. In t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th ke<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l wer<span class=\"_ _1\"></span>e not d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s Ma<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust pension scheme.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "I4.<span class=\"_ _1\"></span>2 T<span class=\"_ _4\"></span>ransactions with k<span class=\"_ _5\"></span>ey management personnel<span class=\"_ _37b\"> </span>The total compensation of<span class=\"_ _5\"></span> key m<span class=\"_ _0\"></span>anagement personnel, being<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>hose having<span class=\"_ _5\"></span> author<span class=\"_ _1\"></span>ity and responsibility for<span class=\"_ _5\"></span> pl<span class=\"_ _1\"></span>anning, dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>ing and controlling<span class=\"_ _5\"></span> the activit<span class=\"_ _1\"></span>ies of<span class=\"_ _5\"></span> t<span class=\"_ _1\"></span>he Group<span class=\"_ _5\"></span>, including the Executive,<span class=\"_ _5\"></span> Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xecutive Directors and<span class=\"_ _5\"></span> members of the Group<span class=\"_ _5\"></span>\u2019s Executive Committee is<span class=\"_ _5\"></span> as follows: <table class=\"s w734 h1c8\" id=\"_72c3428a-27ea-4adb-8bdc-b30d45548d07\"><tr><td></td><td class=\"c n x1de y5f78 w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y5f78 w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5f79 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5f79 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edb w735 h19e\"><div class=\"t m0 x1dd h7 y5eba ff6 fs2 fc3 sc0 ls9 ws0\">S<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ar<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>er sh<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>m b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c1 y5edb w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">19<span class=\"_ _37b\"> </span></div></td><td class=\"c n x8c2 y5edb w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">17<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w736 h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls1c ws6\">Equity compensation plans<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1811 y5edc w5b h19d\"><div class=\"t m0 x1dd h7 y5eba ff2 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td><td class=\"c n x4a3 y5edc w5b h19e\"><div class=\"t m0 x1dd h7 y5eba ff3 fs2 fc3 sc0 ls3c ws3d\">10<span class=\"_ _37b\"> </span></div></td></tr></table>Det<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>il<span class=\"_ _2\"></span>s of th<span class=\"_ _1\"></span>e sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d em<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s of i<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>l Dir<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>rs a<span class=\"_ _1\"></span>re p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ed i<span class=\"_ _1\"></span>n t<span class=\"_ _1\"></span>he Re<span class=\"_ _1\"></span>mu<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>es 136 to 1<span class=\"_ _4\"></span>75.<span class=\"_ _37b\"> </span>Key ma<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>onn<span class=\"_ _1\"></span>el a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eir c<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ily m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s may i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st in p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d s<span class=\"_ _1\"></span>avi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s pro<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>old b<span class=\"_ _1\"></span>y th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p on<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ms t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>e ava<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>o all e<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s of t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>. In t<span class=\"_ _1\"></span>he c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nt a<span class=\"_ _1\"></span>nd p<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, tr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s wi<span class=\"_ _1\"></span>th ke<span class=\"_ _1\"></span>y man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t per<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l wer<span class=\"_ _1\"></span>e not d<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>d to be s<span class=\"_ _1\"></span>ign<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. Th<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns in<span class=\"_ _1\"></span>clu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d int<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup\u2019s Ma<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>r T<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ust pension scheme.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "<div class=\"t m0 hf ff1 fs2 fc1 sc0 lsf ws12 gsc98\">I5. Commitments<span class=\"_ _37b\"> </span></div><div class=\"t m0 h7 ff3 fs2 fc3 sc0 ls7 ws0 gsc99\">Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span></div><div class=\"gsc9a\"><table class=\"s w737 h225\" id=\"_d686b24b-8f2e-47a1-b541-633f29d76060\"><tr><td></td><td class=\"c n x1de y643e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y643e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ff3 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ff3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w738 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>o su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nds a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1812 y5f77 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,631<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1813 y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,425<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w739 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>o pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e, con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t or d<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>p inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57e y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57f y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w73a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">For repairs<span class=\"_ _1\"></span>, maintenance or enhancement<span class=\"_ _1\"></span>s of investment propert<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1814 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1815 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "I5. Commitments<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ote a<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ly<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up\u2019s ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span><table class=\"s w737 h225\" id=\"_d686b24b-8f2e-47a1-b541-633f29d76060\"><tr><td></td><td class=\"c n x1de y643e w43 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsbe wsc5\">2025<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1df y643e w44 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls9 ws0\">2024<span class=\"_ _37b\"> </span></div></td></tr><tr><td></td><td class=\"c n x420 y5ff3 wc9 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff2 fs6 fc3 sc0 lsc8 wscb\">\u00a3m<span class=\"_ _37b\"> </span></div></td><td class=\"c n x421 y5ff3 w47 h1ad\"><div class=\"t m0 x1dd hd y5eb7 ff12 fs6 fc3 sc0 ls6a ws6b\">\u00a3m<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f77 w738 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>o su<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>e to p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y fu<span class=\"_ _1\"></span>nds a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r un<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1812 y5f77 w4a h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">1,631<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1813 y5f77 w4b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">2,425<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5f4c w739 h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls9 ws0\">T<span class=\"_ _5\"></span>o pu<span class=\"_ _1\"></span>rch<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e, con<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uc<span class=\"_ _1\"></span>t or d<span class=\"_ _1\"></span>ev<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>p inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span>d in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me s<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57e y5f4c w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">11<span class=\"_ _37b\"> </span></div></td><td class=\"c n x57f y5f4c w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">16<span class=\"_ _37b\"> </span></div></td></tr><tr><td class=\"c n x1e3 y5edc w73a h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 lsf ws4\">For repairs<span class=\"_ _1\"></span>, maintenance or enhancement<span class=\"_ _1\"></span>s of investment propert<span class=\"_ _1\"></span>y<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1814 y5edc w5b h19f\"><div class=\"t m0 x1dd h7 y5ece ff2 fs2 fc3 sc0 ls3c ws3d\">15<span class=\"_ _37b\"> </span></div></td><td class=\"c n x1815 y5edc w5b h1a0\"><div class=\"t m0 x1dd h7 y5ece ff3 fs2 fc3 sc0 ls3c ws3d\">22<span class=\"_ _37b\"> </span></div></td></tr></table>I6<span class=\"_ _1\"></span>. Contingent<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e reli<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his is<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as a con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>Legal proceedin<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>our<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>o set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s disclosed as a<span class=\"_ _5\"></span> contin<span class=\"_ _1\"></span>gent liability. A<span class=\"_ _1\"></span>s a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n a hig<span class=\"_ _1\"></span>hly r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>nvi<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e, in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>l course of busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess the Group<span class=\"_ _5\"></span> is exposed to<span class=\"_ _5\"></span> cert<span class=\"_ _1\"></span>ain legal<span class=\"_ _5\"></span> issues<span class=\"_ _1\"></span>, which can i<span class=\"_ _5\"></span>nvolve litigation<span class=\"_ _0\"></span> and arbitration, complaints, and reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y revi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d, n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "I6<span class=\"_ _1\"></span>. Contingent<span class=\"_ _5\"></span> liabilities<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e reli<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his is<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as a con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>Legal proceedin<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e tha<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>her<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>our<span class=\"_ _1\"></span>ces t<span class=\"_ _1\"></span>o set<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span>e th<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>t ca<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e rel<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ima<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his i<span class=\"_ _1\"></span>s disclosed as a<span class=\"_ _5\"></span> contin<span class=\"_ _1\"></span>gent liability. A<span class=\"_ _1\"></span>s a lo<span class=\"_ _1\"></span>ng<span class=\"_ _2\"></span>-<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm s<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>gs a<span class=\"_ _1\"></span>nd r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt b<span class=\"_ _1\"></span>usi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n a hig<span class=\"_ _1\"></span>hly r<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>nvi<span class=\"_ _1\"></span>ron<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>. T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e, in t<span class=\"_ _1\"></span>he n<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>l course of busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess the Group<span class=\"_ _5\"></span> is exposed to<span class=\"_ _5\"></span> cert<span class=\"_ _1\"></span>ain legal<span class=\"_ _5\"></span> issues<span class=\"_ _1\"></span>, which can i<span class=\"_ _5\"></span>nvolve litigation<span class=\"_ _0\"></span> and arbitration, complaints, and reg<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>y an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y revi<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. A<span class=\"_ _1\"></span>t 31 Decem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r 2025, th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p has a n<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r of co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ent l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s in t<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span>s re<span class=\"_ _1\"></span>gar<span class=\"_ _1\"></span>d, n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e of<span class=\"_ gse8\"> </span>w<span class=\"_ _1\"></span>hic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>d by t<span class=\"_ _1\"></span>he D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>cto<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s to b<span class=\"_ _1\"></span>e mat<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "Wh<span class=\"_ _1\"></span>ere t<span class=\"_ _1\"></span>he G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up h<span class=\"_ _1\"></span>as a p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ble f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>re ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on a<span class=\"_ _1\"></span>s a res<span class=\"_ _1\"></span>ult o<span class=\"_ _1\"></span>f a p<span class=\"_ _1\"></span>ast e<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, or a p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t le<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>l or co<span class=\"_ _1\"></span>nst<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on b<span class=\"_ _1\"></span>ut it i<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t pro<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>ble t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e wil<span class=\"_ _1\"></span>l be a<span class=\"_ _1\"></span>n out<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ow of re<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ces to s<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tle t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e obl<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n or t<span class=\"_ _1\"></span>he am<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>unt c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>ot b<span class=\"_ _1\"></span>e reli<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ly es<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d, t<span class=\"_ _1\"></span>his is<span class=\"_ gse8\"> </span>di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d as a con<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t lia<span class=\"_ _1\"></span>bil<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y.<span class=\"_ _37b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "I7<span class=\"_ _5\"></span>. E<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>od<span class=\"_ _37b\"> </span>Th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s ar<span class=\"_ _1\"></span>e ad<span class=\"_ _1\"></span>jus<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d to refl<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t sig<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nt eve<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t hav<span class=\"_ _1\"></span>e a mate<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>al e<span class=\"_ _1\"></span>ffec<span class=\"_ _1\"></span>t on t<span class=\"_ _1\"></span>he fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial re<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t have<span class=\"_ _1\"></span> occ<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>d be<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>we<span class=\"_ _1\"></span>en t<span class=\"_ _1\"></span>he p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d and t<span class=\"_ _1\"></span>he d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e wh<span class=\"_ _1\"></span>en th<span class=\"_ _1\"></span>e fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>re au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed fo<span class=\"_ _1\"></span>r is<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>e, pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>ey gi<span class=\"_ _1\"></span>ve ev<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce of co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>t exi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>d at t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>od e<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>. Eve<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>s tha<span class=\"_ _1\"></span>t ar<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ve o<span class=\"_ _1\"></span>f co<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns t<span class=\"_ _1\"></span>hat a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>e af<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>d en<span class=\"_ _1\"></span>d th<span class=\"_ _1\"></span>at d<span class=\"_ _1\"></span>o no<span class=\"_ _1\"></span>t res<span class=\"_ _1\"></span>ult i<span class=\"_ _1\"></span>n an ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt to<span class=\"_ gse8\"> </span>t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>l st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _2\"></span>s are di<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>d.<span class=\"_ _37b\"> </span>On 1<span class=\"_ _5\"></span>3 Ma<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>h 202<span class=\"_ _5\"></span>6<span class=\"_ _1\"></span>, th<span class=\"_ _1\"></span>e Bo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd reco<span class=\"_ _1\"></span>mm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ed a fin<span class=\"_ _1\"></span>al di<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>end o<span class=\"_ _1\"></span>f 28.05p pe<span class=\"_ _1\"></span>r sha<span class=\"_ _1\"></span>re for t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e yea<span class=\"_ _1\"></span>r end<span class=\"_ _1\"></span>ed 31 Dece<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>er 2025 (202<span class=\"_ _5\"></span>4: 27<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span>35p). Paym<span class=\"_ _1\"></span>ent o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>e fina<span class=\"_ _1\"></span>l di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd is s<span class=\"_ _1\"></span>ubj<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>t to sh<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>er ap<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>l at th<span class=\"_ _1\"></span>e AGM<span class=\"_ _2\"></span>. The co<span class=\"_ _1\"></span>st o<span class=\"_ _1\"></span>f th<span class=\"_ _1\"></span>is di<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nd ha<span class=\"_ _1\"></span>s no<span class=\"_ _1\"></span>t be<span class=\"_ _1\"></span>en reco<span class=\"_ _1\"></span>gn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed as a l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>y in th<span class=\"_ _1\"></span>e cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r 2025 and w<span class=\"_ _1\"></span>ill b<span class=\"_ _1\"></span>e ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>ed to t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt o<span class=\"_ _1\"></span>f cons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed cha<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>n eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y i<span class=\"_ _1\"></span>n 202<span class=\"_ _5\"></span>6<span class=\"_ _1\"></span>.<span class=\"_ _37b\"> </span>Sir Nicholas L<span class=\"_ _5\"></span>yons<span class=\"_ _37b\"> </span>An<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>y Br<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>gs<span class=\"_ _37b\"> </span>Nicolaos Nicandrou<span class=\"_ _37b\"> </span>Eleanor Bu<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>s<span class=\"_ _37b\"> </span>Siobhan Boylan Karin Cook Sh<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>y Cou<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>, CB<span class=\"_ _1\"></span>E Karen G<span class=\"_ _1\"></span>reen Mark Gregor<span class=\"_ _1\"></span>y Hiroyuki Iioka Katie Murray Margaret<span class=\"_ _5\"></span> S<span class=\"_ _1\"></span>emple,<span class=\"_ _5\"></span> OBE 1<span class=\"_ _5\"></span>3 Ma<span class=\"_ _1\"></span>rch 2026",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-484": {
   "value": "20 Old Bailey London England EC4M 7AN",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "20 Old Bailey London England EC4M 7AN",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:2138001P49OLAEU33T68",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  }
 }
}